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 March 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

$285,000

$202/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$17,500(+6.5%)

Key Takeaway

Homes in Prospect Heights have sold for 6.5% more than they did a year ago.

Summary: The median home sold price in Prospect Heights was $285,000 in March 2024, up 6.5% from last year, and the median price per square foot was $202.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $111K$139.9K
+26.0%
2 $164.7K$195K
+18.4%
3 $360K$361K
0.3%
4 $565K$625K
+10.6%
5+ $640K$767.5K
+19.9%

Summary: Prospect Heights housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26%, 2 bedroom homes increased by 18.4%, 3 bedroom homes increased by 0.3%, 4 bedroom homes increased by 10.6%, and 5+ bedroom homes increased by 19.9%.

Median Sold Price Compared To Nearby Cities

Mount Prospect
+7.9%
Arlington Heights
+7.1%
Prospect Heights
+6.5%
Wheeling
+6.0%
Wheeling Township
+3.5%

Housing Supply in Prospect Heights, IL

How many homes are available in Prospect Heights, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
3142+35.5%

Summary: The Prospect Heights real estate market had 42 homes for sale in March 2024, a 35.5% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 66
0.0%
2 1013
+30.0%
3 916
+77.8%
4 46
+50.0%
5+ 21
-50.0%

Summary: The Prospect Heights housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 30%, 3 bedroom homes increased by 77.8%, 4 bedroom homes increased by 50%, and 5+ bedroom homes decreased by 50%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
108-20.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

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

Summary: A total of 8 homes were sold or pending in Prospect Heights in March 2024, down by 20.0% month-over-month. Of the 8 sold homes, 38% were sold under asking, 13% were sold at asking, and 50% 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

Mar 2023Mar 2024CHANGE
22 Days27 Days+22.8%

Summary: Homes in Prospect Heights had an average of 27 days on market in Mar 2024, up by 22.8% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was 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 March 2024, 8 homes were sold in Prospect Heights; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% 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 24 Days Ago

Newest Listings in Prospect Heights, IL

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What housing markets are near Prospect Heights, IL?