Springfield appreciation rates and housing market information

Springfield housing market information

With 152,082 people, 61,172 houses or apartments, and a median cost of homes of $172,346, 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 43.65% 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 (27.34%), large apartment complexes or high rise apartments (22.31%), row houses and other attached homes (5.67%), and a few mobile homes or trailers (0.99%).

People in Springfield primarily live in small (one, two, or no bedroom) single-family detached homes. Springfield has a mixture of owner-occupied and renter-occupied housing.

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 42.01% of the city's housing hails from this era. Other housing ages represented in Springfield include homes built between 1939 and earlier (36.27%), and housing constructed from 1970-1994 (20.22%). There's also some housing in Springfield built between 1995 and later (1.50%).

Springfield home appreciation rates

Real estate appreciation rates in Springfield have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 6.79% during the period.

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 -4.21%, 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 0.99%, which equates to an annual appreciation rate of 3.96%.

Relative to Massachusetts, our data show that Springfield's latest annual appreciation rate is higher than 53% 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 1990, to assist you in making the best Springfield real estate investment or home purchase decisions.