Springfield, MA 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 Q1 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, MA Housing Market Trends

With a population of 153,606, 56,358 total housing units (homes and apartments), and a median house value of $203,216, 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 43.02% 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 ( 30.29%), large apartment complexes or high rise apartments ( 21.90%), and a few row houses and other attached homes ( 3.82%).

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 44.95% owning and 55.05% renting.

The housing in Springfield was primarily built before 1939 ( 39.98%), 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 ( 34.64%), followed by between 1970-1999 ( 21.23%). There's also some housing in Springfield built between 2000 and later ( 4.15%).

Springfield Home Appreciation Rates

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 43.93%, which ranks in the top 40% nationwide. This equates to an annual average Springfield house appreciation rate of 3.71%.

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 12.24%, which is higher than appreciation rates in 97.21% 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 3.44%, which equates to an annual appreciation rate of 14.50%.

Importantly, NeighborhoodScout’s exclusive research found that Springfield's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Massachusetts, our data show that Springfield's latest annual appreciation rate is higher than 90% 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.

Average Home Values

 

Median Home Value:
$203,216

Springfield, MA HOME PRICES

> $1,324,000
0.3%
0.3%
$993,001 - $1,324,000
0.4%
0.4%
$662,001 - $993,000
0.5%
0.5%
$530,001 - $662,000
1.2%
1.2%
$397,001 - $530,000
2.3%
2.3%
$265,001 - $397,000
12.4%
12.4%
$132,001 - $265,000
69.8%
69.8%
$66,001 - $132,000
9.6%
9.6%
$0 - $66,000
3.6%
3.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Very Low for MA

Value Relative To Nation

Number Of Homes And Apartments:
56,358

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
103.59% 3.40%
9
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,343 / per month

Homeownership Rate

Owners
44.9%
44.9%
Renters
55.1%
55.1%
Vacant
9.2%
9.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.1%
4.1%
1970 - 1999
21.2%
21.2%
1940 - 1969
34.6%
34.6%
1939 or Older
40.0%
40.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
43.0%
43.0%
Townhomes
3.8%
3.8%
Small Apt. Buildings
30.3%
30.3%
Apt. Complexes
21.9%
21.9%
Mobile Homes
0.9%
0.9%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.3%
4.3%
1 Bedroom
12.1%
12.1%
2 Bedrooms
28.2%
28.2%
3 Bedrooms
41.0%
41.0%
4 Bedrooms
11.0%
11.0%
5 or more bedrooms
3.4%
3.4%
0.0% 100.0%
% OF HOMES