Is Springfield, IL 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 November 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, IL

How much do homes in Springfield, IL cost?

Median Sold Price

$169,915

$103/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$19,174(+12.7%)

Key Takeaway

Homes in Springfield have sold for 12.7% more than they did a year ago.

Summary: The median home sold price in Springfield was $169,915 in November 2024, up 12.7% from last year, and the median price per square foot was $103.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $42.7K$50K
+17.0%
2 $95K$109.2K
+15.0%
3 $159.3K$175K
+9.8%
4 $249K$265K
+6.4%
5+ $441K$475.5K
+7.8%

Summary: Springfield housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17%, 2 bedroom homes increased by 15%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 7.8%.

Median Sold Price Compared To Nearby Cities

Springfield
+12.7%
Woodside Township
+10.7%
Capital Township
+9.8%

Housing Supply in Springfield, IL

How many homes are available in Springfield, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
469441-6.0%

Summary: The Springfield real estate market had 441 homes for sale in November 2024, a 6.0% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 810
+25.0%
2 118102
-13.6%
3 192201
+4.7%
4 11498
-14.0%
5+ 3730
-18.9%

Summary: The Springfield housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 13.6%, 3 bedroom homes increased by 4.7%, 4 bedroom homes decreased by 14%, and 5+ bedroom homes decreased by 18.9%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
162128-21.0%

Asking Price vs. Sold Price

61 Homes Were Sold
Under Asking

25 Homes Were Sold
At Asking

42 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. 47.7% of homes here sold below asking price last month.

Summary: A total of 128 homes were sold or pending in Springfield in November 2024, down by 21.0% month-over-month. Of the 128 sold homes, 48% were sold under asking, 20% were sold at asking, and 33% were sold over asking.

Days on Market for Springfield, IL

How long does it take to sell a home in Springfield, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
11 Days16 Days+43.9%

Summary: Homes in Springfield had an average of 16 days on market in Nov 2024, up by 43.9% compared to last year.

Breakdown of Home Sale Times

108 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

6 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 November 2024, 128 homes were sold in Springfield; 84% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 5% 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 2 Days Ago

Newest Listings in Springfield, IL

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