Is Springfield, MO 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 February 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, MO

How much do homes in Springfield, MO cost?

Median Sold Price

$230,125

$161/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$20,105(+9.6%)

Key Takeaway

Homes in Springfield have sold for 9.6% more than they did a year ago.

Summary: The median home sold price in Springfield was $230,125 in February 2024, up 9.6% from last year, and the median price per square foot was $161.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $61K$84K
+37.7%
2 $122.4K$127.9K
+4.4%
3 $203.3K$225K
+10.7%
4 $320K$340K
+6.3%
5+ $420K$473.5K
+12.7%

Summary: Springfield housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 37.7%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 12.7%.

Median Sold Price Compared To Nearby Cities

Campbell No. 2 Township
+13.2%
Springfield
+9.6%
Springfield Township
+9.6%
Wilson A Township
+4.2%
Campbell No. 2C Township
0.4%

Housing Supply in Springfield, MO

How many homes are available in Springfield, MO?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
791831+5.1%

Summary: The Springfield real estate market had 831 homes for sale in February 2024, a 5.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 1211
-8.3%
2 123135
+9.8%
3 385400
+3.9%
4 194198
+2.1%
5+ 7787
+13.0%

Summary: The Springfield housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 8.3%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes increased by 13%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
192204+6.3%

Asking Price vs. Sold Price

112 Homes Were Sold
Under Asking

41 Homes Were Sold
At Asking

40 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. 58% of homes here sold below asking price last month.

Summary: A total of 204 homes were sold or pending in Springfield in February 2024, up by 6.3% month-over-month. Of the 193 sold homes, 58% were sold under asking, 21% were sold at asking, and 21% were sold over asking.

Days on Market for Springfield, MO

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

Average Sale Time

Feb 2023Feb 2024CHANGE
30 Days38 Days+27.3%

Summary: Homes in Springfield had an average of 38 days on market in Feb 2024, up by 27.3% compared to last year.

Breakdown of Home Sale Times

120 Homes Were Sold
Under 30 Days

60 Homes Were Sold
In 30 - 90 Days

24 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 February 2024, 204 homes were sold in Springfield; 59% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 12% 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 27 Days Ago

Newest Listings in Springfield, MO

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