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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Prospect Heights, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Prospect Heights, IL Housing Market Trends

With a population of 15,486, 6,286 total housing units (homes and apartments), and a median house value of $321,870, Prospect Heights real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Prospect Heights, accounting for 41.45% of the city's housing units. Other types of housing that are prevalent in Prospect Heights include single-family detached homes ( 39.77%), row houses and other attached homes ( 10.70%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.08%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Dwellings in Prospect Heights tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 56.73% of the homes in Prospect Heights have two or fewer bedrooms.

There is a lot of housing in Prospect Heights built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Prospect Heights built between 1940-1969 ( 35.25%). A lesser amount of the housing stock also hails from between 2000 and later ( 5.49%). There's also some housing in Prospect Heights built before 1939 ( 2.08%).

Prospect Heights Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Prospect Heights, where house values have increased just 47.55%, which is annualized rate of 3.97%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Appreciation rates are so strong in Prospect Heights that despite a nationwide downturn in the housing market, Prospect Heights real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Prospect Heights appreciation rates continue to be some of the highest in America, at 7.98%, which is higher than appreciation rates in 70.01% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Prospect Heights. Prospect Heights appreciation rates in the latest quarter were at 2.79%, which equates to an annual appreciation rate of 11.63%.

Relative to Illinois, our data show that Prospect Heights's latest annual appreciation rate is lower than 50% of the other cities and towns in Illinois.

Average Home Values

Median Home Value

$321,870

Prospect Heights, IL Home Prices
> $1,170,000
$877,001 - $1,170,000
$585,001 - $877,000
$468,001 - $585,000
$351,001 - $468,000
$234,001 - $351,000
$117,001 - $234,000
$58,001 - $117,000
$0 - $58,000
0.3%
0.3%
3.5%
3.5%
7.7%
7.7%
9.6%
9.6%
16.7%
16.7%
16.2%
16.2%
40.3%
40.3%
2.6%
2.6%
3.0%
3.0%
0% 100.0%
% of Homes
High

for Illinois

High

for nation

Number of Homes And Apartments:

6,286

Prospect Heights Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,284 / per month

Homeownership Rate

Owners
Renters
65.5%
65.5%
34.5%
34.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
3.1%
3.1%
96.9%
96.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
5.5%
5.5%
57.2%
57.2%
35.3%
35.3%
2.1%
2.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
39.8%
39.8%
10.7%
10.7%
8.1%
8.1%
41.4%
41.4%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.6%
1.6%
17.6%
17.6%
37.6%
37.6%
25.1%
25.1%
11.5%
11.5%
6.7%
6.7%
0% 100.0%
% of Homes