Short Sale Listings in Mount Prospect, IL

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View this home at N Fairview Ave Mount Prospect IL 60056
$339,650 EMV
N Fairview Ave
Mount Prospect, IL 60056
EST. RENT: $1,940
AUCTION: 04-30-2024
Displaying 1 - 10 of 14
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Home Value Estimator For Mount Prospect, IL

There are currently 16,887 real estate properties in Mount Prospect, IL, with a median automated valuation model (AVM) price of $345,417.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Mount Prospect, IL, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Mount Prospect, IL, is $345,361.00, with the most expensive house in Mount Prospect, IL, topping out at $2,686,517.00 and the cheapest home in Mount Prospect, IL, clocking in at $31,730.00. In other words, there’s something for every potential homebuyer or savvy investor in Mount Prospect, IL!

Rent Prices In Mount Prospect, IL

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Mount Prospect, IL, is on a rollercoaster ride. The average rent price in Mount Prospect, IL, is $1,939.00. Indeed, when looking to rent in Mount Prospect, IL, you can expect to pay as little as $730.00 or as much as $3,680.00, with the average rent median estimated to be $2,000.00. The good news is that finding an affordable and desirable property to rent in Mount Prospect, IL -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.

Top Reasons To Live In Mount Prospect, IL In 2024

Mount Prospect is located in Cook, Illinois, with an estimated municipal population of 53,719 residents. All of the best foreclosed homes for sale in Mount Prospect are located in the following zip code areas on 60056. The estimated population per square kilometer (.62 miles) in Mount Prospect is 1,934.

Cost Of Living In Mount Prospect, IL

So, about how much do homes cost in Mount Prospect? The most recent median value of resident-owned homes in Mount Prospect is 329,540. An estimated 69.4 percent of households in Mount Prospect own their homes, with an average family size of 3.12. The median household income in Mount Prospect is 79,733, with39.3 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Mount Prospect, the median commute time of resident workers (in minutes) is 31. And last, but certainly not least, are you looking for homes to rent in Mount Prospect? If so, the average rent price paid by renters in Mount Prospect is 1,132, according to recent statistics.

Diversity And Demographics In Mount Prospect, Illinois

Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Mount Prospect, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.

The median age of residents in Mount Prospect is 40.4, split between 49.3 percent male versus 50.7 female. The percentage of residents who report being married in Mount Prospect is 60.6, with an average family size of 3.12.

The percentage of residents who report their race in Mount Prospect is as follows:

White 76.7%
Black / African American 3.2%
Asian 12.1%
American Indian / Alaskan Native 0.6%
Native Hawaiian / Other Pacifc Islander 0.1%
Multi-racial 3%
Other 4.3%

Looking for family-friendly neighborhoods in and/or near Mount Prospect? Or maybe you are searching for 55+ active adult communities in and/or near Mount Prospect?

The percentage of residents who report their age in Mount Prospect is as follows:

Under 10 14%
Aged 10-19 11.1%
20s 10.1%
30s 14.2%
40s 13.9%
50s 13.5%
60s 11%
70s 7.4%
80+ 4.8%

Best Schools In Mount Prospect, Illinois

It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Mount Prospect with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Mount Prospect.

Pros And Cons Of Living In Mount Prospect, Illinois

How do you know that living in -- or moving to -- Mount Prospect is right where you need to be? Perhaps you grew up in Mount Prospect or already live nearby; therefore, the decision to buy a home in Mount Prospect is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Mount Prospect for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.

Here are some questions to ask yourself when shopping for foreclosed homes for sale in Mount Prospect:

  • What type of neighborhood environment (suburban, urban, rural, etc.) do you prefer?
  • What types of shopping (mom and pop, mall, big box), restaurants (fast food, chain, local) and businesses (small, big, mixed) would you like nearby?
  • What leisure-time activities (golf, biking, hiking, etc.) do you enjoy?
  • What type of commute (car, plane, home office) do you seek?

In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Mount Prospect.

Reasons To Move To Mount Prospect, Illinois, In 2024

Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Mount Prospect can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Mount Prospect, meanwhile, can field multiple offers from more qualified buyers.

Mount Prospect, IL Short Sale Listings


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