Is Springfield, OR a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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, OR
How much do homes in Springfield, OR cost?
Median Sold Price
$420,798
$290/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Springfield have sold for 5.2% more than they did a year ago.
Summary: The median home sold price in Springfield was $420,798 in May 2024, up 5.2% from last year, and the median price per square foot was $290.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $235K | $270K | +14.9% |
| 2 Bedrooms | $310K | $324.4K | +4.7% |
| 3 Bedrooms | $404K | $415K | +2.7% |
| 4 Bedrooms | $503.1K | $489.9K | -2.6% |
| 5+ Bedrooms | $547.5K | $517.9K | -5.4% |
Summary: Springfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.9%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 2.7%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes decreased by 5.4%.
Median Sold Price Compared To Nearby Cities
| Pleasant Hill | $607.5K | $745K | +22.6% |
| Springfield | $400K | $420.7K | +5.2% |
| Eugene | $478K | $480K | 0.4% |
| Eugene-Springfield | $450.6K | $450K | -0.1% |
Housing Supply in Springfield, OR
How many homes are available in Springfield, OR?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 219 | 252 | +15.1% |
Summary: The Springfield real estate market had 252 homes for sale in May 2024, a 15.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 29 | 24 | -17.2% |
| 3 Bedrooms | 141 | 163 | +15.6% |
| 4 Bedrooms | 41 | 48 | +17.1% |
| 5+ Bedrooms | 7 | 15 | +114.3% |
Summary: The Springfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 17.2%, 3 bedroom homes increased by 15.6%, 4 bedroom homes increased by 17.1%, and 5+ bedroom homes increased by 114.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 41 | 64 | +56.1% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you could pay more than the asking price. 42.2% of homes here sold above asking price last month.
Summary: A total of 64 homes were sold or pending in Springfield in May 2024, up by 56.1% month-over-month. Of the 64 sold homes, 28% were sold under asking, 30% were sold at asking, and 42% were sold over asking.
Days on Market for Springfield, OR
How long does it take to sell a home in Springfield, OR?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 19 Days | 35 Days | +79.0% |
Summary: Homes in Springfield had an average of 35 days on market in May 2024, up by 79% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
6 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 May 2024, 64 homes were sold in Springfield; 70% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS of Portland, Oregon. Real estate listings held by another brokerage firm are marked with the RMLS logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2024 Regional Multiple Listing Service, Inc. (RMLS™) Portland, Oregon.