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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
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'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.
|$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|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Springfield HOMES|
|2000 or Newer||4.6|
|1970 - 1999||19.1|
|1940 - 1969||36.8|
|1939 or Older||39.5|
|TYPE OF Springfield HOMES|
|Small Apt. Buildings||12.2|
|SIZE OF Springfield HOMES|
|5 or more bedrooms||2.42|