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 Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (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 167,376, 72,765 total housing units (homes and apartments), and a median house value of $124,654, 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 61.86% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 25.09%), duplexes, homes converted to apartments or other small apartment buildings ( 7.26%), and a few row houses and other attached homes ( 3.64%).

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 ( 29.37%). A lesser amount of the housing stock also hails from before 1939 ( 12.84%). There's also some housing in Springfield built between 2000 and later ( 12.38%).

Vacant housing appears to be an issue in Springfield. Fully 10.22% 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

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 1.27% 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 5.65%, which is higher than appreciation rates in 80.50% 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 0.61%, which equates to an annual appreciation rate of 2.44%.

Relative to Missouri, our data show that Springfield's latest annual appreciation rate is lower than 50% 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:
$124,654

Springfield, MO HOME PRICES

Value Range
> $1,190,000 0.4
$892,001 - $1,190,000 0.1
$595,001 - $892,000 0.7
$476,001 - $595,000 0.9
$357,001 - $476,000 2.5
$238,001 - $357,000 7.6
$119,001 - $238,000 40.7
$60,001 - $119,000 36.1
$0 - $60,000 11.0

Low for MO
Low for Nation

Value Relative to Nation Value Relative to State
69.8248175182482 61.2

Number Of Homes And Apartments:
72,765

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MO*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
43.99% 1.89%
4
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$917 / per month

Homeownership Rate

Homeownership
Owners 41.98
Renters 58.02
Vacant 10.22

Housing Market Details

 

Age of Homes

AGE OF Springfield HOMES
2000 or Newer 12.4
1970 - 1999 45.4
1940 - 1969 29.4
1939 or Older 12.8

Types of Homes

TYPE OF Springfield HOMES
Single-Family 61.9
Townhomes 3.6
Small Apt. Buildings 7.3
Apt. Complexes 25.1
Mobile Homes 2.1
Other 0.1

Home Size

SIZE OF Springfield HOMES
No Bedroom 3.77
1 Bedroom 12.85
2 Bedrooms 34.01
3 Bedrooms 38.33
4 Bedrooms 8.90
5 or more bedrooms 2.14