Springfield, IL—62712
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 $325,000, with a year-over-year change of 6.2%. This indicates that home prices in Springfield, IL are increasing. According to Zillow, the 1-year price projection is 0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $325,000 | 6.2% |
| Single Family | $328,000 | 6.8% |
| 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 $1,570, with a year-over-year rent change of -0.6%. Per bedroom, the median rent as of July '25 in Springfield, IL is 2-bedrooms: $1,420, 3-bedrooms: $1,850. The most common rental property sizes in Springfield, IL are 1-bedroom and 2-bedroom, accounting for 43.3% and 39.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,570 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,350 | $1,420 |
| 3 Bed Rent | $1,850 | $1,850 |
| 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 36. This is a decrease of -26.0% 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 9.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $434,000 | 7.0% |
Listing Count | 22 | 0.0% |
| Listings as % of Homes | 0.4% | 0.0% |
Days on Market | 36 | -26.0% |
Demographics — Springfield, IL
As of the latest ACS Survey released in 2023, Springfield, IL has a population of 10,600, which has increased by 3.0% over the past 5 years. Springfield, IL is a moderately popular place for families, as children make up 19.1% of the population. The area has a highly educated workforce, with 47.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,600 | 3.0% |
% Under 18 | 19.1% | -12.0% |
% Seniors | 23.4% | 59.2% |
% WFH | 9.1% | 102.2% |
% w/ College Degree | 47.6% | -7.4% |
As of the latest ACS Survey released in 2023, Springfield, IL is a predominantly white area, with 88.4% of the population identifying as white. The white population has shrunk by 1.6% in the last 5 years. The second most common race or ethnicity in Springfield, IL is black, making up 6.9% of the population. Foreign-born residents account for 3.0% of the population in Springfield, IL, and this percentage has decreased by 41.2% 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 | 88.4% | -1.6% |
% Black | 6.9% | 109.1% |
% Hispanic | 1.5% | 150.0% |
% Asian | 1.1% | -74.4% |
% Foreign Born | 3.0% | -41.2% |
Mortgage and Risk — Springfield, IL
According to HUD data as of 2023, there were 173 mortgage originations in Springfield, IL, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, IL. Investor activity is low, as 1.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 173 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 6.0% |
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 | 9 |
Total Units Section 8 | 5 |
% Rentals under Section 8 | 1.2% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,030 |
| 2 Bedroom | -$80 | $1,350 | $1,270 |
| 3 Bedroom | -$130 | $1,850 | $1,720 |
| 4 Bedroom | N/A | N/A | $1,760 |
Affordability — Springfield, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.7 |
| Median Home Price | $325,000 |
| Median Household Income | $109,000 |