Springfield, Missouri 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 17% below the Missouri median$120,566
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Median rent 7% below the Missouri median$962
Housing Market Overview
| Metric | Springfield | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,566 | $145,462 | $248,835 |
| Price Trend (Annual %) | 5.5% | 5.2% | 7.5% |
| Median Gross Rent | $962 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Springfield is about 17% lower than in Missouri. Rent is about 7% lower than the Missouri 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 5.5% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Springfield rose about 43.3% between 2015 and 2024, from $672 to $962. Over the same span, rent in Missouri rose about 38.6%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Springfield.
Buying the median-priced home in Springfield costs roughly 10.4 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 Missouri is about 11.7.
| Metric | Springfield | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,566 | $145,462 | $248,835 |
| Median Household Income | $50,571 | $70,801 | $80,455 |
| Price-to-Income Ratio | 2.4 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Springfield rose about 32.7%, while median household income rose about 38.9% 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 | Missouri Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.8% | 60.5% | 58.5% |
| Rental Rate | 50.1% | 28.3% | 31.2% |
| Vacancy Rate | 7.1% | 11.2% | 10.2% |
| Median Tenure (years) | 10.0 | 15.0 | 15.0 |
| Median Year Moved In | 2016 | 2011 | 2011 |
Springfield has a homeownership rate of 42.8%, lower than the Missouri average of 60.5%. Its housing vacancy rate is 7.1%, compared with 11.2% in Missouri.
Housing Stock
| Metric | Springfield | Missouri Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.08 people | 2.40 people | 2.53 people |
| Median Structure Built Year | 1973 | 1978 | 1978 |
| Median Number of Rooms | 5.1 | 5.7 | 5.5 |
The typical housing unit in Springfield was built around 1973. On average, 2.1 people live in a home with about 5.1 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Springfield, Missouri.
What is the median home price in Springfield, Missouri?
The median home price in Springfield, Missouri is $120,566, lower than the Missouri average of $145,462.
What is the average home price in Springfield, Missouri?
The typical home price in Springfield, Missouri, reported as the median sale price, is $120,566. 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, Missouri?
The median gross rent in Springfield, Missouri is $962 per month, lower than the Missouri average of $1,033.
What was the median gross rent in Springfield in 2020?
In 2020, the median gross rent in Springfield, Missouri was $753 per month.
What is the price-to-rent ratio in Springfield, Missouri?
The price-to-rent ratio in Springfield, Missouri is about 10.4, meaning it would take roughly 10.4 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, Missouri?
Both home prices and rent are rising in Springfield, up about 5.5% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Springfield, Missouri?
42.8% of households in Springfield, Missouri own their home, lower than the Missouri average of 60.5%.
What is the vacancy rate in Springfield, Missouri?
The housing vacancy rate in Springfield, Missouri is 7.1%, lower than the Missouri average of 11.2%.
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