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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Mount Prospect is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Mount Prospect, IL

How much do homes in Mount Prospect, IL cost?

Median Sold Price

$380,214

$221/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$27,964(+7.9%)

Key Takeaway

Homes in Mount Prospect have sold for 7.9% more than they did a year ago.

Summary: The median home sold price in Mount Prospect was $380,214 in March 2024, up 7.9% from last year, and the median price per square foot was $221.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $122K$158.5K
+29.9%
2 $223.4K$260K
+16.4%
3 $369.9K$385K
+4.1%
4 $478.8K$497.4K
+3.9%
5+ $552.5K$570K
+3.2%

Summary: Mount Prospect housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 29.9%, 2 bedroom homes increased by 16.4%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes increased by 3.2%.

Median Sold Price Compared To Nearby Cities

Elk Grove Township
+16.6%
Mount Prospect
+7.9%
Prospect Heights
+6.5%
Wheeling Township
+3.5%
Des Plaines
-4.4%

Housing Supply in Mount Prospect, IL

How many homes are available in Mount Prospect, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
117131+12.0%

Summary: The Mount Prospect real estate market had 131 homes for sale in March 2024, a 12.0% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 128
-33.3%
2 2128
+33.3%
3 5761
+7.0%
4 2127
+28.6%
5+ 67
+16.7%

Summary: The Mount Prospect housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 16.7%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
3637+2.8%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

18 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Mount Prospect, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 37 homes were sold or pending in Mount Prospect in March 2024, up by 2.8% month-over-month. Of the 36 sold homes, 42% were sold under asking, 8% were sold at asking, and 50% 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

Mar 2023Mar 2024CHANGE
41 Days26 Days-37.0%

Summary: Homes in Mount Prospect had an average of 26 days on market in Mar 2024, down by 37% compared to last year.

Breakdown of Home Sale Times

29 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 37 homes were sold in Mount Prospect; 78% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 5% 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 26 Days Ago

Newest Listings in Mount Prospect, IL

Nearby Markets to Mount Prospect, IL

What housing markets are near Mount Prospect, IL?