Is Springfield, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Springfield has remained a Seller's Market.
Key Takeaway
Springfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Springfield, OH
How much do homes in Springfield, OH cost?
Median Sold Price
$181,471
$135/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Springfield have sold for 9.4% more than they did a year ago.
Summary: The median home sold price in Springfield was $181,471 in May 2024, up 9.4% from last year, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $80.2K | $37.5K | -53.3% |
| 2 Bedrooms | $112K | $138K | +23.2% |
| 3 Bedrooms | $170K | $189.9K | +11.7% |
| 4 Bedrooms | $243.1K | $249K | +2.4% |
| 5+ Bedrooms | $212K | $256K | +20.8% |
Summary: Springfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 53.3%, 2 bedroom homes increased by 23.2%, 3 bedroom homes increased by 11.7%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes increased by 20.8%.
Median Sold Price Compared To Nearby Cities
| German Township | $245K | $290K | +18.4% |
| Moorefield Township | $215K | $239.4K | +11.4% |
| Springfield | $165.9K | $181.4K | +9.4% |
| Harmony Township | $275.5K | $298K | +8.2% |
| Springfield Township | $170.5K | $181.5K | +6.5% |
Housing Supply in Springfield, OH
How many homes are available in Springfield, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 206 | 248 | +20.4% |
Summary: The Springfield real estate market had 248 homes for sale in May 2024, a 20.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 39 | 47 | +20.5% |
| 3 Bedrooms | 105 | 123 | +17.1% |
| 4 Bedrooms | 49 | 61 | +24.5% |
| 5+ Bedrooms | 13 | 17 | +30.8% |
Summary: The Springfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20.5%, 3 bedroom homes increased by 17.1%, 4 bedroom homes increased by 24.5%, and 5+ bedroom homes increased by 30.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 59 | 69 | +16.9% |
Asking Price vs. Sold Price
26 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
30 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you could pay more than the asking price. 43.5% of homes here sold above asking price last month.
Summary: A total of 69 homes were sold or pending in Springfield in May 2024, up by 16.9% month-over-month. Of the 69 sold homes, 38% were sold under asking, 19% were sold at asking, and 43% were sold over asking.
Days on Market for Springfield, OH
How long does it take to sell a home in Springfield, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 52 Days | 49 Days | -5.5% |
Summary: Homes in Springfield had an average of 49 days on market in May 2024, down by 5.5% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
35 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Springfield has remained consistent over time.
Summary: During May 2024, 69 homes were sold in Springfield; 35% of homes were sold within 30 days, 51% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
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The information is being provided by Columbus and Central Ohio Regional Multiple Listing Service. Information deemed reliable but not guaranteed. Information is provided for consumers' personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase.