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 2021

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.

How much do homes in Prospect Heights, IL cost?

Median Sold Price

$246,075

$177/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$8,575(+3.6%)

Key Takeaway

Homes in Prospect Heights have sold for 3.6% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $96.5K$104K
+7.8%
2 $148K$160K
+8.1%
3 $360K$349.5K
-2.9%
4 $506K$577K
+14.0%
5+ $665K$655K
-1.5%

Median Sold Price Compared To Nearby Cities

Wheeling
+7.6%
Mount Prospect
+5.1%
Wheeling Township
+5.0%
Arlington Heights
+4.7%
Prospect Heights
+3.6%

How many homes are available in Prospect Heights, IL?

Number of Homes For Sale

Oct 2022Nov 2022%
5453-1.9%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 76
-14.3%
2 2217
-22.7%
3 1113
+18.2%
4 59
+80.0%
5+ 98
-11.1%

Number of Homes Sold

Oct 2022Nov 2022%
1215+25.0%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

3 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. 60% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
32 Days17 Days-45.9%

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

2 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.

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

About Prospect Heights, IL

Number of homes for sale in Prospect Heights, IL real estate market have reached 53. The number of homes for sale in Prospect Heights, IL decreased by 1.9% between October 2022 and November 2022. Listings spent 17 days on the market in November 2022, and had a median list price of $246,075 during the same period. Real estate listing prices changed between October 2022 and November 2022: 1 bedroom properties became 7.8% more expensive, prices of 2 bedrooms properties went up by 8.1%, prices of 3 bedrooms properties went down by 2.9%, prices of 4 bedrooms properties increased by 14%, the cost of 5 bedrooms properties went down by 1.5%. Volume of homes for sale changed: 1 bedroom homes became 14.3% less available, the quantity of 2 bedrooms homes went down by 22.7%, number of 3 bedrooms homes increased by 18.2%, the quantity of 4 bedrooms homes went up by 80%, 5 bedrooms homes became 11.1% less available. Over 3 listings were sold over their listed price in November 2022 in Prospect Heights, IL. In the same period over 9 listings were sold below the listed price and 3 listings were sold for the listed price.

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