Is Mount Prospect, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$380,214
$221/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
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
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $122K | $158.5K | +29.9% |
2 Bedrooms | $223.4K | $260K | +16.4% |
3 Bedrooms | $369.9K | $385K | +4.1% |
4 Bedrooms | $478.8K | $497.4K | +3.9% |
5+ Bedrooms | $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 | $295.4K | $344.4K | +16.6% |
Mount Prospect | $352.2K | $380.2K | +7.9% |
Prospect Heights | $267.5K | $285K | +6.5% |
Wheeling Township | $334.9K | $346.7K | +3.5% |
Des Plaines | $305K | $291.7K | -4.4% |
Housing Supply in Mount Prospect, IL
How many homes are available in Mount Prospect, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
117 | 131 | +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
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 12 | 8 | -33.3% |
2 Bedrooms | 21 | 28 | +33.3% |
3 Bedrooms | 57 | 61 | +7.0% |
4 Bedrooms | 21 | 27 | +28.6% |
5+ Bedrooms | 6 | 7 | +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 2024 | Mar 2024 | CHANGE |
---|---|---|
36 | 37 | +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
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 2023 | Mar 2024 | CHANGE |
---|---|---|
41 Days | 26 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
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.