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 24,842 people, 8,608 houses or apartments, and a median cost of homes of $501,163, Springfield real estate is some of the most expensive in Pennsylvania, although Springfield home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Springfield, accounting for 86.00% of the township's housing units. Other types of housing that are prevalent in Springfield include row houses and other attached homes ( 8.58%), duplexes, homes converted to apartments or other small apartment buildings ( 4.82%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Springfield. Owner-occupied housing accounts for 93.07% of Springfield's homes, and 84.68% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Springfield's housing was primarily built during this period, from the '40s through the '60s. A full 72.41% of the township's housing hails from this era. Other housing ages represented in Springfield include homes built before 1939 ( 12.51%) and housing constructed between 1970-1999 ( 11.08%). There's also some housing in Springfield built between 2000 and later ( 3.99%).
Real estate appreciation rates in Springfield's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.80% during the period.
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 8.68%, which is higher than appreciation rates in 77.72% 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 1.44%, which equates to an annual appreciation rate of 5.90%.
Relative to Pennsylvania, our data show that Springfield's latest annual appreciation rate is higher than 70% of the other cities and towns in Pennsylvania.
One very important thing to keep in mind is that these are average appreciation rates for the township. 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.
$501,163
for Pennsylvania
for nation
8,608
$2,828 / per month