03/13/2025
Springfield, Illinois Real Estate Market Update
As of February 2025, the Springfield housing market continues to exhibit robust growth and competitiveness. Here's a snapshot of the current trends:
Redfin
Home Values and Prices:
Median Home Value: $150,168, reflecting a 5.2% increase over the past year.
zillow.com
Median Sale Price: $194,000 as of January 2025, marking a substantial 17.5% year-over-year rise.
Redfin
Market Activity:
Time on Market: Homes typically go pending in approximately 12 days, indicating a swift market pace.
Redfin
+2
Redfin
+2
zillow.com
+2
Sales Volume: In January 2025, 88 homes were sold, a 35.4% increase compared to the same period last year.
zillow.com
+5
Redfin
+5
Redfin
+5
Inventory Levels:
Active Listings: As of February 28, 2025, there were 250 homes for sale, with 89 new listings added during that month.
zillow.com
Market Competitiveness:
Sale-to-List Price Ratio: The median sale-to-list price ratio stands at 0.995, suggesting that homes are selling very close to their asking prices.
realtor.com
+1
zillow.com
+1
Over List Price Sales: Approximately 30.9% of sales in January 2025 were above the list price, highlighting the competitive nature of the market.
zillow.com
Expert Insight: According to the Illinois REALTORS® association, Illinois experienced an increase in year-over-year closed home sales, median prices, and available homes during January 2025.
illinoisrealtors.org
In summary, Springfield's real estate market is thriving, characterized by rising home values, quick sales, and a competitive environment. Both buyers and sellers should stay informed and act swiftly to navigate this dynamic market effectively.
houzeo.com
Wesley Peterson
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