Evanston, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Evanston Neighborhoods Since 2000




Evanston, IL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Evanston Housing Market Information

With a population of 75,527, 29,263 total housing units (homes and apartments), and a median house value of $414,092, Evanston house prices are not only among the most expensive in Illinois, Evanston real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Evanston, accounting for 50.16% of the city's housing units. Other types of housing that are prevalent in Evanston include single-family detached homes ( 30.01%), duplexes, homes converted to apartments or other small apartment buildings ( 14.16%), and a few row houses and other attached homes ( 5.57%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

People in Evanston primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Evanston has a mixture of owner-occupied and renter-occupied housing.

The housing in Evanston was primarily built before 1939 ( 47.70%), making the housing stock in Evanston some of the oldest overall in America, although there is a range of ages of homes in Evanston. The next most important housing age is between 1940-1969 ( 31.39%), followed by between 1970-1999 ( 11.65%). There's also some housing in Evanston built between 2000 and later ( 9.26%).

Evanston Home Appreciation Rates

Evanston's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Evanston during the period has been just -0.94%, which is lower than 70% of US communities.

Over the last year, Evanston appreciation rates have trailed the rest of the nation. In the last twelve months, Evanston's appreciation rate has been 2.87%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Evanston were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Evanston's latest annual appreciation rate is higher than 50% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Evanston differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Evanston - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Evanston real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$414,092

Evanston, IL HOME PRICES

Value Range
> $1,104,000 4.2
$828,001 - $1,104,000 6.8
$552,001 - $828,000 19.2
$442,001 - $552,000 9.6
$331,001 - $442,000 14.1
$221,001 - $331,000 20.4
$110,001 - $221,000 18.6
$55,001 - $110,000 5.1
$0 - $55,000 2.1

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
8.80698464783781 5.06329113924051

Number Of Homes And Apartments:
29,263

Evanston Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
39.78% 1.96% 9 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,545 / per month

Homeownership Rate

Homeownership
Owners 49.72
Renters 50.28
Vacant 8.99

Housing Market Details

 

Age of Homes

AGE OF Evanston HOMES
2000 or Newer 9.3
1970 - 1999 11.6
1940 - 1969 31.4
1939 or Older 47.7

Types of Homes

TYPE OF Evanston HOMES
Single-Family 30.0
Townhomes 5.6
Small Apt. Buildings 14.2
Apt. Complexes 50.2
Mobile Homes 0.0
Other 0.1

Home Size

SIZE OF Evanston HOMES
No Bedroom 5.31
1 Bedroom 21.02
2 Bedrooms 34.40
3 Bedrooms 22.70
4 Bedrooms 10.66
5 or more bedrooms 5.91