Springfield MO
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Springfield, MO 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 Q4 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (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 168,122, 73,665 total housing units (homes and apartments), and a median house value of $132,540, 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 61.24% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 25.86%), duplexes, homes converted to apartments or other small apartment buildings ( 7.15%), and a few row houses and other attached homes ( 3.41%).

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.

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 ( 28.16%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.05%). There's also some housing in Springfield built before 1939 ( 12.49%).

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 1.99% during the period.

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 6.67%, which is higher than appreciation rates in 91.60% 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 0.90%, which equates to an annual appreciation rate of 3.65%.

Relative to Missouri, our data show that Springfield's latest annual appreciation rate is higher than 90% of the other cities and towns in Missouri.

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:
$132,540

Springfield, MO HOME PRICES

Value Range
> $1,184,000 0.4
$888,001 - $1,184,000 0.2
$592,001 - $888,000 0.8
$473,001 - $592,000 1.0
$355,001 - $473,000 2.8
$237,001 - $355,000 8.1
$119,001 - $237,000 43.1
$59,001 - $119,000 33.3
$0 - $59,000 10.3

Average for MO
Low for Nation

Value Relative to Nation Value Relative to State
67.614598540146 55.0

Number Of Homes And Apartments:
73,665

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MO*
Compared To
America*
Latest Quarter:
2019 Q3 - 2019 Q4
Last 12 Months:
2018 Q4 - 2019 Q4
Last 2 Years:
2017 Q4 - 2019 Q4
Last 5 Years:
2014 Q4 - 2019 Q4
Last 10 Years:
2009 Q4 - 2019 Q4
Since 2000:
2000 Q1 - 2019 Q4
49.07% 2.02%
4
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$925 / per month

Homeownership Rate

Homeownership
Owners 41.39
Renters 58.61
Vacant 9.50

Housing Market Details

 

Age of Homes

AGE OF Springfield HOMES
2000 or Newer 13.1
1970 - 1999 46.3
1940 - 1969 28.2
1939 or Older 12.5

Types of Homes

TYPE OF Springfield HOMES
Single-Family 61.2
Townhomes 3.4
Small Apt. Buildings 7.2
Apt. Complexes 25.9
Mobile Homes 2.1
Other 0.2

Home Size

SIZE OF Springfield HOMES
No Bedroom 5.51
1 Bedroom 13.36
2 Bedrooms 32.30
3 Bedrooms 37.47
4 Bedrooms 8.99
5 or more bedrooms 2.37