Springfield, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Springfield, IL Housing Market Trends

With a population of 114,230, 50,952 total housing units (homes and apartments), and a median house value of $118,685, house prices in Springfield are solidly below the national average.

Single-family detached homes are the single most common housing type in Springfield, accounting for 63.92% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 17.19%), duplexes, homes converted to apartments or other small apartment buildings ( 9.52%), and a few row houses and other attached homes ( 5.66%).

The most prevalent building size and type in Springfield are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.44% owning and 40.56% renting.

There is a lot of housing in Springfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Springfield built between 1940-1969 ( 30.94%). A lesser amount of the housing stock also hails from before 1939 ( 19.25%). There's also some housing in Springfield built between 2000 and later ( 11.13%).

Vacant housing appears to be an issue in Springfield. Fully 10.07% of the housing stock is classified as vacant. Left unchecked, vacant Springfield homes and apartments can be a drag on the real estate market, holding Springfield real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Springfield Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Springfield, where house values have increased just 12.94%, which is annualized rate of 1.22%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Springfield appreciation rates have trailed the rest of the nation. In the last twelve months, Springfield's appreciation rate has been 4.74%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Springfield were at 1.65%, which equates to an annual appreciation rate of 6.76%.

Notably, Springfield's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Illinois, our data show that Springfield's latest annual appreciation rate is lower than 60% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Springfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Springfield - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Springfield real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$118,685

Springfield, IL HOME PRICES

> $1,077,000
0.1%
0.1%
$808,001 - $1,077,000
0.2%
0.2%
$538,001 - $808,000
1.2%
1.2%
$431,001 - $538,000
1.7%
1.7%
$323,001 - $431,000
3.5%
3.5%
$215,001 - $323,000
11.5%
11.5%
$108,001 - $215,000
36.9%
36.9%
$54,001 - $108,000
31.6%
31.6%
$0 - $54,000
13.2%
13.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Low for IL

Value Relative To Nation

Number Of Homes And Apartments:
50,952

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
31.43% 1.28%
3
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,011 / per month

Homeownership Rate

Owners
59.4%
59.4%
Renters
40.6%
40.6%
Vacant
10.1%
10.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
11.1%
11.1%
1970 - 1999
38.7%
38.7%
1940 - 1969
30.9%
30.9%
1939 or Older
19.2%
19.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
63.9%
63.9%
Townhomes
5.7%
5.7%
Small Apt. Buildings
9.5%
9.5%
Apt. Complexes
17.2%
17.2%
Mobile Homes
3.7%
3.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.2%
2.2%
1 Bedroom
11.6%
11.6%
2 Bedrooms
33.0%
33.0%
3 Bedrooms
37.0%
37.0%
4 Bedrooms
13.2%
13.2%
5 or more bedrooms
3.0%
3.0%
0.0% 100.0%
% OF HOMES