Springfield, IL—62707
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 $222,000, with a year-over-year change of 6.6%. This indicates that home prices in Springfield, IL are increasing. According to Zillow, the 1-year price projection is 0.8%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $222,000 | 6.6% |
| Single Family | $221,000 | 8.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | N/A | N/A |
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 -17.6%. Per bedroom, the median rent as of July '25 in Springfield, IL is 1-bedrooms: $900, 2-bedrooms: $1,150, 3-bedrooms: $1,220. The most common rental property sizes in Springfield, IL are 3-bedroom and 2-bedroom, accounting for 48.8% and 28.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,080 | $1,170 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $900 | $900 |
| 2 Bed Rent | $999 | $1,150 |
| 3 Bed Rent | $1,080 | $1,220 |
| 4 Bed Rent | N/A | N/A |
% 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 35. This is a increase of 35.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $225,000 | -7.0% |
Listing Count | 18 | 59.0% |
| Listings as % of Homes | 0.3% | 59.0% |
Days on Market | 35 | 35.0% |
Demographics — Springfield, IL
As of the latest ACS Survey released in 2023, Springfield, IL has a population of 8,170, which has increased by 18.0% over the past 5 years. Springfield, IL is a moderately popular place for families, as children make up 19.6% of the population. The area has a moderately educated workforce, with 27.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,170 | 18.0% |
% Under 18 | 19.6% | 12.6% |
% Seniors | 19.7% | 10.1% |
% WFH | 9.4% | 623.1% |
% w/ College Degree | 27.7% | 32.5% |
As of the latest ACS Survey released in 2023, Springfield, IL is a predominantly white area, with 86.3% of the population identifying as white. The white population has shrunk by 6.0% in the last 5 years. The second most common race or ethnicity in Springfield, IL is black, making up 2.5% of the population. Foreign-born residents account for 1.8% of the population in Springfield, IL, and this percentage has increased by 50.0% 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 | 86.3% | -6.0% |
% Black | 2.5% | -21.9% |
% Hispanic | 0.6% | -25.0% |
% Asian | 1.5% | 114.3% |
% Foreign Born | 1.8% | 50.0% |
Mortgage and Risk — Springfield, IL
According to HUD data as of 2023, there were 74 mortgage originations in Springfield, IL, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, IL. Investor activity is low, as 5.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 74 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Springfield, IL
Springfield, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 14 |
Total Units Section 8 | 7 |
% Rentals under Section 8 | 1.1% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$10 | $900 | $890 |
| 2 Bedroom | $101 | $999 | $1,100 |
| 3 Bedroom | $410 | $1,080 | $1,490 |
| 4 Bedroom | N/A | N/A | $1,520 |
Affordability — Springfield, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.3 |
| Median Home Price | $222,000 |
| Median Household Income | $84,000 |