Springfield, Ohio Housing Market

What stands out in Springfield?

• Asking price per square foot has moved +8.6% a year over five years: among the strongest five-year price growth of 765 tracked cities. Long-run appreciation has been strong here.
• The median asking price is $202,387: one of the cheapest of 765 tracked cities. Low entry prices help cash flow, but check what keeps them low before you buy.
• Asking prices swing about 18.6% between the cheapest and priciest months: among the biggest seasonal price swings of 765 tracked cities. Timing your purchase within the year matters here.

Why is Springfield still competitive?

Springfield has 32% fewer homes for sale than in 2017–2019 at this time of year, and the typical listing has been on the market 47 days, shorter than 72% of the 765 cities we track. For every 100 homes still for sale, 60 are under contract. Well-priced homes will draw more than one offer. Your discount is in the listing that has sat, so set a price alert and move when a stale one gets cut.

Are Springfield price gains broad or limited to a few ZIP codes?

Asking price per square foot in Springfield is up 4.4% over the last year. 2 of the 5 ZIP codes with at least 10 listings rose. 45502 led at up 11.9%, and 45506 trailed at down 3.6%. The gains are uneven. Price each ZIP on its own trend. Over five years the pace has been 8.6% a year. Underwrite closer to that than to the last twelve months.

When do Springfield prices dip?

Across 9 full years, Springfield asking prices ran lowest in February, about 9.0% below the year's average. They peaked in July. The most homes for sale show up in November, about 20% above the yearly average. Shop in November for choice, and expect the softest asking prices in February.

How much can you negotiate in Springfield?

For every 100 homes still for sale, 60 are under contract. In 2017–2019 at this time of year it was 54. The rest are still waiting for a buyer. About 1 in 3 sellers has already dropped their price. Each one has learned their first price was too high. Start your offer below their new price.

The typical Springfield listing has been on the market 47 days. There are 216 homes for sale in Springfield. That is 4.2 times the tightest month on record, but below the peak of 420. Supply is steady against last year.

What to do about it

• Judge each listing on its own.
• Homes listed 60+ days ago with a price cut are where your discount is.
• Fresh, well-priced homes will not move on price. Do not waste offers on them.

What is the fair market rent in Springfield?

HUD sets one fair market rent for Clark County. For fiscal year 2026:

• 1 bedroom: $843 a month. Up 4% on last year, up 61% since FY2016.
• 2 bedrooms: $1,106 a month. Up 4% on last year, up 62% since FY2016.
• 3 bedrooms: $1,355 a month. Up 5% on last year, up 54% since FY2016.
• 4 bedrooms: $1,572 a month. Up 6% on last year, up 56% since FY2016.

The figures include tenant-paid utilities and apply to all of Clark County, so one home's rent can sit well above or below them. See fair market rent by city.

How does Springfield compare with other Ohio markets?

Ranked among the 21 Ohio markets we track:

• Asking price: 9th cheapest of 21. Springfield is at $202,387. Closest: Lima and Youngstown.
• Buyer competition: 9th most competitive of 19. Springfield is at 0.60 buyers per home. Closest: Elyria and Middletown.
• Time on market: 8th longest time on market of 21. Springfield is at a median of 47 days on market. Closest: Lorain and Akron.
• Price cuts: 3rd most price cuts of 21. Springfield is at 29% of sellers cutting. Closest: Westerville and Dayton.

What numbers should you underwrite a Springfield deal with?

• Price growth to assume — +8.0%/yr. Springfield has grown about 8.6% a year for five years and for ten. That pace held before and after the 2020–2021 boom, so it is a fair long-run input. Prices rose 4.4% over the last year. Use it for timing. The five-year rate is the better guide.
• Odds you cut your price to sell — 1 in 3. 29% of Springfield listings have cut their asking price. Underwrite your exit below asking.

Read when a cheap market is a warning and how we read these numbers, then run the numbers on a deal.

What is the median home price in Springfield?

The median asking price in Springfield is about $202,000 as of Sep 2026, down 1.0% from a year ago. The typical listing is 4% smaller than a year ago, and asking price per square foot is up 4.4%. So the size of homes on the market explains much of the drop. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Springfield figures cover the 6 ZIP codes with a Springfield mailing address, which can reach past city limits.

Is Springfield a buyer's or seller's market in 2026?

Neither side has the upper hand in Springfield right now. We compare Springfield with 2017–2019 at this time of year: there are 32% fewer homes for sale; the typical listing has been up 21% fewer days; 29% of sellers have cut their price, against 23% then.

Are Springfield home prices going up or down?

The median asking price is 7.7% below its Dec 2025 peak. Per square foot the gap is smaller: 2.4% below the Jun 2024 high. Part of the drop is smaller homes coming to market. Prices are rising again. Every month you wait costs money. The question is no longer when. It is which house.

What rent can Springfield tenants afford?

At 30% of income, a tenant on the median income can pay about $1,512 a month. The median Springfield household earns $60,487 a year.

What price growth should I assume for Springfield?

Assume +8.0% a year. Springfield has grown about 8.6% a year for five years and for ten. That pace held before and after the 2020–2021 boom, so it is a fair long-run input. Prices rose 4.4% over the last year. Use it for timing. The five-year rate is the better guide.

What is the fair market rent in Springfield?

HUD's fiscal year 2026 fair market rent for Clark County is $1,106 a month for 2 bedrooms and $1,355 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.