Springfield appreciation rates and housing market information

Springfield housing market information

With 151,823 people, 69,877 houses or apartments, and a median cost of homes of $127,510, 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 65.74% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments (20.35%), duplexes, homes converted to apartments, or other small apartment buildings (8.06%), row houses and other attached homes (3.01%), and a few mobile homes or trailers (2.77%).

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.

There is a lot of housing in Springfield built from 1970-1994, 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 from 1940-1969 (36.24%). A lesser amount of the housing stock also hails from 1939 and earlier (13.78%), and some were built from 1995 and later (13.78%).

Springfield home appreciation rates

Springfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Springfield during the period has been just 4.69%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Springfield home appreciation rates, at 0.33%, have been at or slightly above the national average. In the latest quarter, Springfield's appreciation rate has been 0.19%, which annualizes to a rate of 0.76%.

Relative to Missouri, our data show that Springfield's latest annual appreciation rate is higher than 17% of the other cities and towns in Missouri.

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.