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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 154,064, 58,448 total housing units (homes and apartments), and a median house value of $275,981, Springfield real estate values are some of the lowest in Massachusetts, although compared to real estate around the nation, Springfield homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Springfield, accounting for 44.03% of the city's housing units. Other types of housing that are prevalent in Springfield include duplexes, homes converted to apartments or other small apartment buildings ( 28.75%), large apartment complexes or high rise apartments ( 21.86%), and a few row houses and other attached homes ( 4.27%).
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 46.10% owning and 53.90% renting.
The housing in Springfield was primarily built before 1939 ( 38.00%), making the housing stock in Springfield some of the oldest overall in America, although there is a range of ages of homes in Springfield. The next most important housing age is between 1940-1969 ( 35.63%), followed by between 1970-1999 ( 21.70%). There's also some housing in Springfield built between 2000 and later ( 4.66%).
Appreciation rates for homes in Springfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 115.24%, which ranks in the top 30% nationwide. This equates to an annual average Springfield house appreciation rate of 7.97%.
Appreciation rates are so strong in Springfield that despite a nationwide downturn in the housing market, Springfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Springfield appreciation rates continue to be some of the highest in America, at 12.63%, which is higher than appreciation rates in 76.89% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Springfield. Springfield appreciation rates in the latest quarter were at 3.43%, which equates to an annual appreciation rate of 14.44%.
Relative to Massachusetts, our data show that Springfield's latest annual appreciation rate is higher than 70% of the other cities and towns in Massachusetts.
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.
$275,981
for Massachusetts
for nation
58,448
$1,794 / per month