Springfield, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Springfield Neighborhoods Since 2000




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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Springfield Housing Market Information

With a population of 154,341, 55,644 total housing units (homes and apartments), and a median house value of $144,587, 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 44.40% 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 ( 29.55%), large apartment complexes or high rise apartments ( 21.23%), and a few row houses and other attached homes ( 3.98%).

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 46.10% owning and 53.90% renting.

The housing in Springfield was primarily built before 1939 ( 41.17%), 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 ( 34.85%), followed by between 1970-1999 ( 19.55%). There's also some housing in Springfield built between 2000 and later ( 4.43%).

Springfield Home Appreciation Rates

Springfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Springfield during the period has been just -1.87%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Springfield's appreciation rate, at 4.96%, has been at or slightly above the national average. In the latest quarter, Springfield's appreciation rate has been 1.15%, which annualizes to a rate of 4.66%.

Relative to Massachusetts, our data show that Springfield's latest annual appreciation rate is higher than 50% 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

 

Median Home Value:
$144,587

Springfield, MA HOME PRICES

Value Range
> $1,079,000 0.4
$809,001 - $1,079,000 0.3
$539,001 - $809,000 0.3
$431,001 - $539,000 0.5
$323,001 - $431,000 2.7
$216,001 - $323,000 10.3
$108,001 - $216,000 66.1
$54,001 - $108,000 15.0
$0 - $54,000 4.4

Very Low for MA
Average for Nation

Value Relative to Nation Value Relative to State
52.4082971991093 100.0

Number Of Homes And Apartments:
55,644

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
41.48% 2.03% 3 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,243 / per month

Homeownership Rate

Homeownership
Owners 46.10
Renters 53.90
Vacant 9.69

Housing Market Details

 

Age of Homes

AGE OF Springfield HOMES
2000 or Newer 4.4
1970 - 1999 19.6
1940 - 1969 34.8
1939 or Older 41.2

Types of Homes

TYPE OF Springfield HOMES
Single-Family 44.4
Townhomes 4.0
Small Apt. Buildings 29.5
Apt. Complexes 21.2
Mobile Homes 0.8
Other 0.0

Home Size

SIZE OF Springfield HOMES
No Bedroom 4.21
1 Bedroom 11.81
2 Bedrooms 29.49
3 Bedrooms 39.66
4 Bedrooms 10.95
5 or more bedrooms 3.87