Springfield, IL metro area Housing Market
Warm 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: March 2026
Median Sale Price
$208K
↑ 16.7% YoY
Days on Market
24 days
↑ 41.2% YoY
Active Inventory
217
↓ 13.5% YoY
Homes Sold
194
↓ 2.0% YoY
Warm Market
The market is active with moderate buyer demand.
Springfield, IL metro area Market Summary
The Springfield, IL metro area housing market is heating up. As of March 2026, the median home sale price is $208K, up 16.7% year-over-year. Homes are spending a median of 24 days on the market, 41.2% longer than a year ago.
There are 217 homes for sale — 13.5% fewer than last year. With 1.1 months of supply, this is a seller's market. 258 new listings were added during this period, up 7.5% year-over-year.
Homes are selling for 98.6% of their list price on average, suggesting room for negotiation. 28.4% of homes sell above their asking price. 30.9% of listings have had a price drop.
Market Opportunity Score
Based on current market conditions
50
Contributing Factors
How This Market Compares
vs. National Median
vs. Illinois Median
Investor Takeaway
A significant share of sellers are cutting prices, which can signal motivated sellers and potential deals. Prices are 52% below the national median, which could indicate stronger cash flow potential.
Springfield, IL metro area Market Trends
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Detailed Market Metrics
Median List Price
$191K
Price per Sq Ft
$113
Sale-to-List Ratio
98.6%
Months of Supply
1.1
Sold Above List
28.4%
Price Drops
30.9%
New Listings
258
↑ 7.5% YoY
Pending Sales
230
Off Market in 2 Weeks
64.8%
Other Markets in Illinois
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Rockford, IL metro area
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Champaign, IL metro area
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Carbondale, IL metro area
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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.