Springfield, IL
⚖️ Balanced Market📊 Fundamental Scores
🎯 The Bottom Line
Springfield IL shows a balanced market with neutral verdict; steady prices and moderate supply create a hold scenario for investors seeking stability over high growth.
📈 Price History
📊 Market Activity
📈 Market Analysis
Market Cycle
The Springfield market is in a stabilization phase with a 0.0% YoY change indicating flat price appreciation. The 35 DOM suggests moderate buyer interest, while the 97.9% Sale-to-List ratio shows sellers are achieving near-asking prices, reflecting a balanced environment without strong momentum.
Supply & Demand
Inventory stands at 123 homes with 80 sold and 87 new listings, creating a 1.5 Months of Supply. This indicates a slight seller's market but remains balanced. The 45.3% off-market in 2 weeks highlights that nearly half of properties move quickly, signaling pockets of demand.
Pricing Power
Buyers retain some leverage with a 36.6% Price Drops rate, yet the 97.9% Sale-to-List ratio limits negotiation room. The P/R 18.6x (Price-to-Rent) suggests moderate affordability, with pricing power constrained by steady demand and limited inventory growth.
Springfield, IL Housing Market Forecast 2026–2028
🔮 Springfield Price Forecast 2026–2028
Springfield, IL Housing Market Forecast 2026–2028
For those wondering, "will Springfield home prices drop," the current data suggests a period of stabilization rather than a significant correction. The Springfield housing market forecast for 2026-2028 points toward modest, single-digit appreciation, anchored by a median home price of $194,500 and a price-to-rent ratio of 18.6x, which is nearly identical to the national average. This equilibrium indicates balanced conditions, with a market temperature of 50/100 and a neutral buy/rent verdict. While the zero percent year-over-year price change signals a cooling from the 5-year CAGR of 5.3%, the 35 days on market shows that well-priced homes still find buyers without excessive delays.
The local economy in Springfield, Illinois, provides a stable foundation, anchored by state government and healthcare sectors, though significant job growth is not projected. Affordability remains a key advantage, with median rent at $873/mo, making homeownership accessible for many. However, the risk grade of C suggests that external economic factors could create headwinds. When analyzing Springfield real estate Springfield 2027 trends, the 5-year price change of 29.8% indicates strong historical performance, but future growth will likely be more subdued. The market will likely favor buyers seeking long-term stability over speculative gains, with prices in the range of the recent $124,568 – $161,800 5-year low-to-high band expanding gradually.
Disclaimer: This forecast is a statistical projection based on historical price trends and should not be considered financial advice. Actual market outcomes may vary due to economic conditions, interest rates, local regulations, and other factors.
🏠 Rent vs Buy Analysis
Monthly Costs
Buying at $194,500 with a typical mortgage implies monthly costs around $1,200-$1,400 (including taxes and insurance), exceeding the $873/mo rent. The P/R 18.6x ratio favors renting short-term, as ownership costs are higher without appreciation.
5-Year View
Flat 0.0% YoY suggests limited equity growth; renting preserves capital. If appreciation accelerates to 2-3%, buying could break even in 5 years, but current 1.5 months supply supports stable prices, not rapid gains.
When to Rent
- Short-term stays under 3 years
- Seeking lower monthly outlay vs ownership
- Avoiding maintenance and property taxes
When to Buy
- Long-term hold over 7+ years
- Expecting local job growth boosting demand
- Ability to leverage low rates for cash flow
🧮 Can You Afford Springfield? Interactive Calculator
Income Reality Check
Can you actually afford Springfield?
Great! At 21.2%, this mortgage falls within healthy financial limits. You have strong purchasing power in Springfield.
💰 Investment Thesis
Cash Flow
At $194,500 purchase and $873/mo rent, gross yield is 5.4%. After expenses (taxes, insurance, maintenance), net cash flow is ~$200-300/mo, yielding a 2-3% cap rate. Neutral verdict supports stable, not high, returns.
House Hacking
Multi-unit potential exists in Mid-Range areas; renting a portion can offset 50-70% of mortgage. With 35 DOM, quick acquisition possible, but 36.6% price drops indicate room for negotiation to improve entry price.
Target Investor
Suites long-term buy-and-hold investors seeking steady 4-5% total returns (cash flow + flat appreciation). Not ideal for flippers due to 0.0% YoY and 97.9% sale-to-list; better for those prioritizing low risk (Grade C) over high growth.
🏘️ House Hacking Calculator Interactive Calculator
House Hacking CalculatorOwner-Occupied Multi-Fam
🗺️ Neighborhood Breakdown
Entry-Level
Suburban areas like Southeast Springfield offer homes under $150k with rents $700-800. High 36.6% price drops create buyer opportunities, but 1.5 months supply keeps competition moderate. Ideal for first-time investors targeting 5%+ yields.
Mid-Range
Central neighborhoods like Lincoln Park feature $180-220k homes with $850-950 rents. Balanced 97.9% sale-to-list and 35 DOM suit house hackers; 0.0% YoY ensures stable entry without overpaying.
Premium
Northside Arlington Heights commands $250k+ with $1,000+ rents. Lower 45.3% off-market activity and 1.5 months supply favor sellers; P/R 18.6x makes it less affordable but offers prestige for long-term holders.