Springfield, IL 62704 Real Estate Market Report

ZIP Code: 62704
Report Date: April 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Springfield, IL (ZIP: 62704) is currently $180,000, reflecting a robust market with consistent home price appreciation. This price indicates strong buyer interest and a competitive landscape, particularly as the neighborhood has increased 15% since 2023. The market is characterized by elevated inventory levels, which suggests a potential for buyers to negotiate more effectively, although the overall demand remains strong due to limited supply relative to sales activity.

In terms of market dynamics, the median days on market stands at 157 days, indicating a slower sales velocity. This extended timeframe may signal a cautious approach from buyers amid elevated mortgage rates, which present affordability challenges. Despite these conditions, the market temperature remains hot, with a year-over-year trend in rent also moving upward, reflecting sustained rental demand in the area. Overall, while the market shows signs of stability, the combination of elevated interest rate pressure and slower transaction volume may create a nuanced environment for both buyers and sellers.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

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Key Findings

1. The median sold price of $180,000 indicates strong buyer interest and competitive conditions in the market.

2. With a median days on market of 157, the market is experiencing slower sales velocity, suggesting buyers are taking more time to make decisions.

3. The median listing price of $164,900 reflects seller expectations that may be slightly above current market realities, indicating potential pricing friction.

4. The median market rent of $1,220 shows a robust rental demand, contributing to the overall strength of the housing market in the area.

5. The market remains hot, with a year-over-year trend in prices up, suggesting continued appreciation despite elevated interest rate pressure.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.