Prospect Heights appreciation rates and housing market information

Prospect Heights housing market information

With 16,347 people, 10,899 houses or apartments, and a median cost of homes of $346,700, Prospect Heights house prices are not only among the most expensive in Illinois, Prospect Heights real estate also is some of the most expensive in all of America.

large apartment complexes or high rise apartments are the single most common housing type in Prospect Heights, accounting for 41.56% of the town's housing units. Other types of housing that are prevalent in Prospect Heights include single-family detached homes (37.78%), row houses and other attached homes (14.20%), and a few duplexes, homes converted to apartments, or other small apartment buildings (6.30%). Towns that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of towns are often walkable and compact, and often have a lively downtown.

Dwellings in Prospect Heights tend to be quite small (one, two, or no bedrooms) and owner-occupied. In fact, 54.41% of the homes in Prospect Heights have two or fewer bedrooms.

There is a lot of housing in Prospect Heights built from 1970-1994, 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 from 1940-1969 (37.92%). A lesser amount of the housing stock also hails from 1995 and later (7.07%), and some were built from 1939 and earlier (7.07%).

Prospect Heights home appreciation rates

Real estate appreciation rates in Prospect Heights have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 7.42% during the period.

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 -1.97%, 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 -1.42%, which equates to an annual appreciation rate of -5.68%.

Relative to Illinois, our data show that Prospect Heights's latest annual appreciation rate is higher than 4% of the other cities and towns in Illinois.