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 May 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

$234,257

$154/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$14,546(+6.6%)

Key Takeaway

Homes in Springfield have sold for 6.6% more than they did a year ago.

Summary: The median home sold price in Springfield was $234,257 in May 2024, up 6.6% from last year, and the median price per square foot was $154.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $72K$79.5K
+10.5%
2 $125K$131.5K
+5.2%
3 $210K$225.2K
+7.3%
4 $331.9K$343K
+3.3%
5+ $426.9K$488.7K
+14.5%

Summary: Springfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.5%, 2 bedroom homes increased by 5.2%, 3 bedroom homes increased by 7.3%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes increased by 14.5%.

Median Sold Price Compared To Nearby Cities

Campbell No. 2 Township
+17.4%
Wilson A Township
+7.3%
Springfield
+6.6%
Springfield Township
+6.6%
Campbell No. 2C Township
+4.0%

Housing Supply in Springfield, MO

How many homes are available in Springfield, MO?

Number of Homes For Sale

Apr 2024May 2024CHANGE
9921,044+5.2%

Summary: The Springfield real estate market had 1,044 homes for sale in May 2024, a 5.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1113
+18.2%
2 175162
-7.4%
3 488520
+6.6%
4 201230
+14.4%
5+ 117119
+1.7%

Summary: The Springfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 18.2%, 2 bedroom homes decreased by 7.4%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 14.4%, and 5+ bedroom homes increased by 1.7%.

Number of Homes Sold

Apr 2024May 2024CHANGE
278313+12.6%

Asking Price vs. Sold Price

139 Homes Were Sold
Under Asking

92 Homes Were Sold
At Asking

73 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. 45.7% of homes here sold below asking price last month.

Summary: A total of 313 homes were sold or pending in Springfield in May 2024, up by 12.6% month-over-month. Of the 304 sold homes, 46% were sold under asking, 30% were sold at asking, and 24% 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

May 2023May 2024CHANGE
21 Days23 Days+9.9%

Summary: Homes in Springfield had an average of 23 days on market in May 2024, up by 9.9% compared to last year.

Breakdown of Home Sale Times

244 Homes Were Sold
Under 30 Days

45 Homes Were Sold
In 30 - 90 Days

23 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 May 2024, 313 homes were sold in Springfield; 78% of homes were sold within 30 days, 14% 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 1 Day Ago

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