Springfield, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Springfield Neighborhoods Since 2000




Springfield, TN 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 16,808 people, 6,056 houses or apartments, and a median cost of homes of $157,505, 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 70.62% 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 ( 12.80%), large apartment complexes or high rise apartments ( 10.93%), and a few mobile homes or trailers ( 3.07%).

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 56.58% owning and 43.42% 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 ( 25.57%). A lesser amount of the housing stock also hails from between 1940-1969 ( 22.38%). There's also some housing in Springfield built before 1939 ( 11.14%).

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 11.03%, which ranks in the top 30% nationwide. This equates to an annual average Springfield house appreciation rate of 1.05%.

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 7.09%, which is higher than appreciation rates in 81.83% 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 2.76%, which equates to an annual appreciation rate of 11.51%.

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 Tennessee, our data show that Springfield's latest annual appreciation rate is higher than 80% 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:
$157,505

Springfield, TN HOME PRICES

Value Range
> $1,181,000 0.2
$886,001 - $1,181,000 0.1
$590,001 - $886,000 0.1
$472,001 - $590,000 0.7
$354,001 - $472,000 1.9
$236,001 - $354,000 15.1
$118,001 - $236,000 49.1
$59,001 - $118,000 27.0
$0 - $59,000 5.8

High for TN
Average for Nation

Value Relative to Nation Value Relative to State
46.7654986522911 26.7857142857143

Number Of Homes And Apartments:
6,056

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
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
31.23% 1.59% 4 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,057 / per month

Homeownership Rate

Homeownership
Owners 56.58
Renters 43.42
Vacant 8.06

Housing Market Details

 

Age of Homes

AGE OF Springfield HOMES
2000 or Newer 25.6
1970 - 1999 40.9
1940 - 1969 22.4
1939 or Older 11.1

Types of Homes

TYPE OF Springfield HOMES
Single-Family 70.6
Townhomes 2.6
Small Apt. Buildings 12.8
Apt. Complexes 10.9
Mobile Homes 3.1
Other 0.0

Home Size

SIZE OF Springfield HOMES
No Bedroom 0.32
1 Bedroom 6.10
2 Bedrooms 26.64
3 Bedrooms 58.42
4 Bedrooms 7.06
5 or more bedrooms 1.46