Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 2,876 people, 1,266 houses or apartments, and a median cost of homes of $150,106, house prices in Springfield are solidly below the national average.
Single-family detached homes are the single most common housing type in Springfield, accounting for 69.96% of the city's housing units. Other types of housing that are prevalent in Springfield include duplexes, homes converted to apartments or other small apartment buildings ( 17.05%), large apartment complexes or high rise apartments ( 8.42%), and a few row houses and other attached homes ( 2.61%).
The most prevalent building size and type in Springfield are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.73% owning and 46.27% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Springfield's housing was primarily built during this period, from the '40s through the '60s. A full 40.28% of the city's housing hails from this era. Other housing ages represented in Springfield include homes built between 1970-1999 ( 27.50%) and housing constructed between 2000 and later ( 19.81%). There's also some housing in Springfield built before 1939 ( 12.41%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Springfield, where house values have increased just 34.22%, which is annualized rate of 2.99%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Springfield appreciation rates have trailed the rest of the nation. In the last twelve months, Springfield's appreciation rate has been -11.82%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Springfield were at 1.84%, which equates to an annual appreciation rate of 7.57%.
Relative to Kentucky, our data show that Springfield's latest annual appreciation rate is lower than 90% of the other cities and towns in Kentucky.
$150,106
for Kentucky
for nation
1,266
$1,237 / per month