Springfield, Illinois Housing Market Prices
Springfield Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 62% below the Illinois median$56,606
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Median rent 24% below the Illinois median$967
Housing Market Overview
| Metric | Springfield | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $56,606 | $149,936 | $248,835 |
| Price Trend (Annual %) | -4.3% | 2.5% | 7.5% |
| Median Gross Rent | $967 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 3.5% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Springfield is about 62% lower than in Illinois. Rent is about 24% lower than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Springfield: home prices fell about 4.3% a year while rent rose about 3.5% a year. That is an unusual pattern worth watching.
Median rent in Springfield rose about 32.5% between 2015 and 2024, from $730 to $967. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 0.9 yearly household incomes in Springfield.
Buying the median-priced home in Springfield costs roughly 4.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Springfield. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Springfield | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $56,606 | $149,936 | $248,835 |
| Median Household Income | $62,162 | $84,042 | $80,455 |
| Price-to-Income Ratio | 0.9 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Springfield fell about 24.4%, while median household income rose about 32.0% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Springfield | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.0% | 61.9% | 58.5% |
| Rental Rate | 32.6% | 30.4% | 31.2% |
| Vacancy Rate | 11.4% | 7.7% | 10.2% |
| Median Tenure (years) | 12.0 | 16.0 | 15.0 |
| Median Year Moved In | 2014 | 2010 | 2011 |
Springfield has a homeownership rate of 56.0%, lower than the Illinois average of 61.9%. Its housing vacancy rate is 11.4%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Springfield | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.12 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1967 | 1969 | 1978 |
| Median Number of Rooms | 5.2 | 5.6 | 5.5 |
The typical housing unit in Springfield was built around 1967. On average, 2.1 people live in a home with about 5.2 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Springfield, Illinois.
What is the median home price in Springfield, Illinois?
The median home price in Springfield, Illinois is $56,606, lower than the Illinois average of $149,936.
What is the average home price in Springfield, Illinois?
The typical home price in Springfield, Illinois, reported as the median sale price, is $56,606. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Springfield, Illinois?
The median gross rent in Springfield, Illinois is $967 per month, lower than the Illinois average of $1,274.
What was the median gross rent in Springfield in 2020?
In 2020, the median gross rent in Springfield, Illinois was $809 per month.
What is the price-to-rent ratio in Springfield, Illinois?
The price-to-rent ratio in Springfield, Illinois is about 4.9, meaning it would take roughly 4.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Springfield.
Are home prices or rent rising faster in Springfield, Illinois?
Home prices and rent are moving in opposite directions in Springfield: home prices fell about 4.3% a year while rent rose about 3.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Springfield, Illinois?
56.0% of households in Springfield, Illinois own their home, lower than the Illinois average of 61.9%.
What is the vacancy rate in Springfield, Illinois?
The housing vacancy rate in Springfield, Illinois is 11.4%, higher than the Illinois average of 7.7%.
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