Is Springfield, TN 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, TN
How much do homes in Springfield, TN cost?
Median Sold Price
$342,061
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Springfield have sold for 7.1% more than they did a year ago.
Summary: The median home sold price in Springfield was $342,061 in May 2024, up 7.1% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $175K | $142.5K | -18.6% |
| 2 Bedrooms | $217K | $292.3K | +34.7% |
| 3 Bedrooms | $313.2K | $339.9K | +8.5% |
| 4 Bedrooms | $395.9K | $468.2K | +18.2% |
| 5+ Bedrooms | $415K | $598.3K | +44.2% |
Summary: Springfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.6%, 2 bedroom homes increased by 34.7%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 18.2%, and 5+ bedroom homes increased by 44.2%.
Median Sold Price Compared To Nearby Cities
| Greenbrier | $374K | $410K | +9.6% |
| Springfield | $319.3K | $342K | +7.1% |
Housing Supply in Springfield, TN
How many homes are available in Springfield, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 116 | 121 | +4.3% |
Summary: The Springfield real estate market had 121 homes for sale in May 2024, a 4.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 22 | 22 | 0.0% |
| 3 Bedrooms | 70 | 76 | +8.6% |
| 4 Bedrooms | 17 | 15 | -11.8% |
| 5+ Bedrooms | 4 | 6 | +50.0% |
Summary: The Springfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes remained the same, 3 bedroom homes increased by 8.6%, 4 bedroom homes decreased by 11.8%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 29 | 43 | +48.3% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you may be able to get a good deal. 62.8% of homes here sold below asking price last month.
Summary: A total of 43 homes were sold or pending in Springfield in May 2024, up by 48.3% month-over-month. Of the 43 sold homes, 63% were sold under asking, 30% were sold at asking, and 7% were sold over asking.
Days on Market for Springfield, TN
How long does it take to sell a home in Springfield, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 41 Days | 34 Days | -16.7% |
Summary: Homes in Springfield had an average of 34 days on market in May 2024, down by 16.7% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
5 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, 43 homes were sold in Springfield; 56% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.