Springfield housing market
Typical home value
$201K
▲ 7.4% 1 yr
Typical rent
$1,207/mo
▲ 3.5% 1 yr
12-month forecast
+5.1%
#11 of 546 metros
Gross rent yield
7.2%
#103 of 546 · U.S. 6.3%
Days to pending
19 days
▼ −1 day 1 yr
Listings with a price cut
26%
▲ +1.3 pts 1 yr
Key takeaways
- 1The typical home is worth $200,781, up 7.4% in a year and up 31% over five years.
- 2Zillow forecasts home values rising 5.1% over the next 12 months (U.S.: +1.1%).
- 3Typical rent is $1,207/mo (+3.5% YoY), a 7.2% gross yield, above the U.S. 6.3%.
- 4At 7.32% with 20% down, the typical home costs $1,103/mo in principal and interest, $104 less than renting.
- 5Homes go under contract in 19 days (−1 day vs last year); 26% of listings have had a price cut.
Market temperature
Seller's market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 60/100, #37 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
How fast homes are selling
For saleNew listings
Affordability
To buy (20% down)To rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Springfield compares
| Measure | Springfield | United States | Rank of 546 |
|---|---|---|---|
| Home value, 1-yr change | +7.4% | +1.2% | #10 |
| Home value, 5-yr change | +31.4% | +19.7% | |
| 12-month forecast | +5.1% | +1.1% | #11 |
| Rent, 1-yr change | +3.5% | +2.7% | #252 |
| Gross rent yield | 7.2% | 6.3% | #103 |
| Price-to-rent ratio | 13.9 | 15.8 | |
| Mortgage P&I on typical home | $1,103 | $2,012 | |
| Income needed to buy | $64,938 | $100,902 | |
| Days to pending | 19 | 56 |
Cities in the Springfield metro
1 cities with home value and rent data.
| Springfield | $174K | ▲ 6.8% | $1,178 | ▲ 4.2% | 8.1% |
Run the numbers
Rental property calculator
Cash flow on a typical Springfield rental ($201K, $1,207/mo), pre-filled.
Mortgage calculator
Monthly payment on a typical Springfield home.
Rent vs buy
Is it cheaper to rent or buy in Springfield?
Other Illinois metros
Chicago, IL
$356K home$2,163 rent7.3% yield
▲ 5.0% 1 yr
Peoria, IL
$175K home$1,157 rent7.9% yield
▲ 6.4% 1 yr
Davenport, IA
$195K home$1,003 rent6.2% yield
▲ 4.8% 1 yr
Rockford, IL
$222K home$1,299 rent7.0% yield
▲ 8.5% 1 yr
Champaign, IL
$239K home$1,384 rent6.9% yield
▲ 4.9% 1 yr
Bloomington, IL
$261K home$1,292 rent5.9% yield
▲ 1.9% 1 yr
Carbondale, IL
$151K home$811 rent6.4% yield
▲ 1.5% 1 yr
Kankakee, IL
$227K home$1,327 rent7.0% yield
▲ 6.0% 1 yr
Gross yield = 12 × typical rent ÷ typical home value, before expenses. Mortgage estimate: 20% down, 30-year fixed at the current Freddie Mac average, principal and interest only. Forecast: Zillow Home Value Forecast. Data refreshed Oct 26, 2026.