Is Springfield, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Springfield is a seller's market

Buyer's
Market

Difference Since March 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, 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

+$10,774(+7.4%)

Key Takeaway

Homes in Springfield have sold for 7.4% more than they did a year ago.

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

# BEDSMar 2023Mar 2024CHANGE
1 $49.1K$41.5K
-15.6%
2 $94.5K$95.6K
+1.2%
3 $153.2K$160K
+4.4%
4 $270K$250.6K
-7.2%
5+ $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
+14.8%
Capital Township
+9.9%
Springfield
+7.4%
Southern View
+4.9%
Woodside Township
+2.7%

Housing Supply in Springfield, IL

How many homes are available in Springfield, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
354421+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

# BEDSFeb 2024Mar 2024CHANGE
1 98
-11.1%
2 99123
+24.2%
3 160191
+19.4%
4 6067
+11.7%
5+ 2632
+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 2024Mar 2024CHANGE
90143+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Springfield, you may be able to get a good deal. 49.7% of homes here sold below asking price last month.

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 2023Mar 2024CHANGE
20 Days22 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in Springfield are selling fast, if you're buying plan to act quickly.

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 22 Days Ago

Newest Listings in Springfield, IL

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