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 December 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

$168,844

$104/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

+$16,105(+10.5%)

Key Takeaway

Homes in Springfield have sold for 10.5% more than they did a year ago.

Summary: The median home sold price in Springfield was $168,844 in December 2024, up 10.5% from last year, and the median price per square foot was $104.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 $42.2K$50K
+18.3%
2 $95K$109.1K
+14.9%
3 $160K$175K
+9.3%
4 $249K$259.9K
+4.4%
5+ $440K$476K
+8.2%

Summary: Springfield housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.3%, 2 bedroom homes increased by 14.9%, 3 bedroom homes increased by 9.3%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes increased by 8.2%.

Median Sold Price Compared To Nearby Cities

Woodside Township
+10.9%
Springfield
+10.5%
Capital Township
+9.0%
Jerome
+3.8%

Housing Supply in Springfield, IL

How many homes are available in Springfield, IL?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
458389-15.1%

Summary: The Springfield real estate market had 389 homes for sale in December 2024, a 15.1% decrease compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 910
+11.1%
2 109104
-4.6%
3 208176
-15.4%
4 10276
-25.5%
5+ 3023
-23.3%

Summary: The Springfield housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.1%, 2 bedroom homes decreased by 4.6%, 3 bedroom homes decreased by 15.4%, 4 bedroom homes decreased by 25.5%, and 5+ bedroom homes decreased by 23.3%.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
131146+11.5%

Asking Price vs. Sold Price

66 Homes Were Sold
Under Asking

43 Homes Were Sold
At Asking

37 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. 45.2% of homes here sold below asking price last month.

Summary: A total of 146 homes were sold or pending in Springfield in December 2024, up by 11.5% month-over-month. Of the 146 sold homes, 45% were sold under asking, 29% were sold at asking, and 25% 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

Dec 2023Dec 2024CHANGE
20 Days16 Days-17.4%

Summary: Homes in Springfield had an average of 16 days on market in Dec 2024, down by 17.4% compared to last year.

Breakdown of Home Sale Times

118 Homes Were Sold
Under 30 Days

23 Homes Were Sold
In 30 - 90 Days

4 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 December 2024, 146 homes were sold in Springfield; 81% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 3% 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 4 Days Ago

Newest Listings in Springfield, IL

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