Springfield, MI 48350 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Springfield, MI—48350

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$416,000

4.0% YoY Growth

Household Income

$109,000

35.5% YoY Growth

Days on Market

7.0% Shorter YoY

Home Price Forecast

2.2%

Median Rent

$1,310

56.7% YoY Growth

1-Bed Rent

N/A

2-Bed Rent

$925

N/A

3-Bed Rent

$1,700

65.1% YoY Growth

Home Price Trends — Springfield, MI

As of Nov '25, the median home price in Springfield, MI is $416,000, with a year-over-year change of 4.0%. This indicates that home prices in Springfield, MI are increasing. According to Zillow, the 1-year price projection is 2.2%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$416,000	4.0%
Single Family	$410,000	3.0%
Condos	$476,000	8.4%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Springfield, MI

As of July '25, Rentcast reports the average rent in Springfield, MI is $1,410, with a year-over-year rent change of -56.7%. Per bedroom, the median rent as of July '25 in Springfield, MI is 2-bedrooms: $925, 3-bedrooms: $1,570. The most common rental property sizes in Springfield, MI are 3-bedroom and 2-bedroom, accounting for 72.3% and 16.2% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,310	$1,410
Studio Rent	N/A	N/A
1 Bed Rent	N/A	N/A
2 Bed Rent	$925	$925
3 Bed Rent	$1,700	$1,570
4 Bed Rent	N/A	N/A

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% of Rental Stock

1 Bedroom

7.2%

2 Bedrooms

16.2%

3 Bedrooms

72.3%

4 Bedrooms

4.2%

Property Listings — Springfield, MI

As of Nov '25, Realtor.com reports that the median days on market for a home in Springfield, MI is 41. This is a decrease of -7.0% 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 11.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$547,000	4.0%
Listing Count	36	-1.0%
Listings as % of Homes	0.6%	-1.0%
Days on Market	41	-7.0%

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Demographics — Springfield, MI

As of the latest ACS Survey released in 2023, Springfield, MI has a population of 7,870, which has increased by 8.0% over the past 5 years. Springfield, MI is a moderately popular place for families, as children make up 23.2% of the population. The area has a moderately educated workforce, with 36.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.3% reporting working from home.

Metric	Latest Census	YoY % Change
Population	7,870	8.0%
% Under 18	23.2%	-1.7%
% Seniors	16.9%	17.4%
% WFH	9.3%	47.6%
% w/ College Degree	36.2%	1.7%

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As of the latest ACS Survey released in 2023, Springfield, MI is a predominantly white area, with 94.8% of the population identifying as white. The white population has grown by 7.7% in the last 5 years. The second most common race or ethnicity in Springfield, MI is hispanic, making up 1.6% of the population. Foreign-born residents account for 2.3% of the population in Springfield, MI, and this percentage has decreased by 39.5% 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	94.8%	7.7%
% Black	0.6%	-76.0%
% Hispanic	1.6%	-70.4%
% Asian	0.3%	-50.0%
% Foreign Born	2.3%	-39.5%

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Mortgage and Risk — Springfield, MI

According to HUD data as of 2023, there were 162 mortgage originations in Springfield, MI, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 16.0% above 90% LTV (elevated). This implies medium mortgage risk in Springfield, MI. Investor activity is low, as 1.0% 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	162
% Conventional Loans	93.0%
% Government Loans	7.0%
% Investor Loans	1.0%
% Second Loans	1.0%
% Cash Out Refinance	16.0%

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Rentals and Section 8 — Springfield, MI

Springfield, MI lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	7
Total Units Section 8	5
% Rentals under Section 8	0.7%
% Occupied Section 8	N/A

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	N/A	N/A	$1,190
2 Bedroom	$585	$925	$1,510
3 Bedroom	$150	$1,700	$1,850
4 Bedroom	N/A	N/A	$2,000

Springfield, MI—48350

Key Metrics at a Glance

Home Price Trends — Springfield, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Springfield, MI

% of Rental Stock

Property Listings — Springfield, MI

Demographics — Springfield, MI

Race and Ethnicity

Mortgage and Risk — Springfield, MI

Mortgages

Rentals and Section 8 — Springfield, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Springfield, MI

Home Price to Income Ratio

Springfield, MI — ZIP Code Boundary Map

Nearby ZIP Codes

White Lake, MI

Holly, MI

White Lake, MI

Highland, MI

Clarkston, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.4
Median Home Price	$416,000
Median Household Income	$109,000

Springfield, MI—48350

Key Metrics at a Glance

Home Price Trends — Springfield, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Springfield, MI

% of Rental Stock

Property Listings — Springfield, MI

Demographics — Springfield, MI

Race and Ethnicity

Mortgage and Risk — Springfield, MI

Mortgages

Rentals and Section 8 — Springfield, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Springfield, MI

Home Price to Income Ratio

Springfield, MI — ZIP Code Boundary Map

Nearby ZIP Codes

White Lake, MI

Holly, MI

White Lake, MI

Highland, MI

Clarkston, MI

Frequently Asked Questions

What is the average home price in Springfield, MI 48350?

How have home prices in Springfield, MI 48350 changed over the past year?

What is the home price projection for Springfield, MI 48350?

What are the demographics of Springfield, MI 48350?

How long does it take homes to sell in Springfield, MI 48350?

What is the average rent price in Springfield, MI 48350?