Springfield Housing Market Data: 2024

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Housing Market Trends: Springfield Oregon

Welcome to our Springfield Housing Market Data page, a comprehensive resource designed to keep you informed about the latest trends and statistics in Springfield's real estate market. Whether you're planning to buy your dream house in Springfield or sell your home with our 1.95% Listing Advantage, understanding the current market dynamics is crucial for making informed decisions. Each month, we’ll analyze key real estate metrics and summarize their implications for our local housing market, providing you with a clear picture of what's happening in Springfield's housing landscape. Our data is collected from our local MLS and Altos.re, ensuring that both buyers and sellers have access to accurate and relevant information. Stay tuned for our monthly updates and insights, empowering you to make the best real estate choices in Springfield.

* Exluded from the real estate data are: condos, townhomes, mobile homes


Springfield Real Estate Surge: Rising Prices and Growing Inventory in May 2024

In Springfield, May 2024 marked a significant rise in the housing market, with the median home price escalating from $505,445 to $559,990 and the price per square foot increasing from $296 to $312. The overall inventory also saw a slight increase, reaching 111 homes available on the market. Zip code 97477 emerged as the most competitive, boasting a market action index of 59. Conventional loans were the primary method of purchasing, dominating 67.1% of transactions, while cash offers constituted only 15.8%, indicating a different buying pattern compared to Eugene.

Real Estate Market Trends

Springfield
Zip Codes
Market
Action Index
Median
List Price
Price per
Sq Foot
Median Days on Market Available Homes for Sale
Springfield 49 $559,990 $312 35 111
97477 59 $442,447 $306 28 42
97478 43 $599,900 $318 42 69

How Quickly Homes are Selling

Springfield
Zip Codes
0-7 Days 8-30 Days 31-60 Days 61-90 Days 90+ Days
Springfield 39.5% 25.0% 13.2% 3.9% 18.4%
97477 39.5% 26.3% 7.9% 5.3% 21.1%
97478 39.5% 23.7% 18.4% 2.6% 15.8%

How Buyers are Paying for Homes

Springfield
Zip Codes
Cash Conventional FHA VA Other
Springfield 15.8% 67.1% 11.8% 3.9% 1.3%
97477 18.4% 65.8% 10.5% 5.3% 0.0%
97478 13.2% 68.4% 13.2% 2.6% 2.6%

Springfield Real Estate Market Summary: April 2024- Thurston Plays Key Role

In April 2024, the Springfield real estate market showed several key trends that reflect its current state. The median list price increased, indicating higher property values, while the price per square foot dropped. This suggests that larger and more expensive homes listed and went into contract in April, which influenced the average price metrics.

The median days on the market for homes in Springfield remained stable at 35 days, indicating a consistent pace in how quickly homes are selling. Additionally, the inventory of available homes increased from 88 to 102, a typical rise for the spring season.

Sales were quick, with half of the homes listed going under contract within the first seven days on the market. Many of these fast sales happened in the Thurston area, pointing to its attractiveness among buyers. Moreover, 75% of the homes that went under contract did so within 30 days of listing, showing a strong seller's market in Springfield.

As for payment methods in April, cash purchases slightly decreased to 17.5% of transactions, a figure also reflected in the use of FHA loans. This indicates a balance in the types of financing buyers are using. Conventional loans remained the most popular, making up 60% of the home purchases, showing that they are still the preferred method for most buyers in Springfield.

Overall, Springfield's real estate market in April 2024 was marked by fast sales and a steady market pace, with quick sales especially notable in areas like Thurston. The variety of financing options available to buyers reflects a market that accommodates different financial capabilities and preferences.

Real Estate Market Trends

Springfield
Zip Codes
Market
Action Index
Median
List Price
Price per
Sq Foot
Median Days on Market Available Homes for Sale
Springfield 50 $505,445 $296 35 102
97477 59 $424,997 $296 28 42
97478 44 $597,400 $301 56 60

How Quickly Homes are Selling

Springfield
Zip Codes
0-7 Days 8-30 Days 31-60 Days 61-90 Days 90+ Days
Springfield 50.0% 25.0% 10.0% 2.5% 12.5%
97477 45.5% 27.3% 9.1% 0.0% 18.2%
97478 55.6% 22.2% 11.1% 5.6% 5.6%

How Buyers are Paying for Homes

Springfield
Zip Codes
Cash Conventional FHA VA Other
Springfield 17.5% 60.0% 17.5% 5.0% 0.0%
97477 18.2% 68.2% 13.6% 0.0% 0.0%
97478 16.7% 50.0% 22.2% 11.1% 0.0%

Springfield Oregon Housing Market Heats Up in March 2024

The Springfield Oregon housing market is sizzling in March 2024, with a strong seller's market and a Market Action Index of 49. Homes are selling faster, with a median of 35 days on the market and 25% of homes selling within the first week. Cash buyers are making a significant impact, with 20.8% of homes being purchased with cash, indicating a competitive market. As well, FHA buyers showed a strong presence in Springfield making up 27.8% of all March purchases. As we enter the spring season, sellers can expect strong interest from buyers, while buyers should be ready to act fast when they find their perfect home in this thriving market.

