Is Springfield, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Springfield has remained a Seller's Market.
Key Takeaway
Springfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Springfield, MI
How much do homes in Springfield, MI cost?
Median Sold Price
$138,000
$144/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Springfield have sold for 4.8% less than they did a year ago.
Summary: The median home sold price in Springfield was $138,000 in May 2024, down 4.8% from last year, and the median price per square foot was $144.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $104K | $122K | +17.3% |
| 2 Bedrooms | $110K | $113K | +2.7% |
| 3 Bedrooms | $151.5K | $153.9K | +1.6% |
| 4 Bedrooms | $145K | $181.6K | +25.3% |
| 5+ Bedrooms | - | $287.5K | N/A |
Summary: Springfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.3%, 2 bedroom homes increased by 2.7%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 25.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Bedford Charter Township | $152K | $206K | +35.5% |
| Battle Creek | $159.9K | $175.1K | +9.5% |
| Springfield | $145K | $138K | -4.8% |
Housing Supply in Springfield, MI
How many homes are available in Springfield, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 8 | -42.9% |
Summary: The Springfield real estate market had 8 homes for sale in May 2024, a 42.9% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 6 | 3 | -50.0% |
| 3 Bedrooms | 5 | 3 | -40.0% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Springfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 50%, 3 bedroom homes decreased by 40%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 3 | -57.1% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Springfield in May 2024, down by 57.1% month-over-month. Of the 3 sold homes, 0% were sold under asking, 33% were sold at asking, and 67% were sold over asking.
Days on Market for Springfield, MI
How long does it take to sell a home in Springfield, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 3 Days | 24 Days | +554.5% |
Summary: Homes in Springfield had an average of 24 days on market in May 2024, up by 554.5% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Springfield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 3 homes were sold in Springfield; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
