Springfield, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Springfield Neighborhoods Since 2000




Springfield, OH 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 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 59,680 people, 24,558 houses or apartments, and a median cost of homes of $77,174, house prices in Springfield are some of the most affordable in Ohio as well as the nation.

Single-family detached homes are the single most common housing type in Springfield, accounting for 64.68% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 14.25%), duplexes, homes converted to apartments or other small apartment buildings ( 12.17%), and a few row houses and other attached homes ( 8.18%).

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 47.65% owning and 52.35% renting.

The housing in Springfield was primarily built before 1939 ( 39.55%), 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 ( 36.75%), followed by between 1970-1999 ( 19.11%). There's also some housing in Springfield built between 2000 and later ( 4.59%).

Vacant housing appears to be an issue in Springfield. Fully 13.76% 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

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 -0.87%, which is lower than 70% of US communities.

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 10.31%, which is higher than appreciation rates in 93.66% 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 7.84%, which equates to an annual appreciation rate of 35.24%.

Importantly, NeighborhoodScout’s exclusive research found that Springfield's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

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

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:
$77,174

Springfield, OH HOME PRICES

Value Range
> $1,122,000 0.3
$842,001 - $1,122,000 0.1
$561,001 - $842,000 0.7
$449,001 - $561,000 0.5
$337,001 - $449,000 0.5
$225,001 - $337,000 2.6
$112,001 - $225,000 20.7
$56,001 - $112,000 54.4
$0 - $56,000 20.2

Very Low for OH
Very Low for Nation

Value Relative to Nation Value Relative to State
92.5698225891446 95.8005249343832

Number Of Homes And Apartments:
24,558

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
Since 2000:
2000 Q1 - 2017 Q2
1.19% 0.07% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$800 / per month

Homeownership Rate

Homeownership
Owners 47.65
Renters 52.35
Vacant 13.76

Housing Market Details

 

Age of Homes

AGE OF Springfield HOMES
2000 or Newer 4.6
1970 - 1999 19.1
1940 - 1969 36.8
1939 or Older 39.5

Types of Homes

TYPE OF Springfield HOMES
Single-Family 64.7
Townhomes 8.2
Small Apt. Buildings 12.2
Apt. Complexes 14.3
Mobile Homes 0.6
Other 0.1

Home Size

SIZE OF Springfield HOMES
No Bedroom 2.23
1 Bedroom 12.86
2 Bedrooms 32.43
3 Bedrooms 40.33
4 Bedrooms 9.73
5 or more bedrooms 2.42