Home Values in Springfield, Illinois — 2026 Market Report
Updated March 2026 | Buyer's Market | +3.9% YoY
The median home value in Springfield, Illinois is $145,000 as of March 2026, which is below the national median of $400,000. Home values in Springfield have increased by 3.9% over the past year and 21.1% over the last five years. With a population of 114,394 and a median household income of $52,250, the price-to-income ratio stands at 2.8x, making Springfield affordable for the average household.
Springfield Housing Market Conditions
| Metric | Springfield | National Avg |
|---|---|---|
| Median Home Value | $145,000 | $400,000 |
| YoY Appreciation | +3.9% | +3.8% |
| 5-Year Appreciation | +21.1% | +22.4% |
| Price per Sq Ft | $59 | $222 |
| Days on Market | 66 days | 45 days |
| Months of Supply | 5.5 | 3.5 |
| List-to-Sale Ratio | 100.7% | 98.5% |
| Monthly Homes Sold | 103 | — |
| Foreclosure Rate | 0.8% | 0.3% |
Home Value Trends in Springfield
A homeowner who purchased at the median price of $119,736 five years ago in Springfield would have gained approximately $25,264 in equity, representing a 21.1% return on investment. Over the past year alone, the typical homeowner gained $5,443 in home equity.
Affordability in Springfield, IL
With a median household income of $52,250 and a median home price of $145,000, the price-to-income ratio in Springfield is 2.8x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $1,142 compared to estimated monthly ownership costs of $938 gives a rent-vs-buy ratio of 0.82. In Springfield, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Springfield
The effective property tax rate in Illinois is 2.07%. On a home valued at $145,000, the estimated annual property tax bill is $3,002, or approximately $250/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Springfield is 85.5 (100 = national average), indicating living costs are below the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Springfield, IL?
The median home value in Springfield, Illinois is $145,000 as of March 2026. Home values have changed +3.9% over the past year, with a 5-year appreciation of 21.1%.
Is Springfield a buyer's or seller's market?
Springfield is currently a buyer's market with 5.5 months of housing supply. Homes spend an average of 66 days on market, and the list-to-sale price ratio is 100.7%. Higher inventory gives buyers more negotiating power.
Are home values going up in Springfield?
Yes, home values in Springfield have increased by 3.9% over the past year. The 5-year appreciation rate is 21.1%, meaning a home worth $119,736 five years ago is now worth $145,000.
Is it better to rent or buy in Springfield?
The average monthly rent in Springfield is $1,142, while estimated monthly homeownership costs are approximately $938. The price-to-rent ratio is 10.6. Based on current conditions, buying may be more cost-effective than renting in this market.
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Disclaimer: Home value data for Springfield, Illinois is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.