In May 2017, there were 29 homes sold, with a median sale price of $172,500 - a 43.8% increase over the $120,000 median sale price for the same period of the previous year. There were 19 homes sold in Melrose Park in May 2016.
The median sales tax in Melrose Park for 2017 was $4,858. In 2016, the median sales tax was $4,578. This marks an increase of 6.1%. The effective property tax rate, using the median property tax and median home sale price as the basis, is 2.8%.
The following table compares Melrose Park to other Cook County cities with similar median sales prices in May 2017:
| City | May 2017 Home Sales | May 2016 Home Sales | % change (Total Home Sales) | May 2017 Median Sales Price | May 2016 Median Sales Price | % change (Median Sales Price) |
|---|---|---|---|---|---|---|
| Tinley Park | 96 | 83 | 15.7% | $190,250 | $188,000 | 1.2% |
| Schiller Park | 10 | 11 | -9.1% | $188,750 | $206,000 | -8.4% |
| Oak Forest | 48 | 31 | 54.8% | $181,000 | $155,000 | 16.8% |
| Olympia Fields | 9 | 4 | 125% | $174,000 | $157,750 | 10.3% |
| Stone Park | 3 | 4 | -25% | $174,000 | $86,500 | 101.2% |
| Melrose Park | 29 | 19 | 52.6% | $172,500 | $120,000 | 43.8% |
| Wheeling | 61 | 41 | 48.8% | $172,000 | $162,000 | 6.2% |
| Oak Lawn | 95 | 84 | 13.1% | $172,000 | $158,750 | 8.3% |
| Burbank | 34 | 30 | 13.3% | $170,250 | $172,500 | -1.3% |
| Broadview | 13 | 10 | 30% | $165,000 | $109,250 | 51% |
| Elgin | 28 | 28 | 0% | $163,000 | $136,000 | 19.9% |
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