Springfield, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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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 Q4 2018. 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 59,208, 24,531 total housing units (homes and apartments), and a median house value of $76,816, 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 65.26% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 13.71%), duplexes, homes converted to apartments or other small apartment buildings ( 12.61%), and a few row houses and other attached homes ( 7.81%).

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 46.02% owning and 53.98% renting.

The housing in Springfield was primarily built before 1939 ( 41.18%), 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 ( 35.43%), followed by between 1970-1999 ( 19.23%). There's also some housing in Springfield built between 2000 and later ( 4.17%).

Vacant housing appears to be an issue in Springfield. Fully 14.05% 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 -0.11%, which is lower than 80% of US communities.

Over the last year, Springfield appreciation rates have trailed the rest of the nation. In the last twelve months, Springfield's appreciation rate has been 5.12%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Springfield were at 4.51%, which equates to an annual appreciation rate of 19.28%.

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 lower 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:
$76,816

Springfield, OH HOME PRICES

Value Range
> $1,101,000 0.1
$826,001 - $1,101,000 0.1
$551,001 - $826,000 0.8
$441,001 - $551,000 0.3
$330,001 - $441,000 0.7
$220,001 - $330,000 3.0
$110,001 - $220,000 21.7
$55,001 - $110,000 49.1
$0 - $55,000 24.1

Very Low for OH
Very Low for Nation

Value Relative to Nation Value Relative to State
94.4992700729927 96.9816272965879

Number Of Homes And Apartments:
24,531

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2018 Q3 - 2018 Q4
Last 12 Months:
2017 Q4 - 2018 Q4
Last 2 Years:
2016 Q4 - 2018 Q4
Last 5 Years:
2013 Q4 - 2018 Q4
Last 10 Years:
2008 Q4 - 2018 Q4
Since 2000:
2000 Q1 - 2018 Q4
0.50% 0.03%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$958 / per month

Homeownership Rate

Homeownership
Owners 46.02
Renters 53.98
Vacant 14.05

Housing Market Details

 

Age of Homes

AGE OF Springfield HOMES
2000 or Newer 4.2
1970 - 1999 19.2
1940 - 1969 35.4
1939 or Older 41.2

Types of Homes

TYPE OF Springfield HOMES
Single-Family 65.3
Townhomes 7.8
Small Apt. Buildings 12.6
Apt. Complexes 13.7
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Springfield HOMES
No Bedroom 1.90
1 Bedroom 11.93
2 Bedrooms 33.81
3 Bedrooms 39.77
4 Bedrooms 10.15
5 or more bedrooms 2.45