Is Springfield, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$155,921
$100/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Springfield was $155,921 in April 2024, up 7.3% from last year, and the median price per square foot was $100.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $49.5K | $41K | -17.2% |
2 Bedrooms | $95K | $98.9K | +4.2% |
3 Bedrooms | $155K | $160K | +3.2% |
4 Bedrooms | $270K | $245K | -9.3% |
5+ Bedrooms | $422K | $452.5K | +7.2% |
Summary: Springfield housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 17.2%, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 3.2%, 4 bedroom homes decreased by 9.3%, and 5+ bedroom homes increased by 7.2%.
Median Sold Price Compared To Nearby Cities
Jerome | $124K | $145.2K | +17.1% |
Southern View | $110.5K | $119K | +7.7% |
Springfield | $145.3K | $155.9K | +7.3% |
Capital Township | $148.7K | $158.2K | +6.3% |
Woodside Township | $129K | $137K | +6.2% |
Housing Supply in Springfield, IL
How many homes are available in Springfield, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
450 | 496 | +10.2% |
Summary: The Springfield 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
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 9 | 11 | +22.2% |
2 Bedrooms | 129 | 141 | +9.3% |
3 Bedrooms | 208 | 233 | +12.0% |
4 Bedrooms | 74 | 86 | +16.2% |
5+ Bedrooms | 30 | 25 | -16.7% |
Summary: The Springfield 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 2024 | Apr 2024 | CHANGE |
---|---|---|
147 | 145 | -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
Summary: A total of 145 homes were sold or pending in Springfield 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, IL
How long does it take to sell a home in Springfield, IL?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
13 Days | 12 Days | -4.5% |
Summary: Homes in Springfield had an average of 12 days on market in Apr 2024, down by 4.5% 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
Summary: During April 2024, 145 homes were sold in Springfield; 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.