Evanston’s median sale price sits at $420,000 as of April 2024, but that figure masks two very different segments. East of Ridge Avenue, lakefront colonials routinely fetch $700-900 K, often within days and with multiple offers. Head west of Asbury into the 2nd Ward and you’ll find renovated Cape Cods trading closer to $350 K, still walking distance to the Metra and Purple Line.

Inventory remains stubbornly low at 1.9 months—anything under three favors sellers—so pre-approval letters carry real weight. Listings priced under $450 K average 18 days on market, down from 29 days last year. Condos along Sheridan Road are lingering a bit longer (34 DOM) because buyers worried about special assessments are demanding rate-buydown concessions, a tool NMHL can structure into your loan.

New construction is limited; only 17 single-family permits were issued last year, so most buyers target vintage stock built 1920-1950. If you’re eyeing a teardown near the lake, be aware that Evanston’s demolition review process can add 45-60 days to your timeline—plan your rate-lock accordingly.

• Downtown Evanston: High-rise condos, walkable to both Purple Line stops and the lake. Prices $280-450 K for 2-bed units; HOA fees average $380/month. FHA approval is spotty—NMHL maintains an updated spreadsheet of eligible buildings.
• Northwest Evanston (4th Ward): Quiet tree-lined streets, excellent access to Skokie shops. Single-family homes $500-700 K; District 65 schools rank in top 10 % statewide.
• West Evanston: More affordable pocket with 1,600-1,900 sq ft homes on 40-ft lots. Median around $365 K. Popular with first-time buyers using IHDA grants.
• South Evanston: Mix of frame houses and brick two-flats. Proximity to Howard Street CTA. Values up 9 % YoY; still possible to find 3-bed homes under $400 K.

If you’re open to house-hacking, the 6th Ward still has legal 3-flats under $550 K where Garden + 2nd-floor rents can cover 60 % of the mortgage. NMHL’s Home Possible program only requires 5 % down for owner-occupied multifamily up to four units.

Cook County’s effective tax rate in Evanston hovers near 1.95 %, meaning a $420 K home carries roughly $8,190 in annual taxes. Because Illinois reassesses every three years, spikes can be jarring. The assessor uses a 10 % assessment level multiplied by the state equalization factor (currently 2.9), so small changes in assessed value ripple through your bill.

Buyers should budget for a 2-3 % annual increase even with owner-occupier exemptions. NMHL escrows 1/12 of last year’s bill plus a 5 % cushion; if reassessment pushes the bill up, expect an escrow shortage notice the following spring. You can appeal within 30 days of the reassessment letter—successful appeals in Evanston averaged $842 in savings last cycle.

Senior Freeze, Disabled Veterans, and General Homestead exemptions can shave hundreds off, but you must apply through the Cook County Clerk. We’ll factor any approved exemptions into your qualifying payment when you apply for pre-approval.

Illinois Housing Development Authority (IHDA) offers three major products Evanston buyers combine daily:

• SmartBuy: $6,000 in forgivable down-payment assistance plus below-market rate. Must be first-time buyer (3-year homeownership gap) and earn under $124,800 for Cook County.
• Access Forgivable: Up to $6,000, forgiven monthly over 10 years. Works with FHA, VA, USDA, and conventional at 3 % down.
• $7,500 Deferred: Zero-interest second lien payable only when you refinance, sell, or pay off the first mortgage. Popular with NU staff buying in the 1st Ward.

On the local side, the City of Evanston Homebuyer Assistance Program can layer $20-30 K at 0 % interest, forgiven after a 10-year retention period. Funds run out fast; NMHL reserves allocations each July when the city budget is released.

Credit-score floors: IHDA 640, Evanston 660. We can run a rapid-rescore if you’re at 635 and need 10 points to qualify. Most borrowers combine IHDA $6 K + Evanston $25 K for a total of $31,000 toward down payment and closing.

• FHA 580: Finance 96.5 % with a 580 score; we manually underwrite and can use rental income from an ADU if the property is zoned properly—key for Evanston’s coach houses.
• VA $0 Down: Up to $647 K with no monthly PMI; veterans stationed at Great Lakes or NU ROTC grads can refinance into IRRRL later at minimal cost.
• Conventional 3 %: Our HomeReady/Home Possible loans accept boarder income and rent from accessory units, a huge help when competing with cash offers near Central Street.
• Jumbo 10 %: For lakefront homes above $647 K, we go to $1.5 MM with 10 % down and a 700 score; reserve requirement only six months.
• Bank-Statement: 12 or 24 months of statements, no tax returns; loan amounts to $1 MM with 10 % down, perfect for freelance consultants or NU research faculty with grant income.
• ITIN: For buyers without an SSN; 20 % down, 660 score, and we can close in the name of an Illinois land trust—common among Evanston’s immigrant community.

Every program offers a free float-down: if rates drop 0.25 % after lock and before closing, we automatically lower your rate. Typical close in 21 days, critical when sellers receive 4-6 offers.

Outside IHDA and Evanston city funds, NMHL partners with two additional sources:

• Federal Home Loan Bank of Chicago Downpayment Plus: up to $6,000 forgiven over five years; household income must be ≤80 % area median ($91,200 for a couple in Cook County).
• Community Alliance: $3,000-$5,000 grant for buyers in census tracts 8104-8106 (most of West Evanston). Funds can cover appraisal, inspection, and attorney costs.

We layer these grants in the following order: Federal Home Loan Bank, IHDA, City of Evanston—ensuring each source still counts as “secondary financing” under FHA/VA guidelines. On a $350 K purchase, buyers regularly walk to closing with less than $3,000 out-of-pocket: $500 earnest money plus inspection and appraisal.

Remember: Grant funds are delivered at closing, never up-front, so you still need a pre-approval letter showing you qualify without them. NMHL’s processors coordinate with each agency so proceeds arrive on time.