Springfield Illinois Market Report – June 2024

Springfield, IL’s real estate saw a peak value of $163K in Sep 2023 & a fall to $150K in Jan 2024. In Jun 2024, value was $145K. Neighboring cities show variable property values, with Sherman, IL at high end ($437K) and Dawson, IL at the lower end ($184K).

authorWritten by Manuel MartinezJul 1, 2024

Trends and Insights from Recent Data

Average property value in Springfield, Illinois, peaked in September of last year, reaching $163,000. A dip was in house values came in January 2024, where the average property value fell to $150,000. Property sales mirrored this volatile trend, peaking in November 2023 with 1,566 properties sold, followed by a gradual decline to 1,162 sold home by April this year.

Despite these shifts, average sold prices maintained relative stability, with a noticeable but slight increase around December 2023 through February 2024, followed by a subsequent gentler decline in ensuing months. This data provides a valuable snapshot of the evolving market conditions in Springfield, guiding potential buyers and sellers in making informed decisions.

Here is summary view, looking at June 2024 vs July of 2023

Jul 2023 June 2024 Change
Median Listing Price $150K $145K -3.33%
Median Sold Price $136.9K $138.9K 1.46%
Homes For Sale 81 103 27.16%
Homes Sold 1,345 1,456 8.25%

Comparative Analysis with Nearby Cities

Springfield’s neighboring cities exhibit a diverse range of property values and sale prices. As of June 2024, Sherman, IL, stands out with a high average property value of $437,450 and an average sale price of $256,000, whereas Dawson, IL presents more accessible options with an average property value of $184,000 and an average sale price of $159,072.

This variability extends across multiple areas, with Chatham, IL, showcasing an average property value of $258,000 and Riverton, IL, listing average property values around $250,000 but with a notably lower average sale price of $126,000. Each area brings distinct offerings to the table, affecting investor attraction and residential choice differently based on financial positioning and market entry timing.

Current Market Snapshot: Springfield and Environs

In June 2024, Springfield records an average property value of $145,000, with properties changing hands at an average sale price of $139,000. The sale price per square foot is marked at $97, indicating the price density and property valuation utilized within the locale. Comparatively, Sherman, IL, and Rochester, IL are positioned at the higher end of the market spectrum, with Rochester’s average property value close to Sherman’s at $409,450 and an average sale price of $253,000.

On the other side of the spectrum, Riverton and Dawson offer more financially accessible options, setting a stage ripe for first-time buyers or those seeking affordable investments. The number of properties listed varies as well, from as few as one property in Riverton to a broader 36 in Sherman, showing differences in market availability and density.

The current data reflects significant insights into Springfield’s real estate pulse and its neighboring cities, providing a comprehensive overview to navigate these markets adeptly. Whether you’re a potential homeowner, an investor, or a market analyst, understanding these trends is crucial in making educated decisions that align with personal or professional real estate goals.

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