Springfield, MI—48350
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Springfield, MI
As of Oct '25, the median home price in Springfield, MI is $423,000, with a year-over-year change of 4.2%. This indicates that home prices in Springfield, MI are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $423,000 | 4.2% |
| Single Family | $416,000 | 3.2% |
| Condos | $484,000 | 8.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $299,000 | 1.4% |
3 Bed | $398,000 | 3.6% |
4 Bed | $500,000 | 4.4% |
| 5 Bed | $537,000 | 3.5% |
% of Housing Stock
Rental Trends — Springfield, MI
As of July '25, Rentcast reports the average rent in Springfield, MI is $1,410, with a year-over-year rent change of -56.7%. Per bedroom, the median rent as of July '25 in Springfield, MI is 2-bedrooms: $925, 3-bedrooms: $1,570. The most common rental property sizes in Springfield, MI are 3-bedroom and 2-bedroom, accounting for 72.3% and 16.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,310 | $1,410 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $925 | $925 |
| 3 Bed Rent | $1,700 | $1,570 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Springfield, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, MI is 58. This is a increase of 7.0% 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 28.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $549,000 | 4.0% |
Listing Count | 36 | -8.0% |
| Listings as % of Homes | 0.6% | -8.0% |
Days on Market | 58 | 7.0% |
Demographics — Springfield, MI
As of the latest ACS Survey released in 2023, Springfield, MI has a population of 7,870, which has increased by 8.0% over the past 5 years. Springfield, MI is a moderately popular place for families, as children make up 23.2% of the population. The area has a moderately educated workforce, with 36.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,870 | 8.0% |
% Under 18 | 23.2% | -1.7% |
% Seniors | 16.9% | 17.4% |
% WFH | 9.3% | 47.6% |
% w/ College Degree | 36.2% | 1.7% |
As of the latest ACS Survey released in 2023, Springfield, MI is a predominantly white area, with 94.8% of the population identifying as white. The white population has grown by 7.7% in the last 5 years. The second most common race or ethnicity in Springfield, MI is hispanic, making up 1.6% of the population. Foreign-born residents account for 2.3% of the population in Springfield, MI, and this percentage has decreased by 39.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 94.8% | 7.7% |
% Black | 0.6% | -76.0% |
% Hispanic | 1.6% | -70.4% |
% Asian | 0.3% | -50.0% |
% Foreign Born | 2.3% | -39.5% |
Mortgage and Risk — Springfield, MI
According to HUD data as of 2023, there were 162 mortgage originations in Springfield, MI, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Springfield, MI. Investor activity is low, as 1.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 162 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Springfield, MI
Springfield, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 7 |
Total Units Section 8 | 5 |
% Rentals under Section 8 | 0.7% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,190 |
| 2 Bedroom | $585 | $925 | $1,510 |
| 3 Bedroom | $150 | $1,700 | $1,850 |
| 4 Bedroom | N/A | N/A | $2,000 |
Affordability — Springfield, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $423,000 |
| Median Household Income | $109,000 |