Springfield, MO Housing Market
AI-powered market intelligence for the Springfield, MO metro area.
PropertyIQ Scores
Springfield, MO Market Analysis
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.
AI-generated analysis based on current market data. Last updated August 19, 2026.
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Springfield, MO market data
Springfield, MO Housing Market Overview
Springfield, MO's median home value is $273K, up 5.6% over the past year. Homes here sell in a median 52 days. Its PropertyIQ Score of 56 sits right around the state average of 50.
The Springfield, MO metropolitan area represents a distinct segment of MO's housing landscape. The PropertyIQ Score combines price momentum — how Zillow home values have trended over the past 3 and 12 months — with market-flow signals from Realtor.com that track how fast homes sell and how often sellers cut prices. The result is a single measure of how this market is positioned to outperform or lag its state over the next three years.
Midwestern housing markets are characterized by affordability and economic diversification. From manufacturing hubs undergoing tech-sector transitions to university towns with stable demand, the region offers value-oriented opportunities with lower entry costs than coastal markets. Within the Midwest, Springfield, MO's PropertyIQ Score of 56 tracks near the Midwest norm.
The PropertyIQ Score for the Springfield, MO market is built from four inputs: Zillow home-value momentum over twelve months, Zillow home-value momentum over three months, the median days listings spend on the market (Realtor.com), and the share of listings with a price cut (Realtor.com). The score runs on a 1 to 99 scale computed across all metro markets nationally and calibrated so 50 equals the state average — a score above 50 means this market is positioned to outperform its state, and a score below 50 means it is set to lag. Momentum here has been positive, with home values up 5.6% over the past year.
Use PropertyIQ's interactive analytics to compare Springfield, MO against any other US metro on its PropertyIQ Score and underlying metrics. Generate a free AI market report, explore historical trends on the graphs page, or see how this market ranks on the scores dashboard.
Counties in the Springfield, MO metro area
ZIP codes in the Springfield, MO metro area
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Market data through July 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Springfield, MO a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Springfield, MO currently scores 56, a steady-momentum reading that leaves it tracking close to its state average. For buyers, a balanced market means neither side holds a decisive edge, giving you time to shop carefully without racing the clock. Backing that up, the median home value here is $273K, up 5.6% over the past year. So whether Springfield, MO is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Springfield, MO?
Springfield, MO's PropertyIQ Score is 56, indicating steady momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 56 places Springfield, MO above its state benchmark.
Are home prices in Springfield, MO rising or falling?
Home prices in Springfield, MO are rising. Over the past year, the median home value increased 5.6%, reaching $273K. Over the latest three months, values slipped 0.4%, a sign near-term demand is softening. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Springfield, MO's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Springfield, MO?
In Springfield, MO, homes sell in a median of 52 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 19% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Springfield, MO market data is refreshed on a monthly cycle, with the latest figures current through July 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.