Springfield, Massachusetts 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 58% below the Massachusetts median$205,814
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Median rent 35% below the Massachusetts median$1,143
Housing Market Overview
| Metric | Springfield | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $205,814 | $494,523 | $248,835 |
| Price Trend (Annual %) | 7.8% | 6.6% | 7.5% |
| Median Gross Rent | $1,143 | $1,761 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Springfield is about 58% lower than in Massachusetts. Rent is about 35% lower than the Massachusetts average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Springfield, up about 7.8% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Springfield rose about 38.9% between 2015 and 2024, from $823 to $1,143. Over the same span, rent in Massachusetts rose about 59.8%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Springfield.
Buying the median-priced home in Springfield costs roughly 15.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Springfield. The price-to-rent ratio in Massachusetts is about 23.4.
| Metric | Springfield | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $205,814 | $494,523 | $248,835 |
| Median Household Income | $52,538 | $104,336 | $80,455 |
| Price-to-Income Ratio | 3.9 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Springfield rose about 77.4%, while median household income rose about 46.3% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Springfield | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.1% | 57.5% | 58.5% |
| Rental Rate | 46.7% | 34.4% | 31.2% |
| Vacancy Rate | 7.1% | 8.1% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Springfield has a homeownership rate of 46.1%, lower than the Massachusetts average of 57.5%. Its housing vacancy rate is 7.1%, compared with 8.1% in Massachusetts.
Housing Stock
| Metric | Springfield | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.57 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1952 | 1963 | 1978 |
| Median Number of Rooms | 5.2 | 5.5 | 5.5 |
The typical housing unit in Springfield was built around 1952. On average, 2.6 people live in a home with about 5.2 rooms, staying for about 14.0 years on average.
Springfield, MA Housing Compared With Nearby Cities
How Springfield, MA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Springfield, MA | 154,552 | $205,814 #2/2 | $1,143 #2/2 | 49.7% #2/2 |
| Chicopee, MA | 55,293 | $208,931 | $1,156 | 55.7% |
Frequently Asked Questions
Common questions about the housing market in Springfield, Massachusetts.
What is the median home price in Springfield, Massachusetts?
The median home price in Springfield, Massachusetts is $205,814, lower than the Massachusetts average of $494,523.
What is the average home price in Springfield, Massachusetts?
The typical home price in Springfield, Massachusetts, reported as the median sale price, is $205,814. 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, Massachusetts?
The median gross rent in Springfield, Massachusetts is $1,143 per month, lower than the Massachusetts average of $1,761.
What was the median gross rent in Springfield in 2020?
In 2020, the median gross rent in Springfield, Massachusetts was $908 per month.
What is the price-to-rent ratio in Springfield, Massachusetts?
The price-to-rent ratio in Springfield, Massachusetts is about 15.0, meaning it would take roughly 15.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Springfield.
Are home prices or rent rising faster in Springfield, Massachusetts?
Both home prices and rent are rising in Springfield, up about 7.8% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Springfield, Massachusetts?
46.1% of households in Springfield, Massachusetts own their home, lower than the Massachusetts average of 57.5%.
What is the vacancy rate in Springfield, Massachusetts?
The housing vacancy rate in Springfield, Massachusetts is 7.1%, lower than the Massachusetts average of 8.1%.
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