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 September 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

$275,000

$212/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

-$26,500(-8.8%)

Key Takeaway

Homes in Prospect Heights have sold for 8.8% less than they did a year ago.

Summary: The median home sold price in Prospect Heights was $275,000 in September 2024, down 8.8% from last year, and the median price per square foot was $212.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $128K$143K
+11.7%
2 $185K$205K
+10.8%
3 $360K$385K
+6.9%
4 $630K$657.2K
+4.3%
5+ $549K$802K
+46.1%

Summary: Prospect Heights housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.7%, 2 bedroom homes increased by 10.8%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 46.1%.

Median Sold Price Compared To Nearby Cities

Mount Prospect
+7.5%
Arlington Heights
+6.3%
Wheeling Township
+4.9%
Wheeling
+3.1%
Prospect Heights
-8.8%

Housing Supply in Prospect Heights, IL

How many homes are available in Prospect Heights, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
4151+24.4%

Summary: The Prospect Heights real estate market had 51 homes for sale in September 2024, a 24.4% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 23
+50.0%
2 1620
+25.0%
3 2023
+15.0%
4 34
+33.3%
5+ 01
+100.0%

Summary: The Prospect Heights housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
1013+30.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

5 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. 38.5% of homes here sold below asking price last month.

Summary: A total of 13 homes were sold or pending in Prospect Heights in September 2024, up by 30.0% month-over-month. Of the 13 sold homes, 38% were sold under asking, 23% were sold at asking, and 38% 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

Sep 2023Sep 2024CHANGE
10 Days15 Days+37.8%

Summary: Homes in Prospect Heights had an average of 15 days on market in Sep 2024, up by 37.8% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 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 September 2024, 13 homes were sold in Prospect Heights; 77% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 0% 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 Sep 1, 2024

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