Springfield, IL—62711
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 $353,000, with a year-over-year change of 6.0%. This indicates that home prices in Springfield, IL are increasing. According to Zillow, the 1-year price projection is 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $353,000 | 6.1% |
| Single Family | $359,000 | 6.2% |
| 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 $2,030, with a year-over-year rent change of -7.7%. Per bedroom, the median rent as of July '25 in Springfield, IL is 2-bedrooms: $1,370, 3-bedrooms: $2,370, 4-bedrooms: $3,000. The most common rental property sizes in Springfield, IL are 2-bedroom and 1-bedroom, accounting for 41.7% and 31.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,100 | $2,030 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,350 | $1,370 |
| 3 Bed Rent | $2,300 | $2,370 |
| 4 Bed Rent | $3,000 | $3,000 |
% 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 52. This is a increase of 19.0% 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 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $446,000 | 5.0% |
Listing Count | 56 | -11.0% |
| Listings as % of Homes | 0.5% | -11.0% |
Days on Market | 52 | 19.0% |
Demographics — Springfield, IL
As of the latest ACS Survey released in 2023, Springfield, IL has a population of 18,400, which has increased by 9.5% 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 highly educated workforce, with 57.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,400 | 9.5% |
% Under 18 | 22.8% | 8.6% |
% Seniors | 25.1% | 5.9% |
% WFH | 12.7% | 252.8% |
% w/ College Degree | 57.4% | 3.8% |
As of the latest ACS Survey released in 2023, Springfield, IL is a predominantly white area, with 81.7% of the population identifying as white. The white population has shrunk by 6.1% in the last 5 years. The second most common race or ethnicity in Springfield, IL is asian, making up 6.6% of the population. Foreign-born residents account for 6.4% of the population in Springfield, IL, and this percentage has increased by 18.5% 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 | 81.7% | -6.1% |
% Black | 5.6% | 100.0% |
% Hispanic | 1.6% | -46.7% |
% Asian | 6.6% | 43.5% |
% Foreign Born | 6.4% | 18.5% |
Mortgage and Risk — Springfield, IL
According to HUD data as of 2023, there were 312 mortgage originations in Springfield, IL, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, IL. Investor activity is low, as 2.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 312 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Springfield, IL
Springfield, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 26 |
Total Units Section 8 | 23 |
% Rentals under Section 8 | 1.2% |
% Occupied Section 8 | 78.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,110 |
| 2 Bedroom | $10 | $1,350 | $1,360 |
| 3 Bedroom | -$460 | $2,300 | $1,840 |
| 4 Bedroom | -$1,120 | $3,000 | $1,880 |
Affordability — Springfield, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $353,000 |
| Median Household Income | $124,000 |