Are Home Prices Rising or Falling in Evanston, IL?

by Sara Sogol

Prices in Evanston, a city near Chicago, IL, have been essentially flat over the past year. The median sale price was $504,666 in the 3 months ending August 2026, down just 0.3% from the prior year. Here's why, and what it could mean if you're looking to buy or sell.

801 Hinman Ave #1

The National Picture

The national median sale price reached ~$399K in the three months ending August 2026, rising 2% from a year ago. Housing affordability has improved slightly at the national level, with the typical household spending about 34.4% of its roughly $88,000 income on housing costs — down 1.6 percentage points. Inventory stands at 4 months of supply, and around 20% of sellers have cut their price.

Home Prices in the Chicago Area

In the Chicago metro, a typical household brings in about $99,000 per year and puts 35.1% of that toward housing, roughly steady compared to last year. Evanston's median of ~$505K is above the metro's overall price level, though buyers here benefit from flat price growth that has made the city no more expensive than it was a year ago.

Prices Holding Flat in a Tight Market

Evanston's median barely budged, slipping 0.3% to ~$505K. Despite that, competition remains stiff: 51.5% of homes sold above list price, and the sale-to-list ratio hit 103.7%, one of the higher readings in the metro. Homes went under contract in a median of 42 days.

Within Evanston, prices vary widely. North Evanston's median reached $1.1M, up 7.3%, while Southeast Evanston fell sharply, dropping 13.9% to ~$465K. Downtown Evanston (~$399K) held nearly flat, and Central Street (~$679K) pulled back 6.5%. The citywide flat number masks significant neighborhood-level divergence.

Why Are Prices Flat in Evanston?

Balanced supply and demand are holding prices steady. Active listings dipped about 3%, keeping inventory at 2.1 months of supply. Meanwhile, new listings grew modestly and pending sales ticked up 5.2%. Fewer than 15.3% of listings have a price cut, one of the lowest rates among nearby cities. Buyers are competing at the offer stage, but the overall price level hasn't shifted, suggesting the market has found a temporary equilibrium.

Nearby Neighborhoods

Neighborhood	Median Price	Price YoY	Price Drops	Months of Supply
Evanston ★	$504,666	-0.3%	15.3%	2.1
Southeast Evanston	$464,776	-13.9%	11.3%	2.4
Downtown Evanston	$398,808	+1.0%	16.8%	1.9
Central Street	$679,172	-6.5%	15.2%	1.9
North Evanston	$1,109,464	+7.3%	10.8%	1.9
West Evanston	$524,747	+6.0%	23.6%	2.2

Limited to neighborhoods with at least 10 home sales in the period.

All data comes from Redfin and represents a three-month rolling average ending August 2026. This article has been generated, in whole or in part, using generative artificial intelligence (AI) technology, with input from Redfin head of economics research Chen Zhao. While efforts have been made to ensure the accuracy and reliability of this information, you should independently verify all data, facts, and citations contained in this article before relying on it for any purpose. This information is not a substitute for advice from a real estate agent, financial advisor, or other licensed professional. Check the Redfin Data Center for additional in-depth housing market data.