Prospect Heights, New York, NY—11238
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Prospect Heights, New York, NY
As of Oct '25, the median home price in Prospect Heights, New York, NY is $1,209,000, with a year-over-year change of 3.3%. This indicates that home prices in Prospect Heights, New York, NY are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,209,000 | 3.3% |
| Single Family | $2,316,000 | 5.5% |
| Condos | $1,104,000 | 3.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $825,000 | 4.3% |
2 Bed | $1,265,000 | 4.6% |
3 Bed | $1,872,000 | 3.9% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Prospect Heights, New York, NY
As of July '25, Rentcast reports the average rent in Prospect Heights, New York, NY is $4,650, with a year-over-year rent change of 2.4%. Per bedroom, the median rent as of July '25 in Prospect Heights, New York, NY is studios: $3,540, 1-bedrooms: $4,220, 2-bedrooms: $5,660, 3-bedrooms: $6,780, 4-bedrooms: $2,360. The most common rental property sizes in Prospect Heights, New York, NY are 1-bedroom and 2-bedroom, accounting for 35.5% and 34.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $4,320 | $4,650 |
| Studio Rent | $3,400 | $3,540 |
| 1 Bed Rent | $4,250 | $4,220 |
| 2 Bed Rent | $5,810 | $5,660 |
| 3 Bed Rent | $6,740 | $6,780 |
| 4 Bed Rent | $1,220 | $2,360 |
% of Rental Stock
Property Listings — Prospect Heights, New York, NY
As of Oct '25, Realtor.com reports that the median days on market for a home in Prospect Heights, New York, NY is 32. This is a increase of 1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 11.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,310,000 | -1.0% |
Listing Count | 144 | -19.0% |
| Listings as % of Homes | 0.5% | -19.0% |
Days on Market | 32 | 1.0% |
Demographics — Prospect Heights, New York, NY
As of the latest ACS Survey released in 2023, Prospect Heights, New York, NY has a population of 58,500, which has increased by 7.2% over the past 5 years. Prospect Heights, New York, NY is a moderately popular place for families, as children make up 17.4% of the population. The area has a highly educated workforce, with 71.2% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 29.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 58,500 | 7.2% |
% Under 18 | 17.4% | 11.5% |
% Seniors | 12.2% | 0.0% |
% WFH | 29.8% | 365.6% |
% w/ College Degree | 71.2% | 14.8% |
As of the latest ACS Survey released in 2023, Prospect Heights, New York, NY is a predominantly white area, with 47.2% of the population identifying as white. The white population has grown by 11.1% in the last 5 years. The second most common race or ethnicity in Prospect Heights, New York, NY is black, making up 25.1% of the population. Foreign-born residents account for 20.0% of the population in Prospect Heights, New York, NY, and this percentage has decreased by 4.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 47.2% | 11.1% |
% Black | 25.1% | -33.2% |
% Hispanic | 14.6% | 33.9% |
% Asian | 7.0% | 12.9% |
% Foreign Born | 20.0% | -4.3% |
Mortgage and Risk — Prospect Heights, New York, NY
According to HUD data as of 2023, there were 313 mortgage originations in Prospect Heights, New York, NY, of which 100.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 1.0% above 90% LTV (normal). This implies small mortgage risk in Prospect Heights, New York, NY. Investor activity is low, as 2.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 313 |
% Conventional Loans | 100.0% |
% Government Loans | 0.0% |
% Investor Loans | 2.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Prospect Heights, New York, NY
As of 2024, the percent of homes in Prospect Heights, New York, NY under the Section 8 program is 5.6%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Prospect Heights, New York, NY, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 2,005 |
Total Units Section 8 | 1,168 |
% Rentals under Section 8 | 5.6% |
% Occupied Section 8 | 92.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$990 | $4,250 | $3,260 |
| 2 Bedroom | -$2,200 | $5,810 | $3,610 |
| 3 Bedroom | -$2,240 | $6,740 | $4,500 |
| 4 Bedroom | $3,630 | $1,220 | $4,850 |
Affordability — Prospect Heights, New York, NY
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 9.6 |
| Median Home Price | $1,209,000 |
| Median Household Income | $133,000 |