Springfield, OH—45506
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Springfield, OH
As of Oct '25, the median home price in Springfield, OH is $115,000, with a year-over-year change of 3.3%. This indicates that home prices in Springfield, OH are increasing. According to Zillow, the 1-year price projection is 4.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $115,000 | 3.3% |
| Single Family | $115,000 | 3.6% |
| Condos | N/A | N/A |
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 | $129,000 | 4.0% |
4 Bed | $130,000 | 0.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Springfield, OH
As of July '25, Rentcast reports the average rent in Springfield, OH is $1,300, with a year-over-year rent change of 14.0%. Per bedroom, the median rent as of July '25 in Springfield, OH is 1-bedrooms: $724, 2-bedrooms: $1,150, 3-bedrooms: $1,850, 4-bedrooms: $1,760. The most common rental property sizes in Springfield, OH are 3-bedroom and 2-bedroom, accounting for 35.3% and 30.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,280 | $1,300 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $650 | $724 |
| 2 Bed Rent | $1,200 | $1,150 |
| 3 Bed Rent | $1,850 | $1,850 |
| 4 Bed Rent | $1,700 | $1,760 |
% of Rental Stock
Property Listings — Springfield, OH
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, OH is 52. This is a increase of 29.0% 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 40.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $121,000 | -18.0% |
Listing Count | 40 | 1.0% |
| Listings as % of Homes | 0.3% | 1.0% |
Days on Market | 52 | 29.0% |
Demographics — Springfield, OH
As of the latest ACS Survey released in 2023, Springfield, OH has a population of 13,300, which has decreased by -3.8% over the past 5 years. Springfield, OH is a moderately popular place for families, as children make up 23.8% of the population. The area has a poorly educated workforce, with 12.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 13,300 | -3.8% |
% Under 18 | 23.8% | -14.7% |
% Seniors | 18.7% | 43.8% |
% WFH | 10.6% | 171.8% |
% w/ College Degree | 12.6% | -15.4% |
As of the latest ACS Survey released in 2023, Springfield, OH is a predominantly white area, with 52.8% of the population identifying as white. The white population has shrunk by 3.1% in the last 5 years. The second most common race or ethnicity in Springfield, OH is black, making up 30.4% of the population. Foreign-born residents account for 4.0% of the population in Springfield, OH, and this percentage has increased by 11.1% 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 | 52.8% | -3.1% |
% Black | 30.4% | -4.1% |
% Hispanic | 7.9% | 38.6% |
% Asian | 0.5% | ∞% |
% Foreign Born | 4.0% | 11.1% |
Mortgage and Risk — Springfield, OH
According to HUD data as of 2023, there were 99 mortgage originations in Springfield, OH, of which 64.0% of loans were conventional mortgages. The average loan-to-value was 78.0%, with 41.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, OH. Investor activity is low, as 5.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 99 |
% Conventional Loans | 64.0% |
% Government Loans | 36.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Springfield, OH
As of 2024, the percent of homes in Springfield, OH under the Section 8 program is 20.2%. 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 units appear to be good home sizes to consider for Section 8 housing in Springfield, OH, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 634 |
Total Units Section 8 | 474 |
% Rentals under Section 8 | 20.3% |
% Occupied Section 8 | 67.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $160 | $650 | $810 |
| 2 Bedroom | -$140 | $1,200 | $1,060 |
| 3 Bedroom | -$560 | $1,850 | $1,290 |
| 4 Bedroom | -$220 | $1,700 | $1,480 |
Affordability — Springfield, OH
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.2 |
| Median Home Price | $115,000 |
| Median Household Income | $40,100 |