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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, TN 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Springfield, TN Housing Market Trends

With 19,221 people, 6,946 houses or apartments, and a median cost of homes of $297,853, Springfield real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Springfield, accounting for 70.36% of the city's housing units. Other types of housing that are prevalent in Springfield include duplexes, homes converted to apartments or other small apartment buildings ( 11.10%), large apartment complexes or high rise apartments ( 10.90%), and a few row houses and other attached homes ( 3.90%).

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 54.02% owning and 45.98% renting.

There is a lot of housing in Springfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Springfield built between 2000 and later ( 30.81%). A lesser amount of the housing stock also hails from between 1940-1969 ( 25.62%). There's also some housing in Springfield built before 1939 ( 7.16%).

Springfield Home Appreciation Rates

In the last 10 years, Springfield has experienced some of the highest home appreciation rates of any community in the nation. Springfield real estate appreciated 123.76% over the last ten years, which is an average annual home appreciation rate of 8.39%, putting Springfield in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Springfield definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 0.66%, 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 -1.32%, which equates to an annual appreciation rate of -5.18%.

Notably, Springfield's appreciation rate in the latest quarter is one of the lowest in America.

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

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

$297,853

Springfield, TN Home Prices
> $1,353,000
$1,014,001 - $1,353,000
$676,001 - $1,014,000
$541,001 - $676,000
$406,001 - $541,000
$271,001 - $406,000
$135,001 - $271,000
$68,001 - $135,000
$0 - $68,000
0.3%
0.3%
1.0%
1.0%
3.2%
3.2%
5.5%
5.5%
13.0%
13.0%
27.9%
27.9%
38.2%
38.2%
5.3%
5.3%
5.7%
5.7%
0% 100.0%
% of Homes
High

for Tennessee

Average

for nation

Number of Homes And Apartments:

6,946

Springfield Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,442 / per month

Homeownership Rate

Owners
Renters
54.0%
54.0%
46.0%
46.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.5%
5.5%
94.5%
94.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
30.8%
30.8%
36.4%
36.4%
25.6%
25.6%
7.2%
7.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
70.4%
70.4%
3.9%
3.9%
11.1%
11.1%
10.9%
10.9%
3.7%
3.7%
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
1.9%
1.9%
6.3%
6.3%
24.6%
24.6%
54.6%
54.6%
10.1%
10.1%
2.5%
2.5%
0% 100.0%
% of Homes