Real Estate Market Trends

Springfield
Zip Codes
Market
Action Index
Median
List Price
Price per
Sq Foot
Median Days on Market Available Homes for Sale
Springfield 49 $439,995 $305 35 88
97477 58 $429,000 $297 21 33
97478 44 $599,900 $316 35 55

How Quickly Homes are Selling

Springfield
Zip Codes
0-7 Days 8-30 Days 31-60 Days 61-90 Days 90+ Days
Springfield 25.0% 14.6% 12.5% 14.6% 33.3%
97477 25.7% 14.3% 8.6% 17.1% 34.3%
97478 23.1% 15.4% 23.1% 7.7% 30.8%

How Buyers are Paying for Homes

Springfield
Zip Codes
Cash Conventional FHA VA Other
Springfield 20.8% 47.9% 27.1% 4.2% 0.0%
97477 20.0% 48.6% 28.6% 2.9% 0.0%
97478 23.1% 46.2% 23.1% 7.7% 0.0%

Springfield Oregon Housing Market: February 2024

In February 2024, the Springfield housing market is showing stable trends. The median list price is at $469,990, and the market action index has risen to 44, showing it's a seller's market. The area offers a more affordable option compared to Eugene, with an average price per square foot of $291 and median sales price at $432,450 . Although there's been a recent increase in inventory, prices have remained stable. Cash purchases are less common here than in Eugene housing market with 12.2% of buyers paying cash last month. The market is also seeing many new homes from builders like DR Horton and Hayden Homes.

Real Estate Market Trends

Springfield
Zip Codes
Market
Action Index
Median
List Price
Price per
Sq Foot
Median Days on Market Available Homes for Sale
Springfield 44 $432,450 $291 42 85
97477 46 $399,000 $289 42 39
97478 44 $599,500 $298 46 46

How Quickly Homes are Selling

Springfield
Zip Codes
0-7 Days 8-30 Days 31-60 Days 61-90 Days 90+ Days
Springfield 17.1% 22% 19.5% 14.6% 26.8%
97477 12.5% 25% 25% 12.5% 25%
97478 23.5% 17.6% 11.8% 17.6% 29.4%

How Buyers are Paying for Homes

Springfield
Zip Codes
Cash Conventional FHA VA Other
Springfield 12.2% 65.9% 7.3% 7.3% 7.3%
97477 8.3% 70.8% 8.3% 8.3% 4.2%
97478 17.6% 58.8% 5.9% 5.9% 11.8%

Springfield Oregon Housing Market: January 2024

  • Market Overview: The Springfield, Oregon real estate market exhibits a slight seller's advantage, reflecting a Market Action Index (MAI) of 42. This means that while buyers are active, sellers still enjoy favorable conditions.
  • Median List Price: The median list price remains stable at $484,990, making Springfield an attractive destination for both homebuyers and sellers alike.
  • Inventory Insights: Inventory levels have decreased, with 85 properties available on average over the past seven days. This reduction in supply suggests a competitive market.
  • Days on Market: Properties in Springfield typically stay on the market for an average of 101 days, with a median of 63 days. This balanced timeframe allows buyers and sellers to make informed decisions.
  • Monthly Day Supply: Our Monthly Day Supply currently stands at 1.7 months, calculated by dividing available homes by the last 30 days of homes in contract. This metric helps gauge the pace of the market, highlighting the supply and demand dynamics.
  • Price Negotiations: Approximately 47% of properties have experienced a price decrease, indicating room for negotiation, which can be advantageous for buyers. This signifies an opportunity to explore flexible pricing options.
  • Market Stability: Springfield's real estate market is experiencing a cooling trend while remaining in the seller's zone. Consistent prices and a balanced sales-to-inventory rate provide a stable environment for transactions.

housing inventory graph springfield oregon

*Graph provided by altos.re

In summary, Springfield, Oregon's real estate market offers opportunities for both buyers and sellers, with stable pricing and a balanced environment. Whether you're considering buying or selling, our team at Heart & Home Real Estate is here to assist you every step of the way. Stay informed, stay connected, and let’s make your next real estate move with confidence and success.

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