Springfield, IL—62702
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Springfield, IL
As of Oct '25, the median home price in Springfield, IL is $104,000, with a year-over-year change of 6.8%. This indicates that home prices in Springfield, IL are increasing. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $104,000 | 6.8% |
| Single Family | $105,000 | 7.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $88,000 | 6.0% |
3 Bed | $132,000 | 6.5% |
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 $1,120, with a year-over-year rent change of 5.7%. Per bedroom, the median rent as of July '25 in Springfield, IL is studios: $760, 1-bedrooms: $826, 2-bedrooms: $1,020, 3-bedrooms: $1,260, 4-bedrooms: $1,610. The most common rental property sizes in Springfield, IL are 2-bedroom and 1-bedroom, accounting for 36.3% and 32.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,080 | $1,120 |
| Studio Rent | $760 | $760 |
| 1 Bed Rent | $800 | $826 |
| 2 Bed Rent | $1,000 | $1,020 |
| 3 Bed Rent | $1,200 | $1,260 |
| 4 Bed Rent | $1,580 | $1,610 |
% of Rental Stock
Property Listings — Springfield, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, IL is 37. This is a decrease of 0.0% from last year, suggesting that homes are sitting on the market about the same amount of time 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 | $115,000 | 14.0% |
Listing Count | 90 | 25.0% |
| Listings as % of Homes | 0.3% | 25.0% |
Days on Market | 37 | 0.0% |
Demographics — Springfield, IL
As of the latest ACS Survey released in 2023, Springfield, IL has a population of 31,300, which has decreased by -8.2% over the past 5 years. Springfield, IL is a moderately popular place for families, as children make up 22.8% of the population. The area has a poorly educated workforce, with 20.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 31,300 | -8.2% |
% Under 18 | 22.8% | 3.2% |
% Seniors | 17.4% | -1.1% |
% WFH | 10.4% | 197.1% |
% w/ College Degree | 20.1% | 4.1% |
As of the latest ACS Survey released in 2023, Springfield, IL is a predominantly white area, with 72.3% of the population identifying as white. The white population has shrunk by 4.5% in the last 5 years. The second most common race or ethnicity in Springfield, IL is black, making up 17.6% of the population. Foreign-born residents account for 2.0% of the population in Springfield, IL, and this percentage has decreased by 25.9% 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 | 72.3% | -4.5% |
% Black | 17.6% | 0.0% |
% Hispanic | 3.1% | 93.8% |
% Asian | 0.6% | -62.5% |
% Foreign Born | 2.0% | -25.9% |
Mortgage and Risk — Springfield, IL
According to HUD data as of 2023, there were 527 mortgage originations in Springfield, IL, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 36.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, IL. Investor activity is high, as 18.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 527 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 18.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Springfield, IL
As of 2024, the percent of homes in Springfield, IL under the Section 8 program is 21.6%. 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 and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Springfield, IL, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,505 |
Total Units Section 8 | 1,086 |
% Rentals under Section 8 | 21.6% |
% Occupied Section 8 | 82.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $90 | $800 | $890 |
| 2 Bedroom | $90 | $1,000 | $1,090 |
| 3 Bedroom | $270 | $1,200 | $1,470 |
| 4 Bedroom | -$70 | $1,580 | $1,510 |
Affordability — Springfield, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.6 |
| Median Home Price | $104,000 |
| Median Household Income | $52,700 |