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 May 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

$401,000

$282/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$23,512(+6.2%)

Key Takeaway

Homes in Evanston have sold for 6.2% more than they did a year ago.

Summary: The median home sold price in Evanston was $401,000 in May 2024, up 6.2% from last year, and the median price per square foot was $282.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $178.5K$182K
+2.0%
2 $270K$300K
+11.1%
3 $459.8K$505K
+9.8%
4 $777K$805.7K
+3.7%
5+ $990K$920K
-7.1%

Summary: Evanston housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2%, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes decreased by 7.1%.

Median Sold Price Compared To Nearby Cities

Evanston Township
+6.3%
Evanston
+6.2%
Skokie
+5.4%
Niles Township
+5.2%
Wilmette
+4.6%

Housing Supply in Evanston, IL

How many homes are available in Evanston, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
268276+3.0%

Summary: The Evanston real estate market had 276 homes for sale in May 2024, a 3.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 2330
+30.4%
2 104102
-1.9%
3 6865
-4.4%
4 3339
+18.2%
5+ 4040
0.0%

Summary: The Evanston housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 30.4%, 2 bedroom homes decreased by 1.9%, 3 bedroom homes decreased by 4.4%, 4 bedroom homes increased by 18.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
9776-21.6%

Asking Price vs. Sold Price

31 Homes Were Sold
Under Asking

20 Homes Were Sold
At Asking

25 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. 40.8% of homes here sold below asking price last month.

Summary: A total of 76 homes were sold or pending in Evanston in May 2024, down by 21.6% month-over-month. Of the 76 sold homes, 41% were sold under asking, 26% were sold at asking, and 33% 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

May 2023May 2024CHANGE
26 Days21 Days-17.6%

Summary: Homes in Evanston had an average of 21 days on market in May 2024, down by 17.6% compared to last year.

Breakdown of Home Sale Times

62 Homes Were Sold
Under 30 Days

11 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 May 2024, 76 homes were sold in Evanston; 82% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 4% 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 1 Day Ago

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