Springfield, IL—62701
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Springfield, IL
Springfield, IL lacks sufficient home price data for analysis.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | N/A | N/A |
| Single Family | N/A | N/A |
| 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 $825, with a year-over-year rent change of 22.2%. Per bedroom, the median rent as of July '25 in Springfield, IL is 1-bedrooms: $775, 2-bedrooms: $850. The most common rental property sizes in Springfield, IL are 1-bedroom and 2-bedroom, accounting for 50.0% and 34.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $850 | $825 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $775 | $775 |
| 2 Bed Rent | $850 | $850 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Springfield, IL
Springfield, IL lacks sufficient listing trend data for analysis.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | N/A | N/A |
Listing Count | N/A | N/A |
| Listings as % of Homes | N/A | N/A |
Days on Market | N/A | N/A |
Demographics — Springfield, IL
As of the latest ACS Survey released in 2023, Springfield, IL has a population of 1,210, which has remained stable by 0.4% over the past 5 years. Springfield, IL is a less popular place for families, as children make up 4.8% of the population. The area has a moderately educated workforce, with 35.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 1.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,210 | 0.4% |
% Under 18 | 4.8% | 77.8% |
% Seniors | 10.2% | 47.8% |
% WFH | 1.5% | -71.2% |
% w/ College Degree | 35.1% | 5.4% |
As of the latest ACS Survey released in 2023, Springfield, IL is a predominantly white area, with 51.5% of the population identifying as white. The white population has shrunk by 13.3% in the last 5 years. The second most common race or ethnicity in Springfield, IL is black, making up 20.2% of the population. Foreign-born residents account for 15.4% of the population in Springfield, IL, and this percentage has increased by 97.4% 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 | 51.5% | -13.3% |
% Black | 20.2% | -20.2% |
% Hispanic | 2.2% | 0.0% |
% Asian | 19.2% | 156.0% |
% Foreign Born | 15.4% | 97.4% |
Mortgage and Risk — Springfield, IL
Springfield, IL lacks sufficient mortgage origination data for analysis.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 0 |
% Conventional Loans | N/A |
% Government Loans | N/A |
% Investor Loans | N/A |
% Second Loans | N/A |
% Cash Out Refinance | N/A |
Loan Activity
No data available
Rentals and Section 8 — Springfield, IL
Springfield, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 285 |
Total Units Section 8 | 285 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 98.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $315 | $775 | $1,090 |
| 2 Bedroom | $490 | $850 | $1,340 |
| 3 Bedroom | N/A | N/A | $1,810 |
| 4 Bedroom | N/A | N/A | $1,850 |
Affordability — Springfield, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | N/A |
| Median Home Price | N/A |
| Median Household Income | $32,400 |