Springfield, OH—45505
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 $125,000, with a year-over-year change of 3.9%. This indicates that home prices in Springfield, OH are increasing. According to Zillow, the 1-year price projection is 4.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $125,000 | 3.9% |
| Single Family | $125,000 | 5.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $105,000 | 4.0% |
3 Bed | $138,000 | 4.5% |
4 Bed | $173,000 | 4.2% |
| 5 Bed | $192,000 | 6.1% |
% of Housing Stock
Rental Trends — Springfield, OH
As of July '25, Rentcast reports the average rent in Springfield, OH is $1,140, with a year-over-year rent change of 37.7%. Per bedroom, the median rent as of July '25 in Springfield, OH is studios: $750, 1-bedrooms: $738, 2-bedrooms: $944, 3-bedrooms: $1,350, 4-bedrooms: $1,710. The most common rental property sizes in Springfield, OH are 2-bedroom and 3-bedroom, accounting for 40.3% and 31.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,000 | $1,140 |
| Studio Rent | $750 | $750 |
| 1 Bed Rent | $750 | $738 |
| 2 Bed Rent | $950 | $944 |
| 3 Bed Rent | $1,350 | $1,350 |
| 4 Bed Rent | $1,740 | $1,710 |
% 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 48. This is a increase of 47.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $171,000 | 11.0% |
Listing Count | 94 | 22.0% |
| Listings as % of Homes | 0.5% | 22.0% |
Days on Market | 48 | 47.0% |
Demographics — Springfield, OH
As of the latest ACS Survey released in 2023, Springfield, OH has a population of 20,300, which has increased by 1.9% over the past 5 years. Springfield, OH is a popular place for families, as children make up 26.0% of the population. The area has a poorly educated workforce, with 10.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,300 | 1.9% |
% Under 18 | 26.0% | 8.8% |
% Seniors | 13.6% | -6.8% |
% WFH | 5.1% | 82.1% |
% w/ College Degree | 10.4% | 57.6% |
As of the latest ACS Survey released in 2023, Springfield, OH is a predominantly white area, with 74.6% of the population identifying as white. The white population has shrunk by 3.2% in the last 5 years. The second most common race or ethnicity in Springfield, OH is black, making up 14.3% of the population. Foreign-born residents account for 2.2% of the population in Springfield, OH, and this percentage has increased by 22.2% 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 | 74.6% | -3.2% |
% Black | 14.3% | 5.9% |
% Hispanic | 4.4% | 7.3% |
% Asian | 0.8% | 100.0% |
% Foreign Born | 2.2% | 22.2% |
Mortgage and Risk — Springfield, OH
According to HUD data as of 2023, there were 296 mortgage originations in Springfield, OH, of which 59.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 47.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, OH. Investor activity is low, as 5.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 296 |
% Conventional Loans | 59.0% |
% Government Loans | 41.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Springfield, OH
As of 2024, the percent of homes in Springfield, OH under the Section 8 program is 23.1%. This is considered high, suggesting that the neighborhood is heavily 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 | 1,327 |
Total Units Section 8 | 919 |
% Rentals under Section 8 | 23.1% |
% Occupied Section 8 | 73.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $30 | $750 | $780 |
| 2 Bedroom | $70 | $950 | $1,020 |
| 3 Bedroom | -$110 | $1,350 | $1,240 |
| 4 Bedroom | -$320 | $1,740 | $1,420 |
Affordability — Springfield, OH
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.3 |
| Median Home Price | $125,000 |
| Median Household Income | $42,400 |