Is Prospect Heights, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Prospect Heights is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Prospect Heights has remained a Seller's Market.

Key Takeaway

Prospect Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Prospect Heights, IL

How much do homes in Prospect Heights, IL cost?

Median Sold Price

$290,000

$212/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$15,175(-5.0%)

Key Takeaway

Homes in Prospect Heights have sold for 5% less than they did a year ago.

Summary: The median home sold price in Prospect Heights was $290,000 in November 2024, down 5% from last year, and the median price per square foot was $212.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $137.4K$136.8K
-0.4%
2 $198K$207.5K
+4.8%
3 $377.7K$401K
+6.2%
4 $625K$674.5K
+7.9%
5+ $640K$784.7K
+22.6%

Summary: Prospect Heights housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.4%, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 22.6%.

Median Sold Price Compared To Nearby Cities

Mount Prospect
+5.9%
Arlington Heights
+4.9%
Wheeling Township
+4.5%
Wheeling
+4.3%
Prospect Heights
-5.0%

Housing Supply in Prospect Heights, IL

How many homes are available in Prospect Heights, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
42420.0%

Summary: The Prospect Heights real estate market had 42 homes for sale in November 2024, the same as October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 65
-16.7%
2 1721
+23.5%
3 1611
-31.3%
4 12
+100.0%
5+ 23
+50.0%

Summary: The Prospect Heights housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 23.5%, 3 bedroom homes decreased by 31.3%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1514-6.7%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Prospect Heights, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 14 homes were sold or pending in Prospect Heights in November 2024, down by 6.7% month-over-month. Of the 14 sold homes, 57% were sold under asking, 29% were sold at asking, and 14% were sold over asking.

Days on Market for Prospect Heights, IL

How long does it take to sell a home in Prospect Heights, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
23 Days22 Days-3.5%

Summary: Homes in Prospect Heights had an average of 22 days on market in Nov 2024, down by 3.5% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Prospect Heights are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 14 homes were sold in Prospect Heights; 79% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 20 Days Ago

Newest Listings in Prospect Heights, IL

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