Springfield, OR—97477
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Springfield, OR
Home Price Trends — Springfield, OR
As of Oct '25, the median home price in Springfield, OR is $394,000, with a year-over-year change of -0.6%. This indicates that home prices in Springfield, OR are flat. According to Zillow, the 1-year price projection is 0.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $394,000 | -0.6% |
| Single Family | $396,000 | -0.8% |
| Condos | $235,000 | -2.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $271,000 | 3.0% |
2 Bed | $317,000 | -1.6% |
3 Bed | $403,000 | -0.7% |
4 Bed | $454,000 | -0.9% |
| 5 Bed | $496,000 | -0.2% |
% of Housing Stock
Rental Trends — Springfield, OR
As of July '25, Rentcast reports the average rent in Springfield, OR is $1,680, with a year-over-year rent change of 12.0%. Per bedroom, the median rent as of July '25 in Springfield, OR is studios: $1,140, 1-bedrooms: $1,110, 2-bedrooms: $1,500, 3-bedrooms: $2,130, 4-bedrooms: $2,650. The most common rental property sizes in Springfield, OR are 2-bedroom and 1-bedroom, accounting for 45.0% and 26.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,550 | $1,680 |
| Studio Rent | $1,080 | $1,140 |
| 1 Bed Rent | $1,020 | $1,110 |
| 2 Bed Rent | $1,500 | $1,500 |
| 3 Bed Rent | $1,900 | $2,130 |
| 4 Bed Rent | $2,700 | $2,650 |
% of Rental Stock
Property Listings — Springfield, OR
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, OR is 49. This is a increase of 40.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $438,000 | -1.0% |
Listing Count | 105 | 12.0% |
| Listings as % of Homes | 0.3% | 12.0% |
Days on Market | 49 | 40.0% |
Demographics — Springfield, OR
As of the latest ACS Survey released in 2023, Springfield, OR has a population of 37,800, which has increased by 2.2% over the past 5 years. Springfield, OR is a moderately popular place for families, as children make up 19.3% of the population. The area has a poorly educated workforce, with 22.6% 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 | 37,800 | 2.2% |
% Under 18 | 19.3% | -1.5% |
% Seniors | 18.3% | 13.7% |
% WFH | 10.4% | 181.1% |
% w/ College Degree | 22.6% | 12.4% |
As of the latest ACS Survey released in 2023, Springfield, OR is a predominantly white area, with 77.1% of the population identifying as white. The white population has shrunk by 6.7% in the last 5 years. The second most common race or ethnicity in Springfield, OR is hispanic, making up 13.4% of the population. Foreign-born residents account for 6.2% of the population in Springfield, OR, and this percentage has decreased by 4.6% 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 | 77.1% | -6.7% |
% Black | 0.9% | 12.5% |
% Hispanic | 13.4% | 65.4% |
% Asian | 1.3% | -27.8% |
% Foreign Born | 6.2% | -4.6% |
Mortgage and Risk — Springfield, OR
According to HUD data as of 2023, there were 622 mortgage originations in Springfield, OR, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, OR. Investor activity is low, as 3.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 622 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Springfield, OR
As of 2024, the percent of homes in Springfield, OR under the Section 8 program is 9.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Springfield, OR, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 959 |
Total Units Section 8 | 695 |
% Rentals under Section 8 | 9.5% |
% Occupied Section 8 | 97.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $20 | $1,020 | $1,040 |
| 2 Bedroom | -$130 | $1,500 | $1,370 |
| 3 Bedroom | $20 | $1,900 | $1,920 |
| 4 Bedroom | -$400 | $2,700 | $2,300 |
Affordability — Springfield, OR
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.1 |
| Median Home Price | $394,000 |
| Median Household Income | $63,600 |