Mount Prospect, IL—60056
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Mount Prospect, IL
As of Oct '25, the median home price in Mount Prospect, IL is $418,000, with a year-over-year change of 5.7%. This indicates that home prices in Mount Prospect, IL are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $418,000 | 5.7% |
| Single Family | $456,000 | 6.0% |
| Condos | $243,000 | 2.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $176,000 | 4.8% |
2 Bed | $282,000 | 5.2% |
3 Bed | $417,000 | 6.1% |
4 Bed | $521,000 | 6.5% |
| 5 Bed | $629,000 | 6.1% |
% of Housing Stock
Rental Trends — Mount Prospect, IL
As of July '25, Rentcast reports the average rent in Mount Prospect, IL is $2,490, with a year-over-year rent change of 3.8%. Per bedroom, the median rent as of July '25 in Mount Prospect, IL is studios: $2,030, 1-bedrooms: $2,050, 2-bedrooms: $2,320, 3-bedrooms: $3,270, 4-bedrooms: $3,600. The most common rental property sizes in Mount Prospect, IL are 1-bedroom and 2-bedroom, accounting for 42.5% and 36.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,400 | $2,490 |
| Studio Rent | $2,030 | $2,030 |
| 1 Bed Rent | $2,300 | $2,050 |
| 2 Bed Rent | $2,000 | $2,320 |
| 3 Bed Rent | $3,200 | $3,270 |
| 4 Bed Rent | $3,350 | $3,600 |
% of Rental Stock
Property Listings — Mount Prospect, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Mount Prospect, IL is 34. This is a increase of 8.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $419,000 | -1.0% |
Listing Count | 120 | 0.0% |
| Listings as % of Homes | 0.3% | 0.0% |
Days on Market | 34 | 8.0% |
Demographics — Mount Prospect, IL
As of the latest ACS Survey released in 2023, Mount Prospect, IL has a population of 56,000, which has increased by 1.3% over the past 5 years. Mount Prospect, IL is a moderately popular place for families, as children make up 22.1% of the population. The area has a highly educated workforce, with 48.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 56,000 | 1.3% |
% Under 18 | 22.1% | -7.9% |
% Seniors | 18.2% | 8.3% |
% WFH | 15.9% | 329.7% |
% w/ College Degree | 48.7% | 14.3% |
As of the latest ACS Survey released in 2023, Mount Prospect, IL is a predominantly white area, with 63.3% of the population identifying as white. The white population has shrunk by 4.4% in the last 5 years. The second most common race or ethnicity in Mount Prospect, IL is hispanic, making up 16.2% of the population. Foreign-born residents account for 30.0% of the population in Mount Prospect, IL, and this percentage has increased by 2.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 63.3% | -4.4% |
% Black | 2.5% | -10.7% |
% Hispanic | 16.2% | -4.1% |
% Asian | 14.6% | 18.7% |
% Foreign Born | 30.0% | 2.0% |
Mortgage and Risk — Mount Prospect, IL
According to HUD data as of 2023, there were 645 mortgage originations in Mount Prospect, IL, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Mount Prospect, IL. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 645 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Mount Prospect, IL
As of 2024, the percent of homes in Mount Prospect, IL under the Section 8 program is 8.2%. 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. In Mount Prospect, IL, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 544 |
Total Units Section 8 | 544 |
% Rentals under Section 8 | 8.2% |
% Occupied Section 8 | 96.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$640 | $2,300 | $1,660 |
| 2 Bedroom | -$130 | $2,000 | $1,870 |
| 3 Bedroom | -$800 | $3,200 | $2,400 |
| 4 Bedroom | -$530 | $3,350 | $2,820 |
Affordability — Mount Prospect, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $418,000 |
| Median Household Income | $104,000 |