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 October 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

$418,631

$292/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$42,812(+11.4%)

Key Takeaway

Homes in Evanston have sold for 11.4% more than they did a year ago.

Summary: The median home sold price in Evanston was $418,631 in October 2024, up 11.4% from last year, and the median price per square foot was $292.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $171.5K$220K
+28.3%
2 $276.4K$315K
+14.0%
3 $479.3K$495K
+3.3%
4 $810K$775K
-4.3%
5+ $952.5K$992.7K
+4.2%

Summary: Evanston housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 28.3%, 2 bedroom homes increased by 14%, 3 bedroom homes increased by 3.3%, 4 bedroom homes decreased by 4.3%, and 5+ bedroom homes increased by 4.2%.

Median Sold Price Compared To Nearby Cities

Evanston Township
+11.6%
Evanston
+11.4%
Skokie
+8.1%
Niles Township
+6.7%
Wilmette
+6.5%

Housing Supply in Evanston, IL

How many homes are available in Evanston, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
211216+2.4%

Summary: The Evanston real estate market had 216 homes for sale in October 2024, a 2.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 3427
-20.6%
2 6964
-7.2%
3 5361
+15.1%
4 2929
0.0%
5+ 2635
+34.6%

Summary: The Evanston housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20.6%, 2 bedroom homes decreased by 7.2%, 3 bedroom homes increased by 15.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 34.6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
6162+1.6%

Asking Price vs. Sold Price

26 Homes Were Sold
Under Asking

11 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. 41.9% of homes here sold below asking price last month.

Summary: A total of 62 homes were sold or pending in Evanston in October 2024, up by 1.6% month-over-month. Of the 62 sold homes, 42% were sold under asking, 18% were sold at asking, and 40% 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

Oct 2023Oct 2024CHANGE
14 Days15 Days+8.1%

Summary: Homes in Evanston had an average of 15 days on market in Oct 2024, up by 8.1% compared to last year.

Breakdown of Home Sale Times

50 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

0 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 October 2024, 62 homes were sold in Evanston; 81% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 0% 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 16 Days Ago

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