Springfield, PA—19064
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Springfield, PA
As of Oct '25, the median home price in Springfield, PA is $475,000, with a year-over-year change of 2.1%. This indicates that home prices in Springfield, PA are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $475,000 | 2.1% |
| Single Family | $478,000 | 2.1% |
| Condos | $312,000 | 2.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $351,000 | 1.7% |
3 Bed | $453,000 | 2.5% |
4 Bed | $541,000 | 3.0% |
| 5 Bed | $624,000 | 3.5% |
% of Housing Stock
Rental Trends — Springfield, PA
As of July '25, Rentcast reports the average rent in Springfield, PA is $2,010, with a year-over-year rent change of -5.2%. Per bedroom, the median rent as of July '25 in Springfield, PA is 1-bedrooms: $1,250, 2-bedrooms: $1,740, 3-bedrooms: $3,000, 4-bedrooms: $3,390. The most common rental property sizes in Springfield, PA are 2-bedroom and 3-bedroom, accounting for 59.8% and 25.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,750 | $2,010 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,250 |
| 2 Bed Rent | $1,750 | $1,740 |
| 3 Bed Rent | $3,000 | $3,000 |
| 4 Bed Rent | $3,390 | $3,390 |
% of Rental Stock
Property Listings — Springfield, PA
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, PA is 34. This is a decrease of -19.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $475,000 | -1.0% |
Listing Count | 51 | 30.0% |
| Listings as % of Homes | 0.3% | 30.0% |
Days on Market | 34 | -19.0% |
Demographics — Springfield, PA
As of the latest ACS Survey released in 2023, Springfield, PA has a population of 25,100, which has increased by 1.9% over the past 5 years. Springfield, PA is a moderately popular place for families, as children make up 24.0% of the population. The area has a highly educated workforce, with 47.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 25,100 | 1.9% |
% Under 18 | 24.0% | 8.6% |
% Seniors | 18.5% | -0.5% |
% WFH | 17.3% | 253.1% |
% w/ College Degree | 47.8% | 2.6% |
As of the latest ACS Survey released in 2023, Springfield, PA is a predominantly white area, with 87.0% of the population identifying as white. The white population has shrunk by 5.7% in the last 5 years. The second most common race or ethnicity in Springfield, PA is asian, making up 4.9% of the population. Foreign-born residents account for 5.0% of the population in Springfield, PA, and this percentage has decreased by 5.7% 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 | 87.0% | -5.7% |
% Black | 2.1% | 50.0% |
% Hispanic | 3.4% | 142.9% |
% Asian | 4.9% | 44.1% |
% Foreign Born | 5.0% | -5.7% |
Mortgage and Risk — Springfield, PA
According to HUD data as of 2023, there were 530 mortgage originations in Springfield, PA, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Springfield, PA. Investor activity is low, as 1.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 530 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Springfield, PA
As of 2024, the percent of homes in Springfield, PA under the Section 8 program is 0.6%. 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 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Springfield, PA, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 4 |
Total Units Section 8 | 4 |
% Rentals under Section 8 | 0.6% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $640 | $1,000 | $1,640 |
| 2 Bedroom | $200 | $1,750 | $1,950 |
| 3 Bedroom | -$650 | $3,000 | $2,350 |
| 4 Bedroom | -$720 | $3,390 | $2,670 |
Affordability — Springfield, PA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $475,000 |
| Median Household Income | $132,000 |