Springfield, OH Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Springfield, OH Housing Market Trends

With a population of 58,877, 23,846 total housing units (homes and apartments), and a median house value of $84,985, house prices in Springfield are some of the most affordable in Ohio as well as the nation.

Single-family detached homes are the single most common housing type in Springfield, accounting for 64.78% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 14.31%), duplexes, homes converted to apartments or other small apartment buildings ( 11.43%), and a few row houses and other attached homes ( 9.19%).

The most prevalent building size and type in Springfield are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 46.35% owning and 53.65% renting.

The housing in Springfield was primarily built before 1939 ( 39.41%), making the housing stock in Springfield some of the oldest overall in America, although there is a range of ages of homes in Springfield. The next most important housing age is between 1940-1969 ( 34.31%), followed by between 1970-1999 ( 21.50%). There's also some housing in Springfield built between 2000 and later ( 4.78%).

Vacant housing appears to be an issue in Springfield. Fully 15.06% of the housing stock is classified as vacant. Left unchecked, vacant Springfield homes and apartments can be a drag on the real estate market, holding Springfield real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Springfield Home Appreciation Rates

Real estate appreciation rates in Springfield's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.61% during the period.

Appreciation rates are so strong in Springfield that despite a nationwide downturn in the housing market, Springfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Springfield appreciation rates continue to be some of the highest in America, at 12.06%, which is higher than appreciation rates in 96.93% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Springfield. Springfield appreciation rates in the latest quarter were at 3.56%, which equates to an annual appreciation rate of 15.03%.

Importantly, NeighborhoodScout’s exclusive research found that Springfield's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Ohio, our data show that Springfield's latest annual appreciation rate is higher than 90% of the other cities and towns in Ohio.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Springfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Springfield - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Springfield real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$84,985

Springfield, OH HOME PRICES

> $1,250,000
0.1%
0.1%
$938,001 - $1,250,000
0.2%
0.2%
$625,001 - $938,000
1.7%
1.7%
$500,001 - $625,000
0.3%
0.3%
$375,001 - $500,000
0.6%
0.6%
$250,001 - $375,000
3.3%
3.3%
$125,001 - $250,000
23.8%
23.8%
$62,001 - $125,000
46.7%
46.7%
$0 - $62,000
23.3%
23.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for OH

Value Relative To Nation

Number Of Homes And Apartments:
23,846

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
19.97% 0.86%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$955 / per month

Homeownership Rate

Owners
46.4%
46.4%
Renters
53.6%
53.6%
Vacant
15.1%
15.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.8%
4.8%
1970 - 1999
21.5%
21.5%
1940 - 1969
34.3%
34.3%
1939 or Older
39.4%
39.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
64.8%
64.8%
Townhomes
9.2%
9.2%
Small Apt. Buildings
11.4%
11.4%
Apt. Complexes
14.3%
14.3%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.9%
1.9%
1 Bedroom
12.9%
12.9%
2 Bedrooms
32.6%
32.6%
3 Bedrooms
40.6%
40.6%
4 Bedrooms
9.8%
9.8%
5 or more bedrooms
2.2%
2.2%
0.0% 100.0%
% OF HOMES