Is Prospect Heights, 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, Prospect Heights has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $111K | $139.9K | +26.0% |
2 Bedrooms | $164.7K | $195K | +18.4% |
3 Bedrooms | $360K | $361K | 0.3% |
4 Bedrooms | $565K | $625K | +10.6% |
5+ Bedrooms | $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 | $352.2K | $380.2K | +7.9% |
Arlington Heights | $383.3K | $410.5K | +7.1% |
Prospect Heights | $267.5K | $285K | +6.5% |
Wheeling | $256.5K | $272K | +6.0% |
Wheeling Township | $334.9K | $346.7K | +3.5% |
Housing Supply in Prospect Heights, IL
How many homes are available in Prospect Heights, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
31 | 42 | +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
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 6 | 0.0% |
2 Bedrooms | 10 | 13 | +30.0% |
3 Bedrooms | 9 | 16 | +77.8% |
4 Bedrooms | 4 | 6 | +50.0% |
5+ Bedrooms | 2 | 1 | -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 2024 | Mar 2024 | CHANGE |
---|---|---|
10 | 8 | -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
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 2023 | Mar 2024 | CHANGE |
---|---|---|
22 Days | 27 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
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.