Evanston, IL Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Evanston, IL Housing Market Trends

With a population of 73,473, 28,352 total housing units (homes and apartments), and a median house value of $434,451, 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 50.67% of the city's housing units. Other types of housing that are prevalent in Evanston include single-family detached homes ( 31.27%), duplexes, homes converted to apartments or other small apartment buildings ( 13.23%), and a few row houses and other attached homes ( 4.69%). 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 ( 45.00%), 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 ( 30.00%), followed by between 1970-1999 ( 12.87%). There's also some housing in Evanston built between 2000 and later ( 12.13%).

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 2.42%, 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 4.09%, 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 1.89%, which equates to an annual appreciation rate of 7.76%.

Notably, Evanston's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Evanston's latest annual appreciation rate is lower than 80% 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:
$434,451

Evanston, IL HOME PRICES

> $1,085,000
6.2%
6.2%
$814,001 - $1,085,000
8.9%
8.9%
$543,001 - $814,000
20.1%
20.1%
$434,001 - $543,000
9.7%
9.7%
$326,001 - $434,000
15.5%
15.5%
$217,001 - $326,000
18.6%
18.6%
$109,001 - $217,000
16.2%
16.2%
$54,001 - $109,000
3.5%
3.5%
$0 - $54,000
1.2%
1.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
28,352

Evanston Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
52.59% 1.99%
8
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,975 / per month

Homeownership Rate

Owners
50.5%
50.5%
Renters
49.5%
49.5%
Vacant
9.9%
9.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.1%
12.1%
1970 - 1999
12.9%
12.9%
1940 - 1969
30.0%
30.0%
1939 or Older
45.0%
45.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
31.3%
31.3%
Townhomes
4.7%
4.7%
Small Apt. Buildings
13.2%
13.2%
Apt. Complexes
50.7%
50.7%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.2%
5.2%
1 Bedroom
21.9%
21.9%
2 Bedrooms
32.9%
32.9%
3 Bedrooms
22.6%
22.6%
4 Bedrooms
11.3%
11.3%
5 or more bedrooms
6.1%
6.1%
0.0% 100.0%
% OF HOMES