Updated: August 20, 2026
Mount Prospect homes sold at a median of $440,500 over the past year, but that blends two markets: houses at $511,000 and condos and townhomes at $290,000. The median tax bill was $8,442 on a house and $4,015 on a condo. Property type moves your budget far more than location does.
Key Takeaways
- Houses sold at a median of $511,000. Condos and townhomes sold at $290,000. Village-wide across all types, the median was $440,500 (ConnectMLS, 540 closed sales, August 2025 through August 2026).
- The median tax bill was $8,442 on a house and $4,015 on a condo or townhome, about 1.68% and 1.52% of sale price.
- That tax gap is about $369 a month, before any difference in mortgage payment.
- A house costs about the same anywhere in the village. Median prices in the two townships differ by 1%.
- A condo does not. Attached medians run $267,500 in Elk Grove Township against $325,000 in Wheeling Township, and the tax bills differ by a third.
- 88 houses sold under $450,000 and 64 condos and townhomes sold under $250,000.
- Houses move fast: a median of 8 days, with 63% selling at or above asking. Condos and townhomes take 17 days.
How much does it cost to buy a home in Mount Prospect?
Houses sold for a median of $511,000. Condos and townhomes sold for a median of $290,000. The village-wide figure of $440,500 blends them, and describes neither.
Houses | Condos and townhomes | |
|---|---|---|
Sales | 341 | 197 |
Median price | $511,000 | $290,000 |
Median price per square foot | $290 | $228 |
Median tax bill | $8,442 | $4,015 |
Median monthly assessment | n/a | $369 |
Median days to contract | 8 | 17 |
Sold at or above asking | 63% | 41% |
Source: ConnectMLS, Mount Prospect closed sales, August 20, 2025 through August 20, 2026.
The entry points are lower than the medians suggest. 88 houses sold under $450,000, about one in four, and 64 condos and townhomes sold under $250,000.
How much are property taxes in Mount Prospect?
The median tax bill was $8,442 on a house and $4,015 on a condo or townhome. As a share of sale price that is about 1.68% and 1.52%.
Here is how house tax bills tracked with price:
Sale price range | Houses sold | Median tax bill | Roughly per month |
|---|---|---|---|
Under $450,000 | 88 | $7,117 | $593 |
$450,000 to $550,000 | 121 | $8,460 | $705 |
$550,000 to $700,000 | 104 | $9,124 | $760 |
Over $700,000 | 28 | $11,832 | $986 |
And for condos and townhomes, the bill tracks with size:
Unit size | Units sold | Median price | Median tax bill | Median monthly assessment |
|---|---|---|---|---|
1 bedroom | 31 | $185,000 | $2,650 | $293 |
2 bedroom | 108 | $274,200 | $3,673 | $414 |
3 bedroom | 55 | $340,000 | $5,421 | $341 |
Source: ConnectMLS, Mount Prospect closed sales, August 20, 2025 through August 20, 2026.
Why two similar homes can have very different bills
Your bill depends on the assessed value, the exemptions currently applied to that specific property, and the combination of taxing bodies serving the address. Two homes that sold for nearly the same price can carry bills that differ by thousands.
The Cook County Homeowner Exemption reduces a property's equalized assessed value by $10,000, with the dollar savings depending on the local tax rate (Cook County Assessor). Senior exemptions reduce it further.
The seller's bill is not your bill. If the current owner has held the property for twenty years with a homeowner and senior exemption applied, the number on the listing sheet has very little to do with what you will pay.
There is also timing to account for. Mount Prospect sits in Cook County's north and northwest suburbs, which were reassessed in 2025 (Cook County Assessor). Those values flow into current bills, so ask whether the figure you are looking at predates the reassessment.
Before you get attached to a house, pull the actual current bill rather than estimating from any average, including the ones on this page. More on how to read one in my guide to how property taxes work in Cook County.
Does it cost more to live in one part of Mount Prospect than another?
For a house, almost not at all. For a condo or townhome, quite a lot.
Mount Prospect spans two Cook County townships, which is the geography that actually determines your tax bill: Elk Grove Township covers the southern portion and Wheeling Township the northern. Here is what sold in each.
