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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Springfield Township is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Springfield Township has remained a Seller's Market.

Key Takeaway

Springfield Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Springfield Township, IL

How much do homes in Springfield Township, IL cost?

Median Sold Price

$155,794

$100/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$26,756(+20.7%)

Key Takeaway

Homes in Springfield Township have sold for 20.7% more than they did a year ago.

Summary: The median home sold price in Springfield Township was $155,794 in April 2024, up 20.7% from last year, and the median price per square foot was $100.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $42.2K$41K
-3.0%
2 $83K$99.2K
+19.5%
3 $155K$160.1K
+3.3%
4 $233K$245.8K
+5.5%
5+ $430K$452.5K
+5.2%

Summary: Springfield Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3%, 2 bedroom homes increased by 19.5%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 5.2%.

Median Sold Price Compared To Nearby Cities

Springfield Township
+20.7%
Springfield
+7.3%
Capital Township
+6.3%
Clear Lake Township
+1.3%

Housing Supply in Springfield Township, IL

How many homes are available in Springfield Township, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
450496+10.2%

Summary: The Springfield Township real estate market had 496 homes for sale in April 2024, a 10.2% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 911
+22.2%
2 129141
+9.3%
3 208233
+12.0%
4 7486
+16.2%
5+ 3025
-16.7%

Summary: The Springfield Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 22.2%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 16.2%, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
147145-1.4%

Asking Price vs. Sold Price

54 Homes Were Sold
Under Asking

29 Homes Were Sold
At Asking

62 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Springfield Township, you could pay more than the asking price. 42.8% of homes here sold above asking price last month.

Summary: A total of 145 homes were sold or pending in Springfield Township in April 2024, down by 1.4% month-over-month. Of the 145 sold homes, 37% were sold under asking, 20% were sold at asking, and 43% were sold over asking.

Days on Market for Springfield Township, IL

How long does it take to sell a home in Springfield Township, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
13 Days12 Days-5.2%

Summary: Homes in Springfield Township had an average of 12 days on market in Apr 2024, down by 5.2% compared to last year.

Breakdown of Home Sale Times

126 Homes Were Sold
Under 30 Days

17 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 145 homes were sold in Springfield Township; 87% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 1% 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 1 Day Ago

Newest Listings in Springfield Township, IL

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