Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$200,781+7.4% YoY · prices are rising fast
Market right nowBalanced marketMore homes for sale than last year, 22% have cut their price
Income needed to buy, per year$43,525About 0.5× the local median income ($79,753): affordable for a typical household
Days on market36 daysAbout the same pace as a year ago
Next 12 months+5.1%Zillow expects prices to rise strongly
The typical home in Springfield, IL is worth $200,781, up 7.4% from a year ago. That is slightly above what local incomes have historically supported: fair value is about $199,869, so the area is 0.5% overvalued. It is a balanced market: homes take about 36 days to sell, listings are up 44% from a year ago, 22% of listings have had a price cut. Zillow expects prices to rise about 5.1% over the next year. A household needs about $43,525 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $79,753. Typical rent is $1,207 a month, or $1,532 for a house. In the latest IRS figures, 512 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$200,781
Change in 1 year
+7.4%
Overvalued %
+0.5%
Show 7 more
Fair home value
$199,869
Change in 5 years
+31.4%
Zillow forecast, next 12 months
+5.1%
Home value to income
2.5×
Monthly mortgage payment (20% down)
$1,088
Income needed to afford it
$43,525
Property tax rate
1.97%
Rent and investing
Typical rent
$1,207
Typical rent for houses
$1,532
Price-to-rent ratio
13.9×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$1,237
Gross rental yield
7.21%
Cap rate (estimate)
4.69%
Market activity
Listings vs a year ago
+43.8%
Days on market
36
Listings with a price cut
21.8%
Show 3 more
Homes for sale
368
Pending sales per 100 listings
65
Asking price per sq ft
$123
People and jobs
Median household income
$79,753
Population change (1 year)
+0.0%
Unemployment rate
5.3%
Show 4 more
Population
206,033
Income adjusted for cost of living
$86,033
Net moves in (IRS)
−512
Cost of living (US = 100)
92.7
Schools, risk and environment
School rating (1 to 10)
5.4
FEMA hazard risk score (0 to 100)
88.1
Unhealthy air days a year
3
Show 4 more
Flood risk score
87.6
Wildfire risk score
17.9
Walkability (1 to 20)
9.9
Road, rail and air noise
53 dB
Questions people ask
Is Springfield, IL overvalued?
Home prices in Springfield, IL are slightly above what local incomes have historically supported: fair value is about $199,869, so the area is 0.5% overvalued.
Is Springfield, IL a buyer's or seller's market?
Springfield, IL is a balanced market: homes take about 36 days to sell, listings are up 44% from a year ago, 22% of listings have had a price cut.
Are home prices going down in Springfield, IL?
Home values in Springfield, IL are up 7.4% over the last year. Zillow's forecast for the next 12 months is +5.1%.
How much do you need to earn to buy a home in Springfield, IL?
A household needs about $43,525 a year to afford the typical home in Springfield, IL at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $79,753.