Market Overview
Home Prices in Mount Prospect, IL
The median home value in Mount Prospect, IL is $458,867 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.8% compared to a year ago and up 4.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Mount Prospect are priced12% above average. Mount Prospect is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Mount Prospect home values have risen by approximately33.0%, reflecting strong long-term appreciation in this market.
Price History
Mount Prospect Home Price Trend
City Comparison
Mount Prospect vs. National Median
At $458,867, homes in Mount Prospect cost 12% above the national median of $410,000. Buyers in Mount Prospect should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Mount Prospect?
20% Down Payment
$91,773
on $458,867
Monthly P&I
$2,393/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,039/mo
incl. taxes & insurance
Income Needed
$121,560
gross annual (30% rule)
10% Down Option
$45,887
+ PMI applies
Loan Amount (20% dn)
$367,094
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Mount Prospect, IL?
The median home value in Mount Prospect is $458,867 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.8% year-over-year.
How much have home prices changed in Mount Prospect?
Over the past year, home values in Mount Prospect have increased by 6.8%. Over five years, prices have risen approximately 33.0%.
How much do I need to earn to buy a home in Mount Prospect?
To comfortably afford the median home price of $458,867 with a 20% down payment ($91,773) at today's rates (6.8%), you'd need a gross annual income of approximately $121,560. This assumes keeping total housing costs at or below 30% of gross income.
How does Mount Prospect compare to the national average home price?
The national median home value is approximately $410,000. At $458,867, homes in Mount Prospect are 12% above the national average.
What metro area is Mount Prospect part of?
Mount Prospect is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.