Is Evanston, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Evanston is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Evanston has remained a Seller's Market.

Key Takeaway

Evanston is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Evanston, IL

How much do homes in Evanston, IL cost?

Median Sold Price

$375,185

$272/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$17,721(-4.5%)

Key Takeaway

Homes in Evanston have sold for 4.5% less than they did a year ago.

Summary: The median home sold price in Evanston was $375,185 in February 2024, down 4.5% from last year, and the median price per square foot was $272.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $185K$175.7K
-5.0%
2 $270.6K$285K
+5.3%
3 $475K$481.6K
+1.4%
4 $800K$799K
-0.1%
5+ $925K$915K
-1.1%

Summary: Evanston housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 1.4%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes decreased by 1.1%.

Median Sold Price Compared To Nearby Cities

Wilmette
+11.5%
Skokie
+5.4%
Niles Township
+3.1%
Evanston Township
-4.4%
Evanston
-4.5%

Housing Supply in Evanston, IL

How many homes are available in Evanston, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
156227+45.5%

Summary: The Evanston real estate market had 227 homes for sale in February 2024, a 45.5% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 1418
+28.6%
2 5586
+56.4%
3 3857
+50.0%
4 2230
+36.4%
5+ 2736
+33.3%

Summary: The Evanston housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 28.6%, 2 bedroom homes increased by 56.4%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 36.4%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2648+84.6%

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Evanston, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 48 homes were sold or pending in Evanston in February 2024, up by 84.6% month-over-month. Of the 48 sold homes, 50% were sold under asking, 23% were sold at asking, and 27% were sold over asking.

Days on Market for Evanston, IL

How long does it take to sell a home in Evanston, IL?

Average Sale Time

Feb 2023Feb 2024CHANGE
45 Days27 Days-39.1%

Summary: Homes in Evanston had an average of 27 days on market in Feb 2024, down by 39.1% compared to last year.

Breakdown of Home Sale Times

37 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Evanston are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 48 homes were sold in Evanston; 77% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in Evanston, IL

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