What to know before you move: cost, market timing, who it fits.
If you're considering a move to Mount Prospect, IL, the most important variables are the local housing market, the cost structure (taxes, insurance, utilities), and how well the city fits your day-to-day life. This page summarizes the housing market read; pair it with the cost of living page for the full picture.
Mount Prospect is a city in Cook County, Illinois, with an estimated population of 55,460. It anchors the Chicago-Naperville-Elgin metro area. The population has contracted 0.6% per year on average since 2020. The median home value in Mount Prospect is $441,128 as of 2026-04, up 6.6% over the last 12 months. Over the last five years, home values have averaged +6.1% annual growth, with prices at or near the 5-year peak. Rents in Mount Prospect average $1,693 per month, roughly flat year-over-year (-0.6%). The composite momentum score is 66 of 100 (Rising). The market is healthy with prices supported by underlying demand.
Quiet strength: prices near or at all-time highs (+0.0% from 5-year peak). Solid market for owner-occupiers; investors should underwrite conservatively given the elevated entry point.
Reasons people move here
- Trend still working: prices up 6.6% in the last 12 months — buyers are still chasing inventory.
- Healthy 5-year run: +6.1% annualized over 5 years, outpacing US inflation.
- Held the highs: currently +0.0% from the 5-year peak — this market refused to give back gains.
Things to know first
- Flat or shrinking population: -0.6% per year. Housing demand has to come from somewhere — verify the source.
- Local nuance: city-level data smooths over neighborhood differences. School zones, HOA rules, and street-level character matter — visit before deciding.
More about Mount Prospect
Sources: Zillow ZHVI (home values), Zillow ZORI (rents), US Census ACS + place population. Updated when source agencies publish revisions.