Prospect Heights, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Prospect Heights Neighborhoods Since 2000




Prospect Heights, 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

Prospect Heights Housing Market Information

With 16,386 people, 6,078 houses or apartments, and a median cost of homes of $177,700, Prospect Heights real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Prospect Heights, accounting for 38.68% of the city's housing units. Other types of housing that are prevalent in Prospect Heights include large apartment complexes or high rise apartments ( 37.20%), row houses and other attached homes ( 12.53%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 11.24%).

Dwellings in Prospect Heights tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 54.53% 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 ( 31.62%). A lesser amount of the housing stock also hails from before 1939 ( 3.81%). There's also some housing in Prospect Heights built between 2000 and later ( 3.08%).

Prospect Heights Home Appreciation Rates

Homes have actually lost value in Prospect Heights over the last then years, as home values have seen a decline of 26.63% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Prospect Heights home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Over the last year, Prospect Heights appreciation rates have trailed the rest of the nation. In the last twelve months, Prospect Heights's appreciation rate has been 2.30%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Prospect Heights were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Prospect Heights's latest annual appreciation rate is lower than 60% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$177,700

Prospect Heights, IL HOME PRICES

Value Range
> $1,069,000 0.3
$802,001 - $1,069,000 0.7
$534,001 - $802,000 4.1
$428,001 - $534,000 7.2
$321,001 - $428,000 12.6
$214,001 - $321,000 18.2
$107,001 - $214,000 24.4
$54,001 - $107,000 26.8
$0 - $54,000 5.7

High for IL
High for Nation

Value Relative to Nation Value Relative to State
38.9429274581038 30.8860759493671

Number Of Homes And Apartments:
6,078

Prospect Heights 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
13.05% 0.71% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,312 / per month

Homeownership Rate

Homeownership
Owners 70.94
Renters 29.06
Vacant 5.39

Housing Market Details

 

Age of Homes

AGE OF Prospect Heights HOMES
2000 or Newer 3.1
1970 - 1999 61.5
1940 - 1969 31.6
1939 or Older 3.8

Types of Homes

TYPE OF Prospect Heights HOMES
Single-Family 38.7
Townhomes 12.5
Small Apt. Buildings 11.2
Apt. Complexes 37.2
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Prospect Heights HOMES
No Bedroom 0.00
1 Bedroom 17.70
2 Bedrooms 36.83
3 Bedrooms 29.08
4 Bedrooms 12.84
5 or more bedrooms 3.55