Evanston, IL—60202
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 $378,000, with a year-over-year change of 3.5%. This indicates that home prices in Evanston, IL are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $378,000 | 3.5% |
| Single Family | $528,000 | 5.2% |
| Condos | $267,000 | 2.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $210,000 | 5.5% |
2 Bed | $304,000 | 6.3% |
3 Bed | $449,000 | 5.9% |
4 Bed | $718,000 | 4.5% |
| 5 Bed | $1,216,000 | 3.3% |
% of Housing Stock
Rental Trends — Evanston, IL
As of July '25, Rentcast reports the average rent in Evanston, IL is $2,300, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Evanston, IL is studios: $1,480, 1-bedrooms: $1,880, 2-bedrooms: $2,400, 3-bedrooms: $3,090, 4-bedrooms: $4,160. The most common rental property sizes in Evanston, IL are 2-bedroom and 1-bedroom, accounting for 46.0% and 32.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,100 | $2,300 |
| Studio Rent | $1,400 | $1,480 |
| 1 Bed Rent | $1,800 | $1,880 |
| 2 Bed Rent | $2,320 | $2,400 |
| 3 Bed Rent | $2,860 | $3,090 |
| 4 Bed Rent | $3,150 | $4,160 |
% 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 31. This is a increase of 14.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $463,000 | 31.0% |
Listing Count | 70 | -1.0% |
| Listings as % of Homes | 0.4% | -1.0% |
Days on Market | 31 | 14.0% |
Demographics — Evanston, IL
As of the latest ACS Survey released in 2023, Evanston, IL has a population of 32,800, which has remained stable by -0.1% over the past 5 years. Evanston, IL is a moderately popular place for families, as children make up 20.4% of the population. The area has a highly educated workforce, with 66.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 25.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,800 | -0.1% |
% Under 18 | 20.4% | -8.1% |
% Seniors | 15.6% | 18.2% |
% WFH | 25.0% | 174.7% |
% w/ College Degree | 66.3% | 8.5% |
As of the latest ACS Survey released in 2023, Evanston, IL is a predominantly white area, with 54.2% of the population identifying as white. The white population has shrunk by 2.7% in the last 5 years. The second most common race or ethnicity in Evanston, IL is black, making up 18.6% of the population. Foreign-born residents account for 18.8% of the population in Evanston, IL, and this percentage has increased by 0.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 54.2% | -2.7% |
% Black | 18.6% | -11.4% |
% Hispanic | 14.3% | 1.4% |
% Asian | 7.5% | 27.1% |
% Foreign Born | 18.8% | 0.5% |
Mortgage and Risk — Evanston, IL
According to HUD data as of 2023, there were 392 mortgage originations in Evanston, IL, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Evanston, IL. Investor activity is low, as 2.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 392 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Evanston, IL
As of 2024, the percent of homes in Evanston, IL under the Section 8 program is 6.0%. 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 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 and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 391 |
Total Units Section 8 | 352 |
% Rentals under Section 8 | 6.0% |
% Occupied Section 8 | 90.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $1,800 | $1,870 |
| 2 Bedroom | -$210 | $2,320 | $2,110 |
| 3 Bedroom | -$150 | $2,860 | $2,710 |
| 4 Bedroom | $30 | $3,150 | $3,180 |
Affordability — Evanston, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $378,000 |
| Median Household Income | $101,000 |