Springfield, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Springfield Neighborhoods Since 2000




Springfield, MI 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 5,192 people, 1,994 houses or apartments, and a median cost of homes of $62,630, house prices in Springfield are some of the most affordable in Michigan as well as the nation.

Single-family detached homes are the single most common housing type in Springfield, accounting for 53.20% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 33.72%), mobile homes or trailers ( 7.74%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.43%).

People in Springfield primarily live in small (one, two or no bedroom) single-family detached homes. Springfield has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Springfield's housing was primarily built during this period, from the '40s through the '60s. A full 45.28% of the city's housing hails from this era. Other housing ages represented in Springfield include homes built between 1970-1999 ( 38.61%) and housing constructed before 1939 ( 12.10%). There's also some housing in Springfield built between 2000 and later ( 4.00%).

Vacant housing appears to be an issue in Springfield. Fully 11.30% of the housing stock is classified as vacant. Left unchecked, vacant Springfield homes and apartments can be a drag on the real estate market, holding Springfield real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Springfield Home Appreciation Rates

Homes have actually lost value in Springfield over the last then years, as home values have seen a decline of 31.67% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Springfield home appreciation rates at -0.73%, which equates to an annual appreciation rate of -2.90%.

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 8.88%, which is higher than appreciation rates in 90.39% 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 -0.73%, which equates to an annual appreciation rate of -2.90%.

Notably, Springfield's appreciation rate in the latest quarter is one of the lowest in America.

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

Average Home Values

 

Median Home Value:
$62,630

Springfield, MI HOME PRICES

Value Range
> $1,083,000 0.3
$812,001 - $1,083,000 0.0
$542,001 - $812,000 0.0
$433,001 - $542,000 0.0
$325,001 - $433,000 0.1
$216,001 - $325,000 0.3
$108,001 - $216,000 15.0
$54,001 - $108,000 46.0
$0 - $54,000 38.3

Very Low for MI
Very Low for Nation

Value Relative to Nation Value Relative to State
97.4803703269659 96.9551282051282

Number Of Homes And Apartments:
1,994

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
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
-18.51% -1.18% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$738 / per month

Homeownership Rate

Homeownership
Owners 48.83
Renters 51.17
Vacant 11.30

Housing Market Details

 

Age of Homes

AGE OF Springfield HOMES
2000 or Newer 4.0
1970 - 1999 38.6
1940 - 1969 45.3
1939 or Older 12.1

Types of Homes

TYPE OF Springfield HOMES
Single-Family 53.2
Townhomes 1.9
Small Apt. Buildings 3.4
Apt. Complexes 33.7
Mobile Homes 7.7
Other 0.0

Home Size

SIZE OF Springfield HOMES
No Bedroom 1.78
1 Bedroom 24.87
2 Bedrooms 31.49
3 Bedrooms 33.41
4 Bedrooms 7.38
5 or more bedrooms 1.07

Popular Neighborhoods in Springfield

Zip Codes in Springfield, MI