Springfield, IL—62703
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Springfield, IL
As of Oct '25, the median home price in Springfield, IL is $87,000, with a year-over-year change of 4.2%. This indicates that home prices in Springfield, IL are increasing. According to Zillow, the 1-year price projection is -0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $87,000 | 4.2% |
| Single Family | $86,000 | 4.9% |
| Condos | $102,000 | 1.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $84,000 | 6.3% |
3 Bed | $136,000 | 6.2% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Springfield, IL
As of July '25, Rentcast reports the average rent in Springfield, IL is $1,170, with a year-over-year rent change of 9.3%. Per bedroom, the median rent as of July '25 in Springfield, IL is studios: $775, 1-bedrooms: $832, 2-bedrooms: $1,020, 3-bedrooms: $1,360, 4-bedrooms: $1,790. The most common rental property sizes in Springfield, IL are 2-bedroom and 3-bedroom, accounting for 41.4% and 28.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,140 | $1,170 |
| Studio Rent | $775 | $775 |
| 1 Bed Rent | $750 | $832 |
| 2 Bed Rent | $1,000 | $1,020 |
| 3 Bed Rent | $1,300 | $1,360 |
| 4 Bed Rent | $1,800 | $1,790 |
% of Rental Stock
Property Listings — Springfield, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, IL is 38. This is a decrease of -6.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $79,000 | -15.0% |
Listing Count | 75 | 8.0% |
| Listings as % of Homes | 0.4% | 8.0% |
Days on Market | 38 | -6.0% |
Demographics — Springfield, IL
As of the latest ACS Survey released in 2023, Springfield, IL has a population of 28,800, which has decreased by -6.8% over the past 5 years. Springfield, IL is a moderately popular place for families, as children make up 20.6% of the population. The area has a poorly educated workforce, with 20.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,800 | -6.8% |
% Under 18 | 20.6% | -15.2% |
% Seniors | 17.9% | 30.7% |
% WFH | 11.7% | 207.9% |
% w/ College Degree | 20.5% | 7.3% |
As of the latest ACS Survey released in 2023, Springfield, IL is a predominantly white area, with 53.2% of the population identifying as white. The white population has shrunk by 4.1% in the last 5 years. The second most common race or ethnicity in Springfield, IL is black, making up 35.3% of the population. Foreign-born residents account for 3.0% of the population in Springfield, IL, and this percentage has increased by 66.7% 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 | 53.2% | -4.1% |
% Black | 35.3% | 1.1% |
% Hispanic | 4.9% | 22.5% |
% Asian | 0.9% | -10.0% |
% Foreign Born | 3.0% | 66.7% |
Mortgage and Risk — Springfield, IL
According to HUD data as of 2023, there were 370 mortgage originations in Springfield, IL, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, IL. Investor activity is high, as 20.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 370 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 20.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Springfield, IL
As of 2024, the percent of homes in Springfield, IL under the Section 8 program is 20.4%. 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 and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Springfield, IL, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,416 |
Total Units Section 8 | 1,159 |
% Rentals under Section 8 | 20.4% |
% Occupied Section 8 | 78.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $140 | $750 | $890 |
| 2 Bedroom | $100 | $1,000 | $1,100 |
| 3 Bedroom | $190 | $1,300 | $1,490 |
| 4 Bedroom | -$280 | $1,800 | $1,520 |
Affordability — Springfield, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.7 |
| Median Home Price | $87,000 |
| Median Household Income | $44,600 |