Elk Grove Township | Wheeling Township | |
|---|---|---|
Sales | 287 | 253 |
House median price | $515,000 | $510,000 |
House median tax | $8,442 | $8,474 |
Condo/townhome median price | $267,500 | $325,000 |
Condo/townhome median tax | $3,358 | $4,513 |
Condo/townhome median assessment | $357 | $401 |
Source: ConnectMLS, Mount Prospect closed sales, August 20, 2025 through August 20, 2026, grouped by township from the property index number.
Read the top half and the bottom half separately, because they say opposite things.
Houses are effectively priced the same across the village. A 1% difference in median price and a difference of $32 a year in median tax bill is noise. If you are buying a house in Mount Prospect, which township you land in is not a budget decision.
Condos and townhomes are a different story. The median is about 21% higher in Wheeling Township, and the median tax bill is about 34% higher. Some of that is the housing itself: attached units that sold in Wheeling Township had a median build year of 1983 against 1978 in Elk Grove Township, and newer buildings carry higher assessed values.
The practical version: 47 of the 108 attached homes that sold in Elk Grove Township closed under $250,000, against 17 of 89 in Wheeling Township. If your budget for attached housing is under a quarter million, most of what fits is in the southern half of the village.
That is a real finding, and it is worth stating what it is not. It says nothing about which half of Mount Prospect is a better place to live. It says where the less expensive condos happen to be, which is a fact about buildings and their tax bills.
Is it cheaper to own a condo or a house in Mount Prospect?
A condo, and the gap is larger than the sticker price suggests.
Start with the costs that do not depend on your mortgage rate:
On the median house at $511,000:
- Property taxes: about $704 a month
- Plus insurance, utilities, and maintenance
On the median condo or townhome at $290,000:
- Property taxes: about $335 a month
- Association assessment: about $369 a month
- Combined: about $704 a month
That is the number worth sitting with. The median condo's taxes and assessment together come to almost exactly the median house's tax bill alone — and the condo costs about $221,000 less to buy.
Put another way: the tax difference by itself is $4,427 a year, about $369 a month. For a lot of people, that is the difference between comfortable and stretched.
The assessment is not free money, though, and it is the thing to ask hard questions about. Find out what it covers, when it last increased, and whether the association has reserves set aside for the roof, the parking lot, and the mechanicals. A low assessment with nothing behind it is a special assessment waiting to happen.
What does your money buy in Mount Prospect?
Here is what houses in each price range actually delivered:
Price range | Houses sold | Median finished square feet | Median bedrooms | Median build year |
|---|---|---|---|---|
Under $450,000 | 88 | 1,326 | 3 | 1957 |
$450,000 to $550,000 | 121 | 1,636 | 3 | 1962 |
$550,000 to $700,000 | 104 | 2,108 | 3 | 1963 |
Over $700,000 | 28 | 2,766 | 4 | 1963 |
Source: ConnectMLS, Mount Prospect closed sales, August 20, 2025 through August 20, 2026.
Two things stand out.
You are buying square footage, not newer construction. The median build year barely moves across the entire range, from 1957 at the bottom to 1963 at the top. Nearly the whole detached market here is postwar housing. What doubles is the space: about 1,326 square feet under $450,000 against 2,766 above $700,000.
Budget for the age. If most of what fits your price range was built before 1965, the inspection matters more here than in a town built in the 1990s, and so does a maintenance line in your monthly number.
Which school districts serve Mount Prospect?
Six elementary districts serve portions of the village, and the assignment depends on the address rather than the neighborhood name:
- District 57, Mount Prospect
- District 59, Community Consolidated
- District 26, River Trails
- District 23, Prospect Heights
- District 21, covering a northern portion
- District 25, Arlington Heights, covering a small portion
Township High School District 214 serves the entire village for high school.
Boundaries do not follow subdivision names, and in some cases they split a single street. Confirm the attendance boundary directly with the district for the specific address before you write an offer. Listing portals and third-party school directories go out of date, and a boundary that was accurate two years ago may not be accurate now.
I wrote a full walkthrough of how to verify school boundaries before buying, including why the information on listing sites is so often wrong.
