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 April 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

$290,000

$203/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$15,244(+5.5%)

Key Takeaway

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

Summary: The median home sold price in Prospect Heights was $290,000 in April 2024, up 5.5% from last year, and the median price per square foot was $203.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $111.5K$140.4K
+26.0%
2 $162.2K$198.9K
+22.6%
3 $355K$390K
+9.9%
4 $565K$635K
+12.4%
5+ $605K$800K
+32.2%

Summary: Prospect Heights housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26%, 2 bedroom homes increased by 22.6%, 3 bedroom homes increased by 9.9%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes increased by 32.2%.

Median Sold Price Compared To Nearby Cities

Arlington Heights
+9.6%
Mount Prospect
+8.0%
Prospect Heights
+5.5%
Wheeling
+5.1%
Wheeling Township
+4.3%

Housing Supply in Prospect Heights, IL

How many homes are available in Prospect Heights, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
4354+25.6%

Summary: The Prospect Heights real estate market had 54 homes for sale in April 2024, a 25.6% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 55
0.0%
2 1222
+83.3%
3 1818
0.0%
4 66
0.0%
5+ 23
+50.0%

Summary: The Prospect Heights housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 83.3%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
827+237.5%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

17 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% of homes here sold above asking price last month.

Summary: A total of 27 homes were sold or pending in Prospect Heights in April 2024, up by 237.5% month-over-month. Of the 27 sold homes, 19% were sold under asking, 19% were sold at asking, and 63% 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

Apr 2023Apr 2024CHANGE
6 Days12 Days+99.9%

Summary: Homes in Prospect Heights had an average of 12 days on market in Apr 2024, up by 99.9% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

2 Homes Were 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 April 2024, 27 homes were sold in Prospect Heights; 89% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 4% 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 14 Days Ago

Newest Listings in Prospect Heights, IL

Nearby Markets to Prospect Heights, IL

What housing markets are near Prospect Heights, IL?