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 5,266 people, 2,235 houses or apartments, and a median cost of homes of $135,075, house prices in Springfield are some of the most affordable in Michigan as well as the nation.
Single-family detached homes are the single most common housing type in Springfield, accounting for 44.07% of the city's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 35.56%), mobile homes or trailers ( 14.14%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.62%).
People in Springfield primarily live in small (one, two or no bedroom) single-family detached homes. Springfield has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Springfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Springfield built between 1940-1969 ( 33.50%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.27%). There's also some housing in Springfield built before 1939 ( 9.36%).
In the last 10 years, Springfield has experienced some of the highest home appreciation rates of any community in the nation. Springfield real estate appreciated 148.08% over the last ten years, which is an average annual home appreciation rate of 9.51%, putting Springfield in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Springfield definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Springfield's appreciation rate, at 5.30%, has been at or slightly above the national average. In the latest quarter, Springfield's appreciation rate has been 0.56%, which annualizes to a rate of 2.25%.
Notably, Springfield's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Michigan, our data show that Springfield's latest annual appreciation rate is lower than 60% of the other cities and towns in Michigan.
$135,075
for Michigan
for nation
2,235
$1,186 / per month