Springfield, IL metro area Housing Market
Hot MarketComprehensive housing market data for the Springfield, IL metro area metro area. Track home prices, inventory, days on market, and competition — updated monthly for real estate investors.
Data period: January 2026
Median Sale Price
$182K
↓ 1.6% YoY
Days on Market
9 days
↓ 66.7% YoY
Active Inventory
217
↓ 19.3% YoY
Homes Sold
129
↓ 16.2% YoY
Hot Market
Homes are selling quickly with strong competition among buyers.
Springfield, IL metro area Market Summary
The Springfield, IL metro area housing market is heating up. As of January 2026, the median home sale price is $182K, down 1.6% year-over-year. Homes are spending a median of 9 days on the market, 66.7% shorter than a year ago.
There are 217 homes for sale — 19.3% fewer than last year. With 1.7 months of supply, this is a seller's market. 145 new listings were added during this period, down 11.6% year-over-year.
Homes are selling for 97.8% of their list price on average, suggesting room for negotiation. 17.8% of homes sell above their asking price. 37.3% of listings have had a price drop.
Market Opportunity Score
Based on current market conditions
37
Contributing Factors
How This Market Compares
vs. National Median
vs. Illinois Median
Investor Takeaway
This is a highly competitive market. Be prepared to move quickly and potentially offer above asking price. A significant share of sellers are cutting prices, which can signal motivated sellers and potential deals. Prices are 57% below the national median, which could indicate stronger cash flow potential.
Springfield, IL metro area Market Trends
Median Sale Price
Median Days on Market
Active Inventory
Homes Sold
Price per Square Foot
Sale-to-List Ratio
New Listings
Listings with Price Drops
Detailed Market Metrics
Median List Price
$175K
Price per Sq Ft
$107
Sale-to-List Ratio
97.8%
Months of Supply
1.7
Sold Above List
17.8%
Price Drops
37.3%
New Listings
145
↓ 11.6% YoY
Pending Sales
138
Off Market in 2 Weeks
46.4%
Other Markets in Illinois
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Peoria, IL metro area
$163K · 40d on market
Rockford, IL metro area
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Champaign, IL metro area
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Bloomington, IL metro area
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Decatur, IL metro area
$115K · 47d on market
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Try It FreeHousing market data provided by Redfin, a national real estate brokerage. Not financial advice. Always consult a qualified professional before making investment decisions.