Springfield, MO Housing Market

Market Overview

Springfield, MO is a moderate real estate market, reflected in its PropertyIQ Score of 56/100. The score is supported by 12-month home value momentum of 5.64% and a median days on market of 52 days, but tempered by a -0.37% 3-month momentum and a 19.4% share of listings with price cuts. Compared with state benchmarks, Springfield’s median home value of $273,356 is slightly above the Missouri average of $268,420, while its rent index of $1,261 is significantly above the state average of $996.

The labor market is a relative strength: unemployment is 3.1%, below the state average of 3.7%. However, median household income is $61,488, below the state average of $68,920. This creates a tighter affordability picture than the state norm: home values are modestly higher, but incomes are lower. Overall, the market is balanced rather than strongly favoring buyers or sellers.

Key Trends

First, price momentum is mixed. The 12-month home value momentum of 5.64% shows annual price growth, but the 3-month figure of -0.37% points to recent flattening. A 19.4% price-cut share aligns with sellers adjusting to softer demand, while 52 days on market suggests a moderate, not stalled, pace.

Second, rental demand appears strong. The rent index of $1,261 is $265 above the state average of $996, indicating stronger rental demand or constrained rental supply relative to Missouri. That may support investor interest, though vacancy and rent growth are not provided.

Third, affordability is under pressure. The median home value of $273,356 is above the state average of $268,420, while median household income of $61,488 is below the state average of $68,920. This gap can limit local buying power.

Fourth, inventory and market pace point to balance. There are 1,704 homes for sale and a 52-day median days on market. Combined with 19.4% of listings having price cuts, buyers may have some negotiation room. One data note: the listed home value year over year is $0, which does not offer useful annual dollar-change context; the 12-month momentum metric is clearer.

Who Is This Market For

This market is best suited for buy-and-hold rental investors and move-up buyers. The rent index of $1,261, well above the state average of $996, suggests relatively strong rental demand, and unemployment of 3.1% supports tenant stability. Investors may also benefit from the 19.4% price-cut share and 52-day days on market, which can create negotiation opportunities. The median home value of $273,356 is only slightly above the state average, so entry pricing is not far out of line with the broader state.

Move-up buyers may benefit from the 12-month price momentum of 5.64%, as existing homeowners may have built equity over the past year. The recent cooling shown by the -0.37% 3-month momentum and price cuts may also provide negotiating room. First-time buyers face a more mixed picture: low unemployment supports job stability, but the gap between median household income of $61,488 and median home value of $273,356 makes affordability tighter than the state average. It may work for first-time buyers with stable incomes and savings, but it is not a clear bargain market.

Outlook

The near-term outlook is moderate and likely balanced. The 12-month home value momentum of 5.64% shows underlying demand, but the -0.37% 3-month momentum and 19.4% price-cut share suggest price growth is flattening. With 1,704 homes for sale and 52 days on market, inventory should prevent strong seller control. The rent index of $1,261, well above the state average, should continue to attract investor interest, while unemployment of 3.1% supports housing demand. However, median household income of $61,488, below the state average of $68,920, will likely cap price growth without income gains. Population growth data is not available, so longer-term demand projections are limited. Based on the provided data, Springfield appears set for stable to slightly cooling conditions rather than rapid appreciation or sharp decline.