Is Prospect Heights, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$278,850
$203/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
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
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $112K | $137.4K | +22.7% |
2 Bedrooms | $167.7K | $199.8K | +19.1% |
3 Bedrooms | $360K | $390K | +8.3% |
4 Bedrooms | $565K | $630K | +11.5% |
5+ Bedrooms | $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 | $380.1K | $420.3K | +10.6% |
Mount Prospect | $359.2K | $382K | +6.3% |
Wheeling | $260K | $274.5K | +5.6% |
Wheeling Township | $335.3K | $349.9K | +4.4% |
Prospect Heights | $295K | $278.8K | -5.5% |
Housing Supply in Prospect Heights, IL
How many homes are available in Prospect Heights, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
53 | 39 | -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
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 4 | -20.0% |
2 Bedrooms | 21 | 18 | -14.3% |
3 Bedrooms | 18 | 6 | -66.7% |
4 Bedrooms | 6 | 9 | +50.0% |
5+ Bedrooms | 3 | 2 | -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 2024 | May 2024 | CHANGE |
---|---|---|
28 | 11 | -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
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 2023 | May 2024 | CHANGE |
---|---|---|
11 Days | 7 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
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.