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 July 2021

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.

How much do homes in Mount Prospect, IL cost?

Median Sold Price

$344,000

$204/sqft

Based on all homes sold in the last 12 months.

Difference Since July 2021

+$19,000(+5.8%)

Key Takeaway

Homes in Mount Prospect have sold for 5.8% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJul 2021Jul 2022%
1 $108K$121.2K
+12.3%
2 $186.5K$210K
+12.6%
3 $329.9K$355K
+7.6%
4 $407.5K$450K
+10.4%
5+ $498.5K$520K
+4.3%

Median Sold Price Compared To Nearby Cities

Des Plaines
+6.4%
Mount Prospect
+5.8%
Wheeling Township
+5.8%
Elk Grove Township
+2.9%
Prospect Heights
-12.8%

How many homes are available in Mount Prospect, IL?

Number of Homes For Sale

Jun 2022Jul 2022%
234245+4.7%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 1415
+7.1%
2 4745
-4.3%
3 112120
+7.1%
4 5052
+4.0%
5+ 1113
+18.2%

Number of Homes Sold

Jun 2022Jul 2022%
6860-11.8%

Asking Price vs. Sold Price

29 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

22 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Mount Prospect, you may be able to get a good deal. 48.3% of homes here sold below asking price last month.

Average Sale Time

Jul 2021Jul 2022%
21 Days12 Days-41.4%

Breakdown of Home Sale Times

54 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

0 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.

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

About Mount Prospect, IL

Mount Prospect, IL has 245 homes on the market. The number of listings in Mount Prospect, IL increased by 4.7% between June 2022 and July 2022. The median list price of listings available in July 2022 was $344,000, while the average time on the real estate market was 12 days. Listing prices have changed in this real estate market between June 2022 and July 2022: 1 bedroom properties prices increased by 12.3%, prices of 2 bedrooms properties increased by 12.6%, the cost of 3 bedrooms properties went up by 7.6%, prices of 4 bedrooms properties went up by 10.4%, prices of 5 bedrooms properties went up by 4.3%. Volume of homes for sale in this real estate market have seen the following changes: 1 bedroom homes inventory increased by 7.1%, the quantity of 2 bedrooms homes went down by 4.3%, 3 bedrooms homes became 7.1% more available, number of 4 bedrooms homes increased by 4%, volume of 5 bedrooms homes went up by 18.2%. Mount Prospect, IL housing market in July 2022 saw over 22 listings sold above listed price, more than 9 sold at listed price and over 29 sold below.

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