Prospect Heights, IL—60070
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Prospect Heights, IL
As of Oct '25, the median home price in Prospect Heights, IL is $353,000, with a year-over-year change of 5.0%. This indicates that home prices in Prospect Heights, IL 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 | $353,000 | 5.0% |
| Single Family | $510,000 | 5.8% |
| Condos | $190,000 | 5.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $151,000 | 6.3% |
2 Bed | $212,000 | 6.0% |
3 Bed | $427,000 | 6.2% |
4 Bed | $600,000 | 6.0% |
| 5 Bed | $783,000 | 6.0% |
% of Housing Stock
Rental Trends — Prospect Heights, IL
As of July '25, Rentcast reports the average rent in Prospect Heights, IL is $1,970, with a year-over-year rent change of 2.1%. Per bedroom, the median rent as of July '25 in Prospect Heights, IL is 1-bedrooms: $1,500, 2-bedrooms: $2,000, 3-bedrooms: $2,050, 4-bedrooms: $3,800. The most common rental property sizes in Prospect Heights, IL are 2-bedroom and 1-bedroom, accounting for 50.7% and 34.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,950 | $1,970 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,520 | $1,500 |
| 2 Bed Rent | $1,980 | $2,000 |
| 3 Bed Rent | $1,900 | $2,050 |
| 4 Bed Rent | $3,800 | $3,800 |
% of Rental Stock
Property Listings — Prospect Heights, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Prospect Heights, IL is 31. This is a increase of 38.0% 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 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $287,000 | -13.0% |
Listing Count | 44 | 26.0% |
| Listings as % of Homes | 0.5% | 26.0% |
Days on Market | 31 | 38.0% |
Demographics — Prospect Heights, IL
As of the latest ACS Survey released in 2023, Prospect Heights, IL has a population of 15,500, which has decreased by -3.1% over the past 5 years. Prospect Heights, IL is a moderately popular place for families, as children make up 19.4% of the population. The area has a moderately educated workforce, with 36.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,500 | -3.1% |
% Under 18 | 19.4% | -20.2% |
% Seniors | 17.5% | 5.4% |
% WFH | 16.1% | 323.7% |
% w/ College Degree | 36.1% | 1.7% |
As of the latest ACS Survey released in 2023, Prospect Heights, IL is a predominantly white area, with 54.6% of the population identifying as white. The white population has shrunk by 4.0% in the last 5 years. The second most common race or ethnicity in Prospect Heights, IL is hispanic, making up 35.8% of the population. Foreign-born residents account for 41.4% of the population in Prospect Heights, IL, and this percentage has increased by 0.7% 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 | 54.6% | -4.0% |
% Black | 0.5% | -76.2% |
% Hispanic | 35.8% | 11.5% |
% Asian | 7.3% | -14.1% |
% Foreign Born | 41.4% | 0.7% |
Mortgage and Risk — Prospect Heights, IL
According to HUD data as of 2023, there were 75 mortgage originations in Prospect Heights, IL, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Prospect Heights, IL. Investor activity is low, as 4.0% of loans were by investors. 4.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 75 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 4.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — Prospect Heights, IL
As of 2024, the percent of homes in Prospect Heights, IL under the Section 8 program is 0.4%. 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. 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Prospect Heights, IL, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 8 |
Total Units Section 8 | 8 |
% Rentals under Section 8 | 0.4% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$30 | $1,520 | $1,490 |
| 2 Bedroom | -$300 | $1,980 | $1,680 |
| 3 Bedroom | $260 | $1,900 | $2,160 |
| 4 Bedroom | -$1,270 | $3,800 | $2,530 |
Affordability — Prospect Heights, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $353,000 |
| Median Household Income | $91,200 |