Is Springfield, TN 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.
Key Takeaway
Springfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Springfield, TN
How much do homes in Springfield, TN cost?
Median Sold Price
$335,000
$222/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Springfield have sold for 5% more than they did a year ago.
Summary: The median home sold price in Springfield was $335,000 in March 2024, up 5% from last year, and the median price per square foot was $222.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $175K | $321.2K | +83.6% |
| 2 Bedrooms | $226K | $310K | +37.2% |
| 3 Bedrooms | $315K | $331.3K | +5.2% |
| 4 Bedrooms | $393K | $468.2K | +19.1% |
| 5+ Bedrooms | $400K | $581.7K | +45.4% |
Summary: Springfield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 83.6%, 2 bedroom homes increased by 37.2%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 19.1%, and 5+ bedroom homes increased by 45.4%.
Median Sold Price Compared To Nearby Cities
| Greenbrier | $367.4K | $415K | +12.9% |
| Springfield | $319K | $335K | +5.0% |
Housing Supply in Springfield, TN
How many homes are available in Springfield, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 125 | 137 | +9.6% |
Summary: The Springfield real estate market had 137 homes for sale in March 2024, a 9.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 2 | +100.0% |
| 2 Bedrooms | 13 | 18 | +38.5% |
| 3 Bedrooms | 81 | 93 | +14.8% |
| 4 Bedrooms | 28 | 21 | -25.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Springfield housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 38.5%, 3 bedroom homes increased by 14.8%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 19 | 28 | +47.4% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 28 homes were sold or pending in Springfield in March 2024, up by 47.4% month-over-month. Of the 28 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for Springfield, TN
How long does it take to sell a home in Springfield, TN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 49 Days | 32 Days | -33.7% |
Summary: Homes in Springfield had an average of 32 days on market in Mar 2024, down by 33.7% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Springfield are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 28 homes were sold in Springfield; 64% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.