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 March 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

$381,930

$275/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$1,037(+0.3%)

Key Takeaway

The sold price of homes in Evanston has remained the same since last year.

Summary: The median home sold price in Evanston was $381,930 in March 2024, up 0.3% from last year, and the median price per square foot was $275.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $178.5K$178K
-0.3%
2 $270K$287.7K
+6.6%
3 $485K$479.5K
-1.1%
4 $785K$810K
+3.2%
5+ $922.5K$920K
-0.3%

Summary: Evanston housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.3%, 2 bedroom homes increased by 6.6%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes increased by 3.2%, and 5+ bedroom homes decreased by 0.3%.

Median Sold Price Compared To Nearby Cities

Wilmette
+10.8%
Skokie
+6.1%
Niles Township
+3.8%
Evanston
0.3%
Evanston Township
0.3%

Housing Supply in Evanston, IL

How many homes are available in Evanston, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
231258+11.7%

Summary: The Evanston real estate market had 258 homes for sale in March 2024, a 11.7% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 1823
+27.8%
2 8995
+6.7%
3 5868
+17.2%
4 3135
+12.9%
5+ 3537
+5.7%

Summary: The Evanston housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 27.8%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes increased by 5.7%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
4962+26.5%

Asking Price vs. Sold Price

25 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

28 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Evanston, you could pay more than the asking price. 45.2% of homes here sold above asking price last month.

Summary: A total of 62 homes were sold or pending in Evanston in March 2024, up by 26.5% month-over-month. Of the 62 sold homes, 40% were sold under asking, 15% were sold at asking, and 45% 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

Mar 2023Mar 2024CHANGE
47 Days31 Days-32.7%

Summary: Homes in Evanston had an average of 31 days on market in Mar 2024, down by 32.7% compared to last year.

Breakdown of Home Sale Times

41 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

7 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 March 2024, 62 homes were sold in Evanston; 66% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 11% 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 24 Days Ago

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