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 May 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

$278,850

$203/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$16,150(-5.5%)

Key Takeaway

Homes in Prospect Heights have sold for 5.5% less than they did a year ago.

Summary: The median home sold price in Prospect Heights was $278,850 in May 2024, down 5.5% from last year, and the median price per square foot was $203.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $112K$137.4K
+22.7%
2 $167.7K$199.8K
+19.1%
3 $360K$390K
+8.3%
4 $565K$630K
+11.5%
5+ $570K$802K
+40.7%

Summary: Prospect Heights housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.7%, 2 bedroom homes increased by 19.1%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 11.5%, and 5+ bedroom homes increased by 40.7%.

Median Sold Price Compared To Nearby Cities

Arlington Heights
+10.6%
Mount Prospect
+6.3%
Wheeling
+5.6%
Wheeling Township
+4.4%
Prospect Heights
-5.5%

Housing Supply in Prospect Heights, IL

How many homes are available in Prospect Heights, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
5339-26.4%

Summary: The Prospect Heights real estate market had 39 homes for sale in May 2024, a 26.4% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 54
-20.0%
2 2118
-14.3%
3 186
-66.7%
4 69
+50.0%
5+ 32
-33.3%

Summary: The Prospect Heights housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes decreased by 14.3%, 3 bedroom homes decreased by 66.7%, 4 bedroom homes increased by 50%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2811-60.7%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

7 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. 63.6% of homes here sold above asking price last month.

Summary: A total of 11 homes were sold or pending in Prospect Heights in May 2024, down by 60.7% month-over-month. Of the 11 sold homes, 27% were sold under asking, 9% were sold at asking, and 64% 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

May 2023May 2024CHANGE
11 Days7 Days-37.9%

Summary: Homes in Prospect Heights had an average of 7 days on market in May 2024, down by 37.9% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

0 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.

Summary: During May 2024, 11 homes were sold in Prospect Heights; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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 16 Days Ago

Newest Listings in Prospect Heights, IL

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