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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Springfield, OH Real Estate Market

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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Springfield, OH Housing Market Trends

With a population of 58,106, 24,001 total housing units (homes and apartments), and a median house value of $118,387, 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 63.90% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 15.48%), row houses and other attached homes ( 11.00%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 9.43%).

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 48.94% owning and 51.06% renting.

The housing in Springfield was primarily built before 1939 ( 38.64%), 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 ( 33.87%), followed by between 1970-1999 ( 22.06%). There's also some housing in Springfield built between 2000 and later ( 5.43%).

Vacant housing appears to be an issue in Springfield. Fully 14.22% 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

Appreciation rates for homes in Springfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 88.41%, which ranks in the top 50% nationwide. This equates to an annual average Springfield house appreciation rate of 6.54%.

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 10.83%, which is higher than appreciation rates in 96.24% 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 4.94%, which equates to an annual appreciation rate of 21.28%.

Importantly, this makes Springfield one of the highest appreciating communities in the nation for the latest quarter, and 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

$118,387

Springfield, OH Home Prices
> $1,532,000
$1,149,001 - $1,532,000
$766,001 - $1,149,000
$613,001 - $766,000
$459,001 - $613,000
$306,001 - $459,000
$153,001 - $306,000
$77,001 - $153,000
$0 - $77,000
0.1%
0.1%
0.1%
0.1%
1.6%
1.6%
0.6%
0.6%
0.8%
0.8%
5.6%
5.6%
27.8%
27.8%
43.8%
43.8%
19.8%
19.8%
0% 100.0%
% of Homes
Very Low

for Ohio

Very Low

for nation

Number of Homes And Apartments:

24,001

Springfield Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,378 / per month

Homeownership Rate

Owners
Renters
Vacant
48.9%
48.9%
51.1%
51.1%
14.2%
14.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
5.4%
5.4%
22.1%
22.1%
33.9%
33.9%
38.6%
38.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
63.9%
63.9%
11.0%
11.0%
9.4%
9.4%
15.5%
15.5%
0.2%
0.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.8%
1.8%
13.2%
13.2%
33.0%
33.0%
39.3%
39.3%
10.9%
10.9%
1.8%
1.8%
0% 100.0%
% of Homes