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 April 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

$233,702

$146/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$20,480(+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 $233,702 in April 2024, up 9.6% from last year, and the median price per square foot was $146.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $61K$83K
+36.1%
2 $122.9K$131.8K
+7.2%
3 $205.2K$225.3K
+9.8%
4 $320K$340K
+6.3%
5+ $427.4K$477.4K
+11.7%

Summary: Springfield housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 36.1%, 2 bedroom homes increased by 7.2%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 11.7%.

Median Sold Price Compared To Nearby Cities

Springfield
+9.6%
Springfield Township
+9.6%
Campbell No. 2 Township
+8.0%
Wilson A Township
+7.7%
Campbell No. 2C Township
+3.6%

Housing Supply in Springfield, MO

How many homes are available in Springfield, MO?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
909972+6.9%

Summary: The Springfield real estate market had 972 homes for sale in April 2024, a 6.9% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 811
+37.5%
2 144169
+17.4%
3 437480
+9.8%
4 213204
-4.2%
5+ 107108
+0.9%

Summary: The Springfield housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 37.5%, 2 bedroom homes increased by 17.4%, 3 bedroom homes increased by 9.8%, 4 bedroom homes decreased by 4.2%, and 5+ bedroom homes increased by 0.9%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
256269+5.1%

Asking Price vs. Sold Price

115 Homes Were Sold
Under Asking

65 Homes Were Sold
At Asking

84 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. 43.6% of homes here sold below asking price last month.

Summary: A total of 269 homes were sold or pending in Springfield in April 2024, up by 5.1% month-over-month. Of the 264 sold homes, 44% were sold under asking, 25% were sold at asking, and 32% 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

Apr 2023Apr 2024CHANGE
25 Days26 Days+5.1%

Summary: Homes in Springfield had an average of 26 days on market in Apr 2024, up by 5.1% compared to last year.

Breakdown of Home Sale Times

201 Homes Were Sold
Under 30 Days

48 Homes Were Sold
In 30 - 90 Days

20 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 April 2024, 269 homes were sold in Springfield; 75% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 7% 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 5 Days Ago

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