Evanston Real Estate Market Update – February 2025

Yes, buyers are still out. No, inventory has not improved. And yes, prices are still climbing.

February kept the Evanston market tight and competitive, even though the number of new listings dropped sharply across both single-family and attached homes. While this would normally cool things down, buyer demand held steady — and prices rose accordingly.

Here’s your clear, data-backed look at what actually happened in February.

🏡 Detached Single-Family Homes

(Your classic Evanston houses — still the hottest commodity in town.)

🔥 The headline:
Prices surged 23% year-over-year while inventory fell more than a third.

Here’s the full snapshot:

• New Listings: 31 (down 29.5%)

• Under Contract: 21 (down 25%)

• Closed Sales: 16 (down 11.1%)

• Median Sales Price: $617,500 (+23% YoY)

• Average Sales Price: $689,275 (+20.5%)

• Percent of Original List Price Received: 102.1% (multiple-offer energy)

• Average Market Time: 55 days (improving from 64)

• Inventory at Month End: 27 homes (down 37.2%)

What this means:
Inventory cratered, but prices skyrocketed — a sign that demand is outpacing supply even more aggressively. Homes are selling closer to list price (and sometimes above), and the decrease in days on market shows that serious buyers are moving quickly.

🏢 Attached Homes (Condos & Townhomes)

(Still the most accessible entry point to Evanston — and appreciating fast.)

🔥 The headline:
New listings dropped almost 50% but prices still climbed.

Here’s the breakdown:

• New Listings: 40 (down 47.4%)

• Under Contract: 25 (down 51.9%)

• Closed Sales: 24 (down 20%)

• Median Sales Price: $317,500 (+1.6% YoY)

• Average Sales Price: $383,875 (+18.2%)

• Percent of Original List Price Received: 101.4% (+1.7%)

• Average Market Time: 25 days (down from 33 — much faster)

• Inventory at Month End: 34 homes (down 38.2%)

What this means:
The condo market is extremely supply-constrained — but unlike last year, buyers aren’t hesitating. Homes sold faster, sold higher, and sold closer to list price. This is a very seller-friendly environment for owners thinking about listing in 2025.

📉 Market-Wide Trends (All Properties)

Across all Evanston homes:

• Listings are down dramatically

• Inventory keeps shrinking

• Closed sales dipped slightly

• Prices increased across both property types

• Buyers remain active and motivated

• Well-priced homes are seeing strong results

This is a classic “low supply + steady demand = upward pressure on prices” environment.

📈 Why This Matters for Sellers

• Your leverage is increasing month by month

• Buyers are adjusting to new price normals

• Homes that are staged and turnkey stand out even more

• Spring sellers have a clear advantage due to low competition

If you’ve been waiting for the right time to prep, this is it.

📉 Why This Matters for Buyers

• There are fewer choices, so the right home requires fast action

• Pre-approvals, lender clarity, and tight timelines matter

• Off-market strategies (Private Exclusives, networking) are crucial

• Don’t wait for “more inventory later” — the trend is still downward

🗣️ Allie’s Takeaway

February confirmed what January already hinted at: 2025 is shaping up to be a low-inventory, high-demand year in Evanston. Prices are rising, competition is steady, and the spring market is going to move quickly.

If you’re buying, get your ducks in a row now.
If you’re selling, the window of advantage is open — and it’s wide.

📞 Want your neighborhood or building analyzed?

I’ll put together a custom report tailored to your home and your goals.

Allie Payne Group
Experience. Strategy. Results.