Market Overview
Home Prices in Prospect Heights, IL
The median home value in Prospect Heights, IL is $329,077 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 7.1% 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 Prospect Heights are priced20% below average. Prospect Heights is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Prospect Heights home values have risen by approximately40.3%, reflecting strong long-term appreciation in this market.
Price History
Prospect Heights Home Price Trend
City Comparison
Prospect Heights vs. National Median
At $329,077, homes in Prospect Heights cost 20% below the national median of $410,000. This makes Prospect Heights a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Prospect Heights?
20% Down Payment
$65,815
on $329,077
Monthly P&I
$1,716/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,179/mo
incl. taxes & insurance
Income Needed
$87,160
gross annual (30% rule)
10% Down Option
$32,908
+ PMI applies
Loan Amount (20% dn)
$263,262
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 Prospect Heights, IL?
The median home value in Prospect Heights is $329,077 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 7.1% year-over-year.
How much have home prices changed in Prospect Heights?
Over the past year, home values in Prospect Heights have increased by 7.1%. Over five years, prices have risen approximately 40.3%.
How much do I need to earn to buy a home in Prospect Heights?
To comfortably afford the median home price of $329,077 with a 20% down payment ($65,815) at today's rates (6.8%), you'd need a gross annual income of approximately $87,160. This assumes keeping total housing costs at or below 30% of gross income.
How does Prospect Heights compare to the national average home price?
The national median home value is approximately $410,000. At $329,077, homes in Prospect Heights are 20% below the national average.
What metro area is Prospect Heights part of?
Prospect Heights is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.