Springfield, MA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Springfield Housing Market Information

With a population of 153,606, 56,476 total housing units (homes and apartments), and a median house value of $191,738, Springfield real estate values are some of the lowest in Massachusetts, although compared to real estate around the nation, Springfield homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Springfield, accounting for 43.20% of the city's housing units. Other types of housing that are prevalent in Springfield include duplexes, homes converted to apartments or other small apartment buildings ( 29.99%), large apartment complexes or high rise apartments ( 21.92%), and a few row houses and other attached homes ( 3.92%).

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 44.20% owning and 55.80% renting.

The housing in Springfield was primarily built before 1939 ( 40.05%), making the housing stock in Springfield some of the oldest overall in America, although there is a range of ages of homes in Springfield. The next most important housing age is between 1940-1969 ( 35.12%), followed by between 1970-1999 ( 20.72%). There's also some housing in Springfield built between 2000 and later ( 4.11%).

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 2.48% during the period.

NeighborhoodScout's data show that during the latest twelve months, Springfield's appreciation rate, at 4.66%, has been at or slightly above the national average. In the latest quarter, Springfield's appreciation rate has been 1.91%, which annualizes to a rate of 7.88%.

Relative to Massachusetts, our data show that Springfield's latest annual appreciation rate is higher than 80% of the other cities and towns in Massachusetts.

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

 
info

Median Home Value:
$191,738

Springfield, MA HOME PRICES

> $1,257,000
0.4%
0.4%
$942,001 - $1,257,000
0.4%
0.4%
$628,001 - $942,000
0.3%
0.3%
$502,001 - $628,000
1.2%
1.2%
$377,001 - $502,000
2.9%
2.9%
$252,001 - $377,000
11.6%
11.6%
$126,001 - $252,000
68.1%
68.1%
$63,001 - $126,000
10.7%
10.7%
$0 - $63,000
4.3%
4.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Very Low for MA

Value Relative To Nation

Number Of Homes And Apartments:
56,476

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
86.54% 3.05%
7
7
* 10 is highest

Rent & Ownership

 
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Average Market Rent:
$1,302 / per month

Homeownership Rate

Owners
44.2%
44.2%
Renters
55.8%
55.8%
Vacant
9.4%
9.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
4.1%
4.1%
1970 - 1999
20.7%
20.7%
1940 - 1969
35.1%
35.1%
1939 or Older
40.1%
40.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
43.2%
43.2%
Townhomes
3.9%
3.9%
Small Apt. Buildings
30.0%
30.0%
Apt. Complexes
21.9%
21.9%
Mobile Homes
0.9%
0.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.5%
4.5%
1 Bedroom
12.2%
12.2%
2 Bedrooms
27.7%
27.7%
3 Bedrooms
40.9%
40.9%
4 Bedrooms
11.4%
11.4%
5 or more bedrooms
3.2%
3.2%
0.0% 100.0%
% OF HOMES