Springfield, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Springfield, IL Real Estate Data


Springfield Housing Market Information

With 116,565 people, 50,732 houses or apartments, and a median cost of homes of $128,143, 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 62.59% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 17.46%), duplexes, homes converted to apartments or other small apartment buildings ( 8.89%), and a few row houses and other attached homes ( 6.81%).

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 61.19% owning and 38.81% 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 ( 31.61%). A lesser amount of the housing stock also hails from before 1939 ( 19.02%). There's also some housing in Springfield built between 2000 and later ( 10.79%).

Springfield Home Appreciation Rates

Appreciation rates for homes in Springfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 9.45%, which ranks in the top 40% nationwide. This equates to an annual average Springfield house appreciation rate of 0.91%.

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 4.24%, 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 1.01%, which equates to an annual appreciation rate of 4.12%.

Relative to Illinois, our data show that Springfield's latest annual appreciation rate is lower than 70% of the other cities and towns in Illinois.

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 2000, to assist you in making the best Springfield real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$128,143

Springfield, IL HOME PRICES

Value Range
> $1,075,000 0.4
$806,001 - $1,075,000 0.3
$537,001 - $806,000 1.1
$430,001 - $537,000 1.0
$322,001 - $430,000 3.2
$215,001 - $322,000 9.7
$107,001 - $215,000 36.4
$54,001 - $107,000 32.1
$0 - $54,000 15.7

Average for IL
Low for Nation

Value Relative to Nation Value Relative to State
61.8668384376647 53.4177215189873

Number Of Homes And Apartments:
50,732

Rent & Ownership

 

Average Market Rent:
$906 / per month

Homeownership Rate

Homeownership
Owners 61.19
Renters 38.81
Vacant 9.72

Housing Market Details

 

Age of Homes

AGE OF Springfield HOMES
2000 or Newer 10.8
1970 - 1999 38.6
1940 - 1969 31.6
1939 or Older 19.0

Types of Homes

TYPE OF Springfield HOMES
Single-Family 62.6
Townhomes 6.8
Small Apt. Buildings 8.9
Apt. Complexes 17.5
Mobile Homes 4.2
Other 0.0

Home Size

SIZE OF Springfield HOMES
No Bedroom 1.52
1 Bedroom 12.92
2 Bedrooms 32.98
3 Bedrooms 38.21
4 Bedrooms 11.86
5 or more bedrooms 2.51

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
25.39% 1.34% 5 3
* 10 is highest