Mount Prospect is not one single price tag. What it costs to live here depends a great deal on where you land and what kind of home you're after.
Someone who wants to walk to the Metra and grab dinner downtown is often looking at a different budget, and a different kind of home, than someone who wants a bigger single-family house with more room to spread out.
Rather than one flat number, it helps to think about cost of living by lifestyle and neighborhood, then narrow from there. Here's what closed sales over the past two years actually show.
Key Takeaways
Across all closed sales, the village-wide median sold price is $425,000. Detached single-family homes median at $490,000, while condos and townhomes median at $274,400.
The village-wide median property tax bill is $7,419 a year, though it runs notably lower on condos and higher on larger detached homes.
Prospect Manor and Village Centre, near downtown and the Metra, lean heavily toward condos and townhomes, with a median around $302,500.
Lions Park and Westgate offer detached single-family homes with a median around $545,000.
Old Orchard and Colony Country, near the golf course, run similarly for detached homes, median around $550,000, with more condo inventory in the $340,000 range.
The Euclid corridor in north Mount Prospect offers a mix, with detached homes median around $511,000 and condos around $325,625.
The Question That Helps Guide the Search
When someone tells me they're thinking about Mount Prospect, one of the first things I ask isn't about budget or square footage.
I ask how they want to live.
Do you want to walk to the train and grab coffee downtown, even if that means a condo or townhome instead of a house with a yard? Would you rather have a detached single-family home with more space, even if it means driving to the train? Do you want to be near the golf course? Those answers point toward very different parts of the village, and they usually matter more than any single number on a listing sheet.
Here's a closer look at what different parts of Mount Prospect offer, based on recent closed sales.
If You Want Walkability and Metra Access
Prospect Manor and Village Centre, near downtown and the Mount Prospect Metra station at 13 E. Northwest Highway, are dominated by condos and townhomes rather than detached homes. Recent closed sales in this area show a median price around $302,500, with a typical range of roughly $171,000 to $347,500, and a median property tax bill around $4,290.
Detached single-family homes do exist in this pocket, particularly in the older Tudor Revival section of Prospect Manor, but they trade infrequently and at a premium when they do.
This area may be a good fit when: daily Metra access and a walkable downtown matter more to you than having a detached home with a yard.
If You Want a Detached Home in a Classic Suburban Setting
Lions Park and Westgate are where you'll find the more traditional single-family Mount Prospect experience. Recent closed sales of detached homes in these neighborhoods show a median price around $545,000, typically ranging from $440,000 to $620,000, with a median property tax bill around $8,442.
Condos and townhomes are less common here, but where they do sell, the median runs closer to $265,000.
This area may be a good fit when: you want a traditional single-family neighborhood feel and are comfortable with a higher tax bill in exchange for more space.
If You Want to Be Near the Golf Course
Old Orchard and Colony Country sit around Mount Prospect's golf course. Detached homes here recently closed at a median of $550,000, typically ranging from $480,000 to $615,000, with a median property tax bill around $9,019, the highest of the groups compared here. This area also has meaningful condo and townhome inventory, with a median closer to $340,000 and a lower median tax bill around $5,440.
This area may be a good fit when: green space and golf access matter to you, and you're comfortable with property taxes running above the village median for detached homes.
If You Want the North Mount Prospect / Euclid Corridor
The area around Euclid Avenue in north Mount Prospect offers a genuine mix of housing types. Detached homes here recently closed at a median of $511,000, ranging roughly from $432,500 to $656,750, with a median tax bill around $8,170. Condos and townhomes in the same area median around $325,625, with a notably lower typical tax bill near $3,769.
This area may be a good fit when: you want flexibility between a detached home and a lower-maintenance condo or townhome without leaving the same part of the village.
Property Taxes: The Number That Surprises People Most
Mount Prospect sits in Cook County, and property taxes vary more than home price does. Across recent closed sales, condos and townhomes carry a village-wide median tax bill of roughly $3,749, while detached single-family homes median around $8,440. That's a meaningful gap, and it shifts further block to block depending on which school district, park district, and other taxing bodies serve a specific address.
Two homes priced the same can carry very different tax bills. Before you get attached to a house, it's worth pulling the actual current tax bill rather than estimating from a village-wide average.
A Note About Schools and Attendance Boundaries
Mount Prospect draws from several elementary schools, including Fairview, Lions Park, Robert Frost, Indian Grove, Euclid, Dwight D. Eisenhower, and John Jay, along with Township High School District 214 for high school. Which school you're assigned to depends on the specific address, not the neighborhood name.
Always confirm attendance boundaries directly with the appropriate school district before making an offer. Information shown on real estate portals can be incomplete or outdated.
How to Think About the Choice
Here's what I've noticed after helping people move to Mount Prospect: most buyers already know more about their preferences than they realize.
Ask yourself whether you'd actually use the Metra on a regular basis, and whether that's worth trading a yard for a condo or townhome near downtown. Think about whether you want to be close to the golf course or would rather have more house for the money in Lions Park or Westgate. Consider how much of a difference an $8,000-plus tax bill on a detached home makes to your monthly budget compared to a condo closer to $4,000.
Once you're clear on how you want to live day to day, narrowing the search gets much easier, and the number that matters most usually isn't the list price. It's the full monthly picture, taxes included.
If you'd like to dig deeper into specific neighborhoods, our Mount Prospect neighborhood guide breaks down Prospect Manor, Lions Park, Old Orchard, downtown, and more in detail. And if you're weighing Mount Prospect against a neighboring suburb, our Arlington Heights vs. Mount Prospect comparison lays out the differences side by side.
Learn More About Mount Prospect
I share neighborhood tours, relocation guidance, and local information on my YouTube channel, Life in the NW Burbs. It's a helpful way to get a feel for different parts of Mount Prospect before visiting in person.
You can also schedule a consultation to talk through your move and which area might fit your priorities.
Reach me at [email protected] or visit MyRealtorMari.com.
Frequently Asked Questions
What is the median home price in Mount Prospect?
Across all recent closed sales, the village-wide median is $425,000. Detached single-family homes median at $490,000, while condos and townhomes median at $274,400.
What is the median property tax bill in Mount Prospect?
The village-wide median is $7,419 a year, though condos and townhomes typically run closer to $3,749 while detached homes typically run closer to $8,440.
Which Mount Prospect neighborhoods are closest to Metra?
Downtown Mount Prospect and nearby streets, including parts of Prospect Manor and Village Centre, offer the closest access to the Mount Prospect station at 13 E. Northwest Highway. This area leans heavily toward condos and townhomes.
Is Mount Prospect more affordable than Arlington Heights?
Home prices tend to run somewhat lower in Mount Prospect, though the two are close enough that it often comes down to the specific neighborhood, home type, and property tax bill.
How do school attendance boundaries work in Mount Prospect?
Mount Prospect draws from multiple elementary schools and Township High School District 214 for high school. Boundaries vary by address, so buyers should verify assigned schools directly with the district before making an offer.
About the Author
Mari Van Meter is a REALTOR® with the Dragonfly Home Team at Berkshire Hathaway HomeServices American Heritage Real Estate, serving Arlington Heights, Palatine, Mount Prospect, Buffalo Grove, Wheeling, and the surrounding Northwest Suburbs of Chicago. She holds the C2EX, ABR®, PSA, SRES®, and CNE designations. Learn more about Mari.
