Prospect began as a logging town; its first sawmill began operating in 1870.[7] Prospect had a post office established in 1882 that was first named "Deskins" after the first postmaster.[8] In 1888, there was a mill named Deskins Sawmill. The name of the community was changed to "Prospect" in 1889 because of plans made to run a railroad up the Rogue River, which would ostensibly improve the community's prospects.[8]
On the Saturday of Memorial Day weekend, Prospect holds the Mill Creek Memorial festival. It honors veterans with a parade, a flag retirement ceremony, live music and games for children. All the proceeds go to a fund to help veterans.
In July Prospect hosts an airplane "fly-in" that helps support the Jackson County Search and Rescue, and in August a jamboree and timber carnival (a festival that includes lumberjack contests such as log rolling) are held.[7]
On the last weekend in September, Prospect hosts Music in the Mountains, a two-day festival of bluegrass, country, folk and Americana music on the grounds of the Prospect Hotel.[10]
This region experiences warm (but not hot) and dry summers, with no average monthly temperatures above 71.6 °F (22.0 °C). According to the Köppen Climate Classification system, Prospect has a warm-summer Mediterranean climate, abbreviated "Csb" on climate maps.[13]
Climate data for Prospect, Oregon (1991–2020 normals, extremes 1905–present)
^Moffatt, Riley Moore (1996). Population History of Western U.S. Cities and Towns, 1850–1990. Lanham, Maryland: Scarecrow Press. p. 214. ISBN978-0-8108-3033-2.
^ abc"Prospect". Shady Cove – Upper Rogue Chamber. Archived from the original on May 9, 2008. Retrieved August 30, 2013.