Springfield, MN—56087
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Springfield, MN
As of Oct '25, the median home price in Springfield, MN is $203,000, with a year-over-year change of 9.4%. This indicates that home prices in Springfield, MN are increasing. According to Zillow, the 1-year price projection is 3.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $203,000 | 9.4% |
| Single Family | $204,000 | 10.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $134,000 | 8.1% |
3 Bed | $172,000 | 8.9% |
4 Bed | $211,000 | 11.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Springfield, MN
Springfield, MN lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $715 | $715 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $715 | $715 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Springfield, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, MN is 56. This is a increase of 34.0% 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $113,000 | -9.0% |
Listing Count | 14 | 11.0% |
| Listings as % of Homes | 0.4% | 11.0% |
Days on Market | 56 | 34.0% |
Demographics — Springfield, MN
As of the latest ACS Survey released in 2023, Springfield, MN has a population of 3,240, which has increased by 8.4% over the past 5 years. Springfield, MN is a popular place for families, as children make up 26.8% of the population. The area has a poorly educated workforce, with 24.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,240 | 8.4% |
% Under 18 | 26.8% | 4.7% |
% Seniors | 24.8% | 6.4% |
% WFH | 11.4% | 46.2% |
% w/ College Degree | 24.4% | 57.4% |
As of the latest ACS Survey released in 2023, Springfield, MN is a predominantly white area, with 92.0% of the population identifying as white. The white population has shrunk by 3.8% in the last 5 years. The second most common race or ethnicity in Springfield, MN is black, making up 3.6% of the population. Foreign-born residents account for 2.3% of the population in Springfield, MN, and this percentage has increased by 155.6% 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 | 92.0% | -3.8% |
% Black | 3.6% | ∞% |
% Hispanic | 2.6% | 18.2% |
% Asian | 0.1% | -92.3% |
% Foreign Born | 2.3% | 155.6% |
Mortgage and Risk — Springfield, MN
According to HUD data as of 2023, there were 44 mortgage originations in Springfield, MN, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 79.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, MN. Investor activity is low, as 5.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 44 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 5.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Springfield, MN
Springfield, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 33 |
Total Units Section 8 | 10 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$5 | $715 | $710 |
| 2 Bedroom | N/A | N/A | $930 |
| 3 Bedroom | N/A | N/A | $1,150 |
| 4 Bedroom | N/A | N/A | $1,580 |
Affordability — Springfield, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $203,000 |
| Median Household Income | $64,600 |