Springfield appreciation rates and housing market information

Springfield housing market information

With 52,729 people, 21,572 houses or apartments, and a median cost of homes of $223,615, Springfield real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Springfield, accounting for 54.33% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments (17.29%), duplexes, homes converted to apartments, or other small apartment buildings (11.07%), mobile homes or trailers (8.81%), and a few row houses and other attached homes (8.32%).

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 (34.79%). A lesser amount of the housing stock also hails from 1995 and later (10.54%), and some were built from 1939 and earlier (10.54%).

Springfield home appreciation rates

In the last 10 years, Springfield has experienced some of the highest home appreciation rates of any community in the nation. Springfield real estate appreciated 119.02% over the last ten years, which is an average annual home appreciation rate of 11.90%, putting Springfield in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Springfield definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Springfield home appreciation rates, at -0.26%, have been at or slightly above the national average. In the latest quarter, Springfield's appreciation rate has been -0.12%, which annualizes to a rate of -0.48%.

Relative to Oregon, our data show that Springfield's latest annual appreciation rate is higher than 77% of the other cities and towns in Oregon.

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.