Why Live in Prospect
Prospect, a neighborhood in Shady Cove, offers a variety of housing options including single-family homes, manufactured houses, and empty lots for custom builds. The single-family homes are primarily midcentury bungalows and ranchers, often constructed from wood and situated on large lots, with some properties exceeding one acre along gravel roads deep in the woods. Recreational vehicle owners have access to two RV parks, including Mountain Village, which also features manufactured homes. The area is known for its affordability, with home prices significantly lower than the Medford metropolitan area. Outdoor enthusiasts will appreciate the extensive network of trails leading to scenic spots like Pearsony Falls, the Avenue of the Boulders, and the Mill Creek and Barr Creek waterfalls. Crater Lake National Park, a major tourist attraction, is just 25 miles away, offering activities such as snowshoeing, cross-country skiing, and ice fishing in the winter. The community gathers at the Prospect Café and Trophy Room for meals, live music, and events, while the historic Prospect Hotel and its Dinner House provide dining and lodging options. Annual events like Music in the Mountains and the Jamboree and Timber Carnival draw residents together for live music, food, and traditional contests. The main thoroughfare, Crater Lake Highway (Route 62), connects Prospect to nearby cities, with the Rogue Valley International Medford Airport 42 miles away for broader travel needs.
Frequently Asked Questions
Is Prospect a good place to live?
Prospect is a good place to live. Prospect is considered very car-dependent and somewhat bikeable. Prospect has 1 park for recreational activities. It has a median age of 53. The average household income is $77,332 which is below the national average. College graduates make up 20.2% of residents. A majority of residents in Prospect are home owners, with 20.9% of residents renting and 79.1% of residents owning their home. A
local real estate agent serving Prospect can help you decide if this neighborhood is the right one for you. Learn more on our
Prospect neighborhood guide.
How much do you need to make to afford a house in Prospect?
The median home price in Prospect is $259,000. If you put a 20% down payment of $51,800 and had a 30-year fixed mortgage with an interest rate of 6.26%, your estimated principal and interest payment would be $1,280 a month plus property taxes, HOA fees, home insurance, PMI, and utilities. Using the 28% rule, you would need to make at least $55K a year to afford the median home price in Prospect. The average household income in Prospect is $77K.
What are the most popular zip codes in Prospect, Shady Cove, OR?
What are the most popular neighborhoods near Prospect, Shady Cove, OR?
The most popular neighborhood near Prospect, Shady Cove, OR is
Trail.
Are home prices dropping in Prospect?
Yes, home prices in Prospect are down 6% in the last 12 months.
Home Trends in Prospect, OR
On average, homes in Prospect, Shady Cove sell after 81 days on the market compared to the national average of 52 days. The median sale price for homes in Prospect, Shady Cove over the last 12 months is $217,000, up 36% from the median home sale price over the previous 12 months.
Median Sale Price
$217,000
Median Single Family Sale Price
$259,000
Average Price Per Sq Ft
$198
Number of Homes for Sale
1
Last 12 months Home Sales
4
Median List Price
$259,000
Median Change From 1st List Price
5%
Median Home Sale Price YoY Change
36%