Springfield, OR—97478
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Springfield, OR
Home Price Trends — Springfield, OR
As of Oct '25, the median home price in Springfield, OR is $424,000, with a year-over-year change of 0.6%. This indicates that home prices in Springfield, OR are flat. According to Zillow, the 1-year price projection is 0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $424,000 | 0.6% |
| Single Family | $425,000 | 0.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $358,000 | 1.1% |
2 Bed | $344,000 | -0.9% |
3 Bed | $417,000 | 0.5% |
4 Bed | $508,000 | 0.4% |
| 5 Bed | $542,000 | 1.3% |
% of Housing Stock
Rental Trends — Springfield, OR
As of July '25, Rentcast reports the average rent in Springfield, OR is $1,750, with a year-over-year rent change of 10.8%. Per bedroom, the median rent as of July '25 in Springfield, OR is 1-bedrooms: $1,090, 2-bedrooms: $1,560, 3-bedrooms: $2,090, 4-bedrooms: $2,370. The most common rental property sizes in Springfield, OR are 2-bedroom and 3-bedroom, accounting for 44.6% and 36.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,750 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $999 | $1,090 |
| 2 Bed Rent | $1,600 | $1,560 |
| 3 Bed Rent | $2,000 | $2,090 |
| 4 Bed Rent | $2,300 | $2,370 |
% of Rental Stock
Property Listings — Springfield, OR
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, OR is 59. This is a increase of 30.0% 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 39.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $500,000 | -11.0% |
Listing Count | 128 | 36.0% |
| Listings as % of Homes | 0.5% | 36.0% |
Days on Market | 59 | 30.0% |
Demographics — Springfield, OR
As of the latest ACS Survey released in 2023, Springfield, OR has a population of 39,300, which has remained stable by -0.4% over the past 5 years. Springfield, OR is a moderately popular place for families, as children make up 22.5% of the population. The area has a poorly educated workforce, with 21.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 39,300 | -0.4% |
% Under 18 | 22.5% | -0.4% |
% Seniors | 18.3% | 15.1% |
% WFH | 9.5% | 179.4% |
% w/ College Degree | 21.9% | 22.3% |
As of the latest ACS Survey released in 2023, Springfield, OR is a predominantly white area, with 78.9% of the population identifying as white. The white population has shrunk by 1.9% in the last 5 years. The second most common race or ethnicity in Springfield, OR is hispanic, making up 12.0% of the population. Foreign-born residents account for 4.1% of the population in Springfield, OR, and this percentage has decreased by 12.8% 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 | 78.9% | -1.9% |
% Black | 0.7% | 0.0% |
% Hispanic | 12.0% | 1.7% |
% Asian | 1.6% | 45.5% |
% Foreign Born | 4.1% | -12.8% |
Mortgage and Risk — Springfield, OR
According to HUD data as of 2023, there were 831 mortgage originations in Springfield, OR, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 50.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, OR. Investor activity is low, as 1.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 831 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Springfield, OR
As of 2024, the percent of homes in Springfield, OR under the Section 8 program is 7.6%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Springfield, OR, because HUD payments exceed market rent, while 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 324 |
Total Units Section 8 | 324 |
% Rentals under Section 8 | 7.6% |
% Occupied Section 8 | 97.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $171 | $999 | $1,170 |
| 2 Bedroom | -$70 | $1,600 | $1,530 |
| 3 Bedroom | $140 | $2,000 | $2,140 |
| 4 Bedroom | $270 | $2,300 | $2,570 |
Affordability — Springfield, OR
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.2 |
| Median Home Price | $424,000 |
| Median Household Income | $79,100 |