Springfield appreciation rates and housing market information
Springfield housing market information
With a population of 59,695, 23,665 total housing units (homes and apartments), and a median house value of $154,871, 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 53.59% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments (17.37%), duplexes, homes converted to apartments or other small apartment buildings (11.53%), and a few mobile homes or trailers (8.60%).
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 (28.68%). A lesser amount of the housing stock also hails from between 2000 and later (10.68%). There's also some housing in Springfield built before 1939 (4.54%).
Springfield home appreciation rates
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 -0.28% during the period.
NeighborhoodScout's data show that during the latest twelve months, Springfield's appreciation rate, at 1.46%, has been at or slightly above the national average. In the latest quarter, Springfield's appreciation rate has been 1.80%, which annualizes to a rate of 7.42%.
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 lower than 60% 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.