Is Mount Prospect, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Mount Prospect has remained a Seller's Market.
Housing Prices in Mount Prospect, IL
How much do homes in Mount Prospect, IL cost?
Median Sold Price
$382,000
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Mount Prospect was $382,000 in May 2024, up 6.3% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $124K | $158.5K | +27.8% |
2 Bedrooms | $219.9K | $269.7K | +22.7% |
3 Bedrooms | $375K | $390K | +4.0% |
4 Bedrooms | $488K | $495K | +1.4% |
5+ Bedrooms | $550K | $613K | +11.5% |
Summary: Mount Prospect housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 27.8%, 2 bedroom homes increased by 22.7%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes increased by 11.5%.
Median Sold Price Compared To Nearby Cities
Elk Grove Township | $310K | $346.6K | +11.8% |
Mount Prospect | $359.2K | $382K | +6.3% |
Wheeling Township | $335.3K | $349.9K | +4.4% |
Des Plaines | $295K | $300K | +1.7% |
Prospect Heights | $295K | $278.8K | -5.5% |
Housing Supply in Mount Prospect, IL
How many homes are available in Mount Prospect, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
139 | 159 | +14.4% |
Summary: The Mount Prospect real estate market had 159 homes for sale in May 2024, a 14.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 8 | 6 | -25.0% |
2 Bedrooms | 37 | 45 | +21.6% |
3 Bedrooms | 56 | 65 | +16.1% |
4 Bedrooms | 31 | 34 | +9.7% |
5+ Bedrooms | 7 | 9 | +28.6% |
Summary: The Mount Prospect housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 21.6%, 3 bedroom homes increased by 16.1%, 4 bedroom homes increased by 9.7%, and 5+ bedroom homes increased by 28.6%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
50 | 51 | +2.0% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Summary: A total of 51 homes were sold or pending in Mount Prospect in May 2024, up by 2.0% month-over-month. Of the 51 sold homes, 39% were sold under asking, 8% were sold at asking, and 53% were sold over asking.
Days on Market for Mount Prospect, IL
How long does it take to sell a home in Mount Prospect, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
11 Days | 16 Days | +38.6% |
Summary: Homes in Mount Prospect had an average of 16 days on market in May 2024, up by 38.6% compared to last year.
Breakdown of Home Sale Times
44 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 51 homes were sold in Mount Prospect; 86% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.