Springfield appreciation rates and housing market information
Springfield housing market information
With a population of 60,119, 23,665 total housing units (homes and apartments), and a median house value of $159,946, 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 54.27% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments (16.94%), duplexes, homes converted to apartments or other small apartment buildings (11.53%), and a few mobile homes or trailers (8.83%).
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 53.53% owning and 46.47% renting.
There is a lot of housing in Springfield built from 1970 to 1999 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 between 1940-1969 (29.44%). A lesser amount of the housing stock also hails from between 2000 and later (11.25%). There's also some housing in Springfield built before 1939 (3.95%).
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 35.36% over the last ten years, which is an average annual home appreciation rate of 3.07%, putting Springfield in the top 20% 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.
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 8.26%, which is higher than appreciation rates in 85.18% 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 2.52%, which equates to an annual appreciation rate of 10.48%.
Importantly, this makes Springfield one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Oregon, our data show that Springfield's latest annual appreciation rate is higher than 50% 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.