Evanston, IL—60201
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Evanston, IL
As of Oct '25, the median home price in Evanston, IL is $538,000, with a year-over-year change of 3.9%. This indicates that home prices in Evanston, IL are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $538,000 | 3.9% |
| Single Family | $777,000 | 5.9% |
| Condos | $337,000 | 3.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $262,000 | 6.9% |
2 Bed | $369,000 | 4.8% |
3 Bed | $610,000 | 6.6% |
4 Bed | $935,000 | 5.6% |
| 5 Bed | $1,283,000 | 3.1% |
% of Housing Stock
Rental Trends — Evanston, IL
As of July '25, Rentcast reports the average rent in Evanston, IL is $2,510, with a year-over-year rent change of -5.6%. Per bedroom, the median rent as of July '25 in Evanston, IL is studios: $1,580, 1-bedrooms: $2,120, 2-bedrooms: $3,000, 3-bedrooms: $3,150, 4-bedrooms: $4,700. The most common rental property sizes in Evanston, IL are 1-bedroom and 2-bedroom, accounting for 38.7% and 30.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,350 | $2,510 |
| Studio Rent | $1,280 | $1,580 |
| 1 Bed Rent | $1,870 | $2,120 |
| 2 Bed Rent | $2,950 | $3,000 |
| 3 Bed Rent | $2,650 | $3,150 |
| 4 Bed Rent | $3,050 | $4,700 |
% of Rental Stock
Property Listings — Evanston, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Evanston, IL is 33. This is a decrease of -19.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $433,000 | 0.0% |
Listing Count | 102 | 17.0% |
| Listings as % of Homes | 0.5% | 17.0% |
Days on Market | 33 | -19.0% |
Demographics — Evanston, IL
As of the latest ACS Survey released in 2023, Evanston, IL has a population of 43,600, which has increased by 3.0% over the past 5 years. Evanston, IL is a moderately popular place for families, as children make up 16.9% of the population. The area has a highly educated workforce, with 73.9% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 26.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 43,600 | 3.0% |
% Under 18 | 16.9% | -7.7% |
% Seniors | 19.5% | 22.6% |
% WFH | 26.1% | 158.4% |
% w/ College Degree | 73.9% | 5.3% |
As of the latest ACS Survey released in 2023, Evanston, IL is a predominantly white area, with 61.6% of the population identifying as white. The white population has shrunk by 1.0% in the last 5 years. The second most common race or ethnicity in Evanston, IL is black, making up 12.1% of the population. Foreign-born residents account for 14.8% of the population in Evanston, IL, and this percentage has decreased by 16.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 61.6% | -1.0% |
% Black | 12.1% | -8.3% |
% Hispanic | 10.9% | 10.1% |
% Asian | 10.1% | -15.1% |
% Foreign Born | 14.8% | -16.9% |
Mortgage and Risk — Evanston, IL
According to HUD data as of 2023, there were 478 mortgage originations in Evanston, IL, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Evanston, IL. Investor activity is low, as 1.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 478 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Evanston, IL
As of 2024, the percent of homes in Evanston, IL under the Section 8 program is 8.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Evanston, IL, because HUD payments exceed market rent, while 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 767 |
Total Units Section 8 | 668 |
% Rentals under Section 8 | 8.5% |
% Occupied Section 8 | 92.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $230 | $1,870 | $2,100 |
| 2 Bedroom | -$580 | $2,950 | $2,370 |
| 3 Bedroom | $390 | $2,650 | $3,040 |
| 4 Bedroom | $530 | $3,050 | $3,580 |
Affordability — Evanston, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.3 |
| Median Home Price | $538,000 |
| Median Household Income | $92,100 |