Springfield, OH—45503
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Springfield, OH
As of Oct '25, the median home price in Springfield, OH is $189,000, with a year-over-year change of 5.5%. This indicates that home prices in Springfield, OH are increasing. According to Zillow, the 1-year price projection is 3.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $189,000 | 5.5% |
| Single Family | $189,000 | 5.6% |
| Condos | $187,000 | 5.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $87,000 | 3.6% |
2 Bed | $151,000 | 6.3% |
3 Bed | $201,000 | 5.2% |
4 Bed | $263,000 | 4.0% |
| 5 Bed | $279,000 | 3.7% |
% of Housing Stock
Rental Trends — Springfield, OH
As of July '25, Rentcast reports the average rent in Springfield, OH is $1,190, with a year-over-year rent change of 2.6%. Per bedroom, the median rent as of July '25 in Springfield, OH is studios: $617, 1-bedrooms: $832, 2-bedrooms: $1,000, 3-bedrooms: $1,500, 4-bedrooms: $1,720. The most common rental property sizes in Springfield, OH are 2-bedroom and 1-bedroom, accounting for 44.7% and 25.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,190 |
| Studio Rent | $650 | $617 |
| 1 Bed Rent | $825 | $832 |
| 2 Bed Rent | $975 | $1,000 |
| 3 Bed Rent | $1,450 | $1,500 |
| 4 Bed Rent | $1,770 | $1,720 |
% of Rental Stock
Property Listings — Springfield, OH
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, OH is 39. This is a increase of 33.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $219,000 | 6.0% |
Listing Count | 122 | 6.0% |
| Listings as % of Homes | 0.4% | 6.0% |
Days on Market | 39 | 33.0% |
Demographics — Springfield, OH
As of the latest ACS Survey released in 2023, Springfield, OH has a population of 32,700, which has remained stable by 1.0% over the past 5 years. Springfield, OH is a moderately popular place for families, as children make up 23.2% of the population. The area has a poorly educated workforce, with 17.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,700 | 1.0% |
% Under 18 | 23.2% | 9.4% |
% Seniors | 21.9% | -0.9% |
% WFH | 6.0% | 130.8% |
% w/ College Degree | 17.5% | -7.9% |
As of the latest ACS Survey released in 2023, Springfield, OH is a predominantly white area, with 83.6% of the population identifying as white. The white population has shrunk by 1.8% in the last 5 years. The second most common race or ethnicity in Springfield, OH is black, making up 8.6% of the population. Foreign-born residents account for 1.9% of the population in Springfield, OH, and this percentage has increased by 18.8% 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 | 83.6% | -1.8% |
% Black | 8.6% | 26.5% |
% Hispanic | 2.1% | 23.5% |
% Asian | 0.9% | -10.0% |
% Foreign Born | 1.9% | 18.8% |
Mortgage and Risk — Springfield, OH
According to HUD data as of 2023, there were 528 mortgage originations in Springfield, OH, of which 73.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, OH. Investor activity is low, as 3.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 528 |
% Conventional Loans | 73.0% |
% Government Loans | 27.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Springfield, OH
As of 2024, the percent of homes in Springfield, OH under the Section 8 program is 13.3%. 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. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Springfield, OH, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 908 |
Total Units Section 8 | 734 |
% Rentals under Section 8 | 13.3% |
% Occupied Section 8 | 72.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $25 | $825 | $850 |
| 2 Bedroom | $135 | $975 | $1,110 |
| 3 Bedroom | -$100 | $1,450 | $1,350 |
| 4 Bedroom | -$230 | $1,770 | $1,540 |
Affordability — Springfield, OH
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $189,000 |
| Median Household Income | $54,600 |