Market Snapshot
- Median listing price
- $200K
- Median rent
- $1,121/mo
- Days on market
- 180 days
- Gross rental yield
- 6.73%
- STR vs LTR
- $1,478/mo STR · $1,121/mo LTR
The median listing price in Springfield, IL ZIP 62704 is $200,000 as of June 2026.
The median market rent in Springfield, IL ZIP 62704 is $1,121/month as of June 2026.
The median days on market in Springfield, IL ZIP 62704 is 180 days as of June 2026. The market is currently hot.
At a median list price of $200,000 and a median rent of $1,121/month, the gross rental yield in Springfield, IL ZIP 62704 is 6.73% as of June 2026.
In Springfield, IL ZIP 62704, median Airbnb revenue is $1,478/month compared to median long-term rent of $1,121/month as of June 2026.
Springfield, IL 62704 Real Estate Market Report
ZIP Code: 62704
Report Date: June 2026
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.
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.
Market Metrics
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.
Rental Market
Property Taxes
Liquidity & Velocity
Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.
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.
Key Findings
- 166,000 is the reliable indicator of realized market value — the median sold price establishes recent transaction levels and suggests pricing power for sellers in the current cycle.
- 200,000 in median listing price versus the median sold price indicates a meaningful asking-to-sale gap that may reflect seller optimism or pricing friction; this gap appears alongside a hot market temperature, so sellers may still capture premium pricing if properties are positioned competitively.
- 180 days on market signals slower sales velocity and longer negotiation timelines than a rapid-turn market; this extended time-to-contract may indicate increased buyer selectivity or the need for clearer pricing strategies despite upward price trends.
- Market fundamentals show upward momentum — price year-over-year trend: up and rent year-over-year trend: up — while interest rate pressure: elevated introduces financing headwinds that may temper buyer urgency and require sellers to be more flexible on terms and marketing to maintain momentum.
Notable Properties
The following 7 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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold at market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold below market average
Sold below market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.50% rate, 1.9% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 6/1/2026
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