Springfield, PA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Springfield Neighborhoods Since 2000




Springfield, PA 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 Q1 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 24,203 people, 1,679 houses or apartments, and a median cost of homes of $314,730, Springfield real estate is some of the most expensive in Pennsylvania, although Springfield home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Springfield, accounting for 87.00% of the town's housing units. Other types of housing that are prevalent in Springfield include row houses and other attached homes ( 7.53%), duplexes, homes converted to apartments or other small apartment buildings ( 4.46%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Springfield. Owner-occupied housing accounts for 92.07% of Springfield's homes, and 83.20% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Springfield's housing was primarily built during this period, from the '40s through the '60s. A full 73.22% of the town's housing hails from this era. Other housing ages represented in Springfield include homes built before 1939 ( 13.30%) and housing constructed between 1970-1999 ( 10.76%). There's also some housing in Springfield built between 2000 and later ( 2.73%).

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 -0.53% during the period.

NeighborhoodScout's data show that during the latest twelve months, Springfield's appreciation rate, at 3.17%, has been at or slightly above the national average. In the latest quarter, Springfield's appreciation rate has been 0.08%, which annualizes to a rate of 0.32%.

Relative to Pennsylvania, our data show that Springfield's latest annual appreciation rate is higher than 60% of the other cities and towns in Pennsylvania.

One very important thing to keep in mind is that these are average appreciation rates for the town. 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:
$314,730

Springfield, PA HOME PRICES

Value Range
> $1,075,000 0.4
$806,001 - $1,075,000 0.7
$538,001 - $806,000 2.1
$430,001 - $538,000 7.3
$322,001 - $430,000 32.2
$215,001 - $322,000 47.6
$108,001 - $215,000 8.2
$54,001 - $108,000 0.5
$0 - $54,000 1.1

Very High for PA
Very High for Nation

Value Relative to Nation Value Relative to State
15.0591819992968 6.57004830917874

Number Of Homes And Apartments:
1,679

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
PA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
59.14% 2.73% 8 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,515 / per month

Homeownership Rate

Homeownership
Owners 92.07
Renters 7.93
Vacant 2.98

Housing Market Details

 

Age of Homes

AGE OF Springfield HOMES
2000 or Newer 2.7
1970 - 1999 10.8
1940 - 1969 73.2
1939 or Older 13.3

Types of Homes

TYPE OF Springfield HOMES
Single-Family 87.0
Townhomes 7.5
Small Apt. Buildings 4.5
Apt. Complexes 0.9
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Springfield HOMES
No Bedroom 0.58
1 Bedroom 0.99
2 Bedrooms 9.17
3 Bedrooms 53.81
4 Bedrooms 29.40
5 or more bedrooms 6.06