Is Mount Prospect more affordable than Arlington Heights?
On houses, yes. On condos and townhomes, no. This is the comparison people get wrong most often, because they look at one blended median per town.
Mount Prospect | Arlington Heights | |
|---|---|---|
House median | $511,000 | $588,687 |
Condo/townhome median | $290,000 | $261,000 |
Source: ConnectMLS closed sales in both villages, trailing 12 months ending August 2026.
A house is about 13% cheaper in Mount Prospect, roughly $78,000. A condo or townhome is about 11% more expensive, roughly $29,000.
So the answer depends entirely on what you are buying. If you want a house, Mount Prospect is the more affordable of the two. If you are downsizing into attached housing, Arlington Heights is.
For a fuller side-by-side, see Arlington Heights vs Mount Prospect.
How to think about the whole number
Most people anchor on the purchase price and get surprised by what it costs to carry. Work it in this order instead:
- Start with the monthly number you are comfortable with, not the price you think you qualify for.
- Subtract the taxes first. On a median house that is about $704 a month before anything else.
- Add the assessment if it is attached housing, and ask what reserves sit behind it.
- Add insurance and a maintenance line. For housing built before 1965, which is most of this village, that line is not optional.
- Whatever is left is your mortgage payment. Work backward from there to a price.
That order usually produces a smaller number than people expect and a much steadier search.
To go deeper on specific areas, my Mount Prospect neighborhood guide covers Prospect Manor, Lions Park, Old Orchard, and downtown. For the wider picture, start with the complete guide to living in Mount Prospect. And if the train is part of your calculation, I broke down commuting from Mount Prospect to Chicago separately.
Frequently Asked Questions
What is the median home price in Mount Prospect?
About $440,500 across all closed sales, but that blends property types. Houses sold at a median of $511,000 and condos and townhomes at $290,000, across 540 closed sales in the 12 months ending August 2026 (ConnectMLS).
What is the median property tax bill in Mount Prospect?
About $8,442 a year on a house and $4,015 on a condo or townhome, roughly 1.68% and 1.52% of sale price. Bills range from a median of $7,117 on houses under $450,000 to $11,832 on houses over $700,000. Exemptions change individual bills significantly.
Is it cheaper to own a condo or a house in Mount Prospect?
A condo. Its taxes and assessment together run about $704 a month, which is almost exactly what the median house pays in property tax alone, and the purchase price is about $221,000 lower. Assessment reserves still need checking.
Does it cost more to live in one part of Mount Prospect than another?
For houses, no. Median prices in the village's two townships differ by about 1%. For condos and townhomes, yes: the median is about 21% higher in Wheeling Township than in Elk Grove Township, and the tax bill about 34% higher.
How many school districts serve Mount Prospect?
Six elementary districts serve portions of the village: 57, 59, 26, 23, 21, and 25. Township High School District 214 serves the entire village. Boundaries do not follow neighborhood names, so verify the assignment for any specific address directly with the district.
Is Mount Prospect more affordable than Arlington Heights?
It depends what you are buying. A house is about 13% cheaper in Mount Prospect, $511,000 against $588,687. A condo or townhome is about 11% more expensive, $290,000 against $261,000. Blended village averages hide this because the two towns sell different housing mixes.
About the data: Price and property tax figures come from 540 MLS closed sales in Mount Prospect between August 20, 2025 and August 20, 2026, excluding records under $50,000. Sales are grouped by township, derived from the first two digits of each property index number, which is the assessment and taxing geography that determines a tax bill. Medians are reported separately for detached and attached homes because blending them produces a number that describes neither, and are shown only where at least eight sales of that property type closed in the group. Tax figures reflect the most recent bill recorded at the time of sale and do not account for exemptions a new owner may or may not qualify for. Updated quarterly.
Equal Housing Opportunity. Mari and the Dragonfly Home Team conduct business in accordance with the federal Fair Housing Act and the Illinois Human Rights Act. This article is general information about a local housing market and is not legal, tax, or financial advice. Market data reflects a specific period and will change. Please talk with your own attorney, tax professional, or lender about your situation.
