Illinois

<h2>Trends and Insights from Recent Data</h2>
<p>Average <a href="https://www.realtytrac.com/market-trends/springfield-il/">property value in Springfield, Illinois</a>, 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 <a href="https://www.realtytrac.com/springfield-il/sold/">1,566 properties sold</a>, followed by a gradual decline to 1,162 sold home by April this year.</p>
<p>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.</p>
<p>Here is summary view, looking at June 2024 vs July of 2023</p>
<table class="sc-7568d94b-0 lffsHh">
<thead class="sc-7568d94b-1 fnNaKO">
<tr class="sc-7568d94b-4 fHMrnc">
<th class="sc-7568d94b-2 hTsliE"></th>
<th class="sc-7568d94b-2 hTsliE">Jul 2023</th>
<th class="sc-7568d94b-2 hTsliE">June 2024</th>
<th class="sc-7568d94b-2 hTsliE">Change</th>
</tr>
</thead>
<tbody class="sc-7568d94b-3 jhbPdf">
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Listing Price</td>
<td class="sc-7568d94b-5 eqHQXK">$150K</td>
<td class="sc-7568d94b-5 eqHQXK">$145K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf negative">-3.33%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Median Sold Price</td>
<td class="sc-7568d94b-5 eqHQXK">$136.9K</td>
<td class="sc-7568d94b-5 eqHQXK">$138.9K</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf postive">1.46%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes For Sale</td>
<td class="sc-7568d94b-5 eqHQXK">81</td>
<td class="sc-7568d94b-5 eqHQXK">103</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf postive">27.16%</span></td>
</tr>
<tr class="sc-7568d94b-4 fHMrnc">
<td class="sc-7568d94b-5 sc-7568d94b-6 eqHQXK bfejLS">Homes Sold</td>
<td class="sc-7568d94b-5 eqHQXK">1,345</td>
<td class="sc-7568d94b-5 eqHQXK">1,456</td>
<td class="sc-7568d94b-5 eqHQXK"><span class="sc-7568d94b-7 kxsCqf postive">8.25%</span></td>
</tr>
</tbody>
</table>
<h2>Comparative Analysis with Nearby Cities</h2>
<p>Springfield’s neighboring cities exhibit a diverse range of property values and sale prices. As of June 2024, <a href="https://www.realtytrac.com/market-trends/sherman-il/">Sherman</a>, 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.</p>
<p>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.</p>
<h2>Current Market Snapshot: Springfield and Environs</h2>
<p>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.</p>
<p>On the other side of the spectrum, <a href="https://www.realtytrac.com/market-trends/riverton-il/">Riverton</a> and <a href="https://www.realtytrac.com/market-trends/dawson-il/">Dawson</a> 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.</p>
<p>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.</p>


Market Reports

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).

Springfield Illinois Market Report – June 2024 - RealtyTrac

Comment

https://www.realtytrac.com/wp-content/uploads/2024/07/Real-Estate-Market-Report-For-Springfield-Illinois-April-2024.png

Resource

RealtyTrac

Manuel is an expert in all things real estate, including buying and flipping homes.

https://secure.gravatar.com/avatar/017e3eb9b2b2815da5c9c544f2b2cb568f9de91a1fb2c8168ec7e918e3971cee?s=96&d=mm&r=g

Manuel Martinez

California

Market Trend Report For Bakersfield, California – March 2024

Stockton Housing Market Comparably Affordable Amid Rising California Prices – January 2024 Report

This blog post discusses the dynamic real estate trends in Bakersfield, noting fluctuations in property values, sale prices, and activity levels. It also highlights differences in nearby cities, showcasing diverse market conditions shaped by localized factors and broader economic trends.

Market Trend Report For Bakersfield, California – March 2024 - RealtyTrac

https://www.realtytrac.com/wp-content/uploads/2024/03/Market-Report-Bakersfield-CA-March-2024.png

Florida

Real Estate Report Tampa Florida

Tampa Real Estate Market Soars: Average Property Value Climbs to $440K by April 2024

Tampa’s real estate market demonstrated steady growth from May 2023 to April 2024, with rising property values and robust sales volumes. Comparative data also highlights Tampa’s appeal over neighboring cities.

Tampa Real Estate Market Soars: Average Property Value Climbs to $440K by April 2024 - RealtyTrac

https://www.realtytrac.com/wp-content/uploads/2024/05/Real-Estate-Report-Tampa-Florida.png

Connecticut

Augusta, ME Property Values Soar to $342K Amid Dipping Sales Volume

The Augusta, Maine real estate market has seen considerable growth in property values and price per square foot, despite a decrease in sales. Comparisons with neighboring cities suggest diverse market conditions.

Augusta, ME Property Values Soar to $342K Amid Dipping Sales Volume - RealtyTrac

https://www.realtytrac.com/wp-content/uploads/2024/04/Real-Estate-Report-Augusta-ME-April-2024.png

Springfield Illinois Market Report – June 2024

$251,766

$137,412

$141,646