Is Springfield, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Springfield has remained a Seller's Market.
Housing Prices in Springfield, IL
How much do homes in Springfield, IL cost?
Median Sold Price
$155,769
$100/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Springfield was $155,769 in March 2024, up 7.4% from last year, and the median price per square foot was $100.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $49.1K | $41.5K | -15.6% |
2 Bedrooms | $94.5K | $95.6K | +1.2% |
3 Bedrooms | $153.2K | $160K | +4.4% |
4 Bedrooms | $270K | $250.6K | -7.2% |
5+ Bedrooms | $415.5K | $455K | +9.5% |
Summary: Springfield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.6%, 2 bedroom homes increased by 1.2%, 3 bedroom homes increased by 4.4%, 4 bedroom homes decreased by 7.2%, and 5+ bedroom homes increased by 9.5%.
Median Sold Price Compared To Nearby Cities
Jerome | $123K | $141.2K | +14.8% |
Capital Township | $145.3K | $159.7K | +9.9% |
Springfield | $144.9K | $155.7K | +7.4% |
Southern View | $111.5K | $117K | +4.9% |
Woodside Township | $130.9K | $134.5K | +2.7% |
Housing Supply in Springfield, IL
How many homes are available in Springfield, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
354 | 421 | +18.9% |
Summary: The Springfield real estate market had 421 homes for sale in March 2024, a 18.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 9 | 8 | -11.1% |
2 Bedrooms | 99 | 123 | +24.2% |
3 Bedrooms | 160 | 191 | +19.4% |
4 Bedrooms | 60 | 67 | +11.7% |
5+ Bedrooms | 26 | 32 | +23.1% |
Summary: The Springfield housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 11.1%, 2 bedroom homes increased by 24.2%, 3 bedroom homes increased by 19.4%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes increased by 23.1%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
90 | 143 | +58.9% |
Asking Price vs. Sold Price
71 Homes Were Sold
Under Asking
27 Homes Were Sold
At Asking
45 Homes Were Sold
Over Asking
Summary: A total of 143 homes were sold or pending in Springfield in March 2024, up by 58.9% month-over-month. Of the 143 sold homes, 50% were sold under asking, 19% were sold at asking, and 31% were sold over asking.
Days on Market for Springfield, IL
How long does it take to sell a home in Springfield, IL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
20 Days | 22 Days | +6.9% |
Summary: Homes in Springfield had an average of 22 days on market in Mar 2024, up by 6.9% compared to last year.
Breakdown of Home Sale Times
110 Homes Were Sold
Under 30 Days
24 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Summary: During March 2024, 143 homes were sold in Springfield; 77% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.