Evanston, IL—60203
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 $558,000, with a year-over-year change of 6.3%. 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 | $558,000 | 6.3% |
| Single Family | $604,000 | 7.1% |
| Condos | $333,000 | 5.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $338,000 | 3.0% |
3 Bed | $507,000 | 6.5% |
4 Bed | $682,000 | 6.9% |
| 5 Bed | $971,000 | 8.2% |
% of Housing Stock
Rental Trends — Evanston, IL
As of July '25, Rentcast reports the average rent in Evanston, IL is $3,300, with a year-over-year rent change of 13.8%. Per bedroom, the median rent as of July '25 in Evanston, IL is 3-bedrooms: $3,300, 4-bedrooms: $3,300. The most common rental property sizes in Evanston, IL are 3-bedroom and 2-bedroom, accounting for 79.6% and 20.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,000 | $3,300 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $3,000 | $3,300 |
| 4 Bed Rent | $3,300 | $3,300 |
% 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 59. This is a increase of 36.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $625,000 | 12.0% |
Listing Count | 10 | 17.0% |
| Listings as % of Homes | 0.5% | 17.0% |
Days on Market | 59 | 36.0% |
Demographics — Evanston, IL
As of the latest ACS Survey released in 2023, Evanston, IL has a population of 4,730, which has increased by 13.0% over the past 5 years. Evanston, IL is a popular place for families, as children make up 28.5% 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 32.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 4,730 | 13.0% |
% Under 18 | 28.5% | 7.5% |
% Seniors | 20.1% | -2.4% |
% WFH | 32.4% | 268.2% |
% w/ College Degree | 73.9% | -1.1% |
As of the latest ACS Survey released in 2023, Evanston, IL is a predominantly white area, with 67.8% of the population identifying as white. The white population has shrunk by 1.6% in the last 5 years. The second most common race or ethnicity in Evanston, IL is asian, making up 10.8% of the population. Foreign-born residents account for 17.0% of the population in Evanston, IL, and this percentage has increased by 14.9% 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 | 67.8% | -1.6% |
% Black | 5.6% | -55.9% |
% Hispanic | 10.2% | 104.0% |
% Asian | 10.8% | 6.9% |
% Foreign Born | 17.0% | 14.9% |
Mortgage and Risk — Evanston, IL
According to HUD data as of 2023, there were 57 mortgage originations in Evanston, IL, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 11.0% above 90% LTV (elevated). This implies medium mortgage risk in Evanston, IL. Investor activity is low, as 0.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 57 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 0.0% |
% Second Loans | 4.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Evanston, IL
Evanston, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 11 |
Total Units Section 8 | 11 |
% Rentals under Section 8 | 7.8% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $2,200 |
| 2 Bedroom | N/A | N/A | $2,480 |
| 3 Bedroom | $190 | $3,000 | $3,190 |
| 4 Bedroom | $440 | $3,300 | $3,740 |
Affordability — Evanston, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $558,000 |
| Median Household Income | $162,000 |