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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (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 75,544, 30,256 total housing units (homes and apartments), and a median house value of $483,929, Evanston real estate is some of the most expensive in Illinois, although Evanston home values aren't among America's most expensive.

Large apartment complexes or high rise apartments are the single most common housing type in Evanston, accounting for 48.49% of the city's housing units. Other types of housing that are prevalent in Evanston include single-family detached homes ( 32.36%), duplexes, homes converted to apartments or other small apartment buildings ( 14.24%), and a few row houses and other attached homes ( 4.64%). 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 ( 42.59%), 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 ( 30.56%), followed by between 2000 and later ( 13.54%). There's also some housing in Evanston built between 1970-1999 ( 13.30%).

Evanston Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Evanston, where house values have increased just 47.85%, which is annualized rate of 3.99%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Evanston's appreciation rate, at 3.90%, has been at or slightly above the national average. In the latest quarter, Evanston's appreciation rate has been 3.94%, which annualizes to a rate of 16.70%.

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

$483,929

Evanston, IL Home Prices
> $1,233,000
$924,001 - $1,233,000
$616,001 - $924,000
$493,001 - $616,000
$370,001 - $493,000
$246,001 - $370,000
$123,001 - $246,000
$62,001 - $123,000
$0 - $62,000
6.6%
6.6%
11.5%
11.5%
19.4%
19.4%
9.7%
9.7%
15.4%
15.4%
19.7%
19.7%
12.8%
12.8%
3.5%
3.5%
1.4%
1.4%
0% 100.0%
% of Homes
Very High

for Illinois

Very High

for nation

Number of Homes And Apartments:

30,256

Evanston Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,459 / per month

Homeownership Rate

Owners
Renters
Vacant
51.1%
51.1%
48.9%
48.9%
9.4%
9.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.5%
13.5%
13.3%
13.3%
30.6%
30.6%
42.6%
42.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
32.4%
32.4%
4.6%
4.6%
14.2%
14.2%
48.5%
48.5%
0.2%
0.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
5.2%
5.2%
20.6%
20.6%
30.5%
30.5%
24.8%
24.8%
13.3%
13.3%
5.6%
5.6%
0% 100.0%
% of Homes