Springfield, TN—37172
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Springfield, TN
As of Oct '25, the median home price in Springfield, TN is $329,000, with a year-over-year change of -0.6%. This indicates that home prices in Springfield, TN are flat. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $329,000 | -0.6% |
| Single Family | $332,000 | -0.6% |
| Condos | $155,000 | 4.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $233,000 | 0.0% |
3 Bed | $342,000 | 0.6% |
4 Bed | $447,000 | 0.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Springfield, TN
As of July '25, Rentcast reports the average rent in Springfield, TN is $1,790, with a year-over-year rent change of -0.6%. Per bedroom, the median rent as of July '25 in Springfield, TN is studios: $2,200, 1-bedrooms: $1,200, 2-bedrooms: $1,470, 3-bedrooms: $1,880, 4-bedrooms: $1,980. The most common rental property sizes in Springfield, TN are 2-bedroom and 3-bedroom, accounting for 39.0% and 34.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,780 | $1,790 |
| Studio Rent | $2,200 | $2,200 |
| 1 Bed Rent | $1,150 | $1,200 |
| 2 Bed Rent | $1,300 | $1,470 |
| 3 Bed Rent | $1,800 | $1,880 |
| 4 Bed Rent | $1,960 | $1,980 |
% of Rental Stock
Property Listings — Springfield, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, TN is 63. This is a increase of 26.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $428,000 | 0.0% |
Listing Count | 154 | 1.0% |
| Listings as % of Homes | 1.1% | 1.0% |
Days on Market | 63 | 26.0% |
Demographics — Springfield, TN
As of the latest ACS Survey released in 2023, Springfield, TN has a population of 31,400, which has increased by 7.6% over the past 5 years. Springfield, TN is a moderately popular place for families, as children make up 24.3% of the population. The area has a poorly educated workforce, with 19.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 31,400 | 7.6% |
% Under 18 | 24.3% | 7.0% |
% Seniors | 15.8% | 10.5% |
% WFH | 8.6% | 168.7% |
% w/ College Degree | 19.1% | 25.7% |
As of the latest ACS Survey released in 2023, Springfield, TN is a predominantly white area, with 65.2% of the population identifying as white. The white population has shrunk by 10.1% in the last 5 years. The second most common race or ethnicity in Springfield, TN is hispanic, making up 17.3% of the population. Foreign-born residents account for 9.9% of the population in Springfield, TN, and this percentage has increased by 52.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 65.2% | -10.1% |
% Black | 13.0% | -1.5% |
% Hispanic | 17.3% | 47.9% |
% Asian | 0.6% | 0.0% |
% Foreign Born | 9.9% | 52.3% |
Mortgage and Risk — Springfield, TN
According to HUD data as of 2023, there were 922 mortgage originations in Springfield, TN, of which 69.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, TN. Investor activity is low, as 2.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 922 |
% Conventional Loans | 69.0% |
% Government Loans | 31.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Springfield, TN
As of 2024, the percent of homes in Springfield, TN under the Section 8 program is 6.6%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Springfield, TN, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 673 |
Total Units Section 8 | 255 |
% Rentals under Section 8 | 6.6% |
% Occupied Section 8 | 86.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $220 | $1,150 | $1,370 |
| 2 Bedroom | $220 | $1,300 | $1,520 |
| 3 Bedroom | $120 | $1,800 | $1,920 |
| 4 Bedroom | $400 | $1,960 | $2,360 |
Affordability — Springfield, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.4 |
| Median Home Price | $329,000 |
| Median Household Income | $71,100 |