Is Springfield, TN 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, TN
How much do homes in Springfield, TN cost?
Median Sold Price
$337,500
$222/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Springfield was $337,500 in April 2024, up 5.5% from last year, and the median price per square foot was $222.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $337.5K | $138.7K | -58.9% |
2 Bedrooms | $223K | $306.3K | +37.4% |
3 Bedrooms | $319.6K | $333.2K | +4.3% |
4 Bedrooms | $393K | $480K | +22.1% |
5+ Bedrooms | $400K | $581.7K | +45.4% |
Summary: Springfield housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 58.9%, 2 bedroom homes increased by 37.4%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 22.1%, and 5+ bedroom homes increased by 45.4%.
Median Sold Price Compared To Nearby Cities
Greenbrier | $365K | $415K | +13.7% |
Springfield | $319.9K | $337.5K | +5.5% |
Housing Supply in Springfield, TN
How many homes are available in Springfield, TN?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
120 | 127 | +5.8% |
Summary: The Springfield real estate market had 127 homes for sale in April 2024, a 5.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 3 | +50.0% |
2 Bedrooms | 14 | 21 | +50.0% |
3 Bedrooms | 86 | 78 | -9.3% |
4 Bedrooms | 17 | 20 | +17.6% |
5+ Bedrooms | 1 | 5 | +400.0% |
Summary: The Springfield housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 50%, 3 bedroom homes decreased by 9.3%, 4 bedroom homes increased by 17.6%, and 5+ bedroom homes increased by 400%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
35 | 26 | -25.7% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 26 homes were sold or pending in Springfield in April 2024, down by 25.7% month-over-month. Of the 25 sold homes, 48% were sold under asking, 32% were sold at asking, and 20% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
45 Days | 25 Days | -45.0% |
Summary: Homes in Springfield had an average of 25 days on market in Apr 2024, down by 45% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 26 homes were sold in Springfield; 77% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.