Mount Prospect, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Mount Prospect Neighborhoods Since 2000




Mount Prospect, IL Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Mount Prospect Housing Market Information

With 54,747 people, 20,290 houses or apartments, and a median cost of homes of $338,146, Mount Prospect house prices are not only among the most expensive in Illinois, Mount Prospect real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Mount Prospect, accounting for 56.39% of the village's housing units. Other types of housing that are prevalent in Mount Prospect include large apartment complexes or high rise apartments ( 34.26%), duplexes, homes converted to apartments or other small apartment buildings ( 5.25%), and a few row houses and other attached homes ( 3.93%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Mount Prospect. Owner-occupied housing accounts for 69.73% of Mount Prospect's homes, and 56.79% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Mount Prospect's housing was primarily built during this period, from the '40s through the '60s. A full 53.94% of the village's housing hails from this era. Other housing ages represented in Mount Prospect include homes built between 1970-1999 ( 38.63%) and housing constructed between 2000 and later ( 3.74%). There's also some housing in Mount Prospect built before 1939 ( 3.69%).

Mount Prospect Home Appreciation Rates

Mount Prospect's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Mount Prospect during the period has been just -1.68%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Mount Prospect's appreciation rate, at 5.01%, has been at or slightly above the national average. In the latest quarter, Mount Prospect's appreciation rate has been 0.43%, which annualizes to a rate of 1.74%.

Relative to Illinois, our data show that Mount Prospect's latest annual appreciation rate is higher than 80% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the village. Individual neighborhoods within Mount Prospect differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mount Prospect - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Mount Prospect real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$338,146

Mount Prospect, IL HOME PRICES

Value Range
> $1,155,000 0.8
$866,001 - $1,155,000 0.6
$577,001 - $866,000 4.2
$462,001 - $577,000 8.5
$347,001 - $462,000 27.8
$231,001 - $347,000 31.7
$116,001 - $231,000 15.4
$58,001 - $116,000 7.1
$0 - $58,000 4.0

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
13.084495488105 7.84810126582278

Number Of Homes And Apartments:
20,290

Mount Prospect Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
30.32% 1.55% 7 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,322 / per month

Homeownership Rate

Homeownership
Owners 69.73
Renters 30.27
Vacant 6.57

Housing Market Details

 

Age of Homes

AGE OF Mount Prospect HOMES
2000 or Newer 3.7
1970 - 1999 38.6
1940 - 1969 53.9
1939 or Older 3.7

Types of Homes

TYPE OF Mount Prospect HOMES
Single-Family 56.4
Townhomes 3.9
Small Apt. Buildings 5.3
Apt. Complexes 34.3
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Mount Prospect HOMES
No Bedroom 1.02
1 Bedroom 14.28
2 Bedrooms 24.97
3 Bedrooms 39.02
4 Bedrooms 17.77
5 or more bedrooms 2.93