Neighborhoods change. Markets shift. Supply fluctuates and demand varies. For buyers and sellers alike, it’s enlightening to gain perspective on how real estate pricing trends have changed over the years. How has Evanston fared, specifically its single family home market?
In a booming 2008, the median price for a (detached) single family home hovered near $580,000. Prices were up and sellers were riding high. Of course, that wave was rather short lived as the end of that same year saw a crash in both the stock and real estate markets. The bubble burst and home values plummeted. In our near lowest pricing period over the past fourteen years, Evanston’s 2009 median price experienced a 21% dip, dropping to $479,500.
An uphill climb ensued thereafter, and Evanston reached a median price point of $530,000 in 2011 before bottoming out in 2012 at $473,250. It would take six years for our favorite suburb to reach the peak numbers of 2008. 2018’s top median price of $572,500 nearly mimicked its prior decade’s figure, but that too would be temporary. The 2019 market struggled, and we were left to deal with a brewing pandemic soon thereafter.
While no one could predict what Covid would do to our markets, one thing was incredibly clear. The pandemic triggered major life changes in people, forcing them to question how and where they live. It turned city dwellers into suburbanites and boosted the demand for homes with space to work remotely as well as those with outdoor space. Thus, Evanston’s median sales price surged, reaching $645,250 in September of 2021, an 11.5% increase over 2008’s high and a 36% increase over 2012’s low.
As we embark further into 2022, Evanston continues to experience record pricing. While 2012 was a median price ‘low point’ for the area, it has been a trending upward climb ever since. Has Covid capped the suburb’s pricing, or has it simply set a new baseline from which to grow? That remains to be seen.
THE MALOW TEAM @ COMPASS
Licensed Real Estate Broker
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