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Springfield IL Housing Market Report — 2026
TL;DR — Springfield IL Market Snapshot
According to Realtor.com (March 2026), Springfield IL is the #10 hottest market in the US (score 93.979). Per Redfin (March 2026), median sale price: $187,000 (+23% YoY). Per Zillow (3/31/2026), ZHVI: $163,198 (+8.2% YoY). Median days on market: 27 days (Redfin) / 31.5 days active listing (RDC). Compete score: 78/100 (Very Competitive). Sale-to-list ratio: 98.4%. 113 homes sold in March 2026. This is the best seller's market Springfield has seen in recent memory.
Key Market Metrics — March 2026
| Metric | Value | YoY Change | Source |
|---|---|---|---|
| Zillow Home Value Index (ZHVI) | $163,198 | +8.2% | Zillow (3/31/2026) |
| Redfin Median Sale Price | $187,000 | +23.0% | Redfin (Mar 2026) |
| Price per Sq Ft | $112 | +24.4% | Redfin (Mar 2026) |
| Median Days on Market (sold) | 27 days | Not disclosed | Redfin (Mar 2026) |
| RDC Active Listing DOM | 31.5 days | N/A | Realtor.com (Mar 2026) |
| RDC Hotness Score | 93.979 (Rank #10) | N/A | Realtor.com (Mar 2026) |
| Compete Score | 78/100 — Very Competitive | +varies | Redfin (Mar 2026) |
| Sale-to-List Ratio | 98.4% | +1.0 pt | Redfin (Mar 2026) |
| Homes Sold | 113 | N/A | Redfin (Mar 2026) |
Note: Zillow ZHVI is an average home value index, not a sale price median. Redfin median sale price ($187K) reflects actual closed transactions. The divergence reflects different measurement methodologies, not data error. Use Redfin for transaction comps; use ZHVI for market trend context.
What's Driving Springfield's #10 National Ranking
Realtor.com's Market Hotness Index ranks markets on two dimensions: demand (views per property, time on market) and supply (active inventory days on market). Springfield's 93.979 score and #10 national ranking as of March 2026 reflects a genuine supply-demand imbalance: the city has a historically large older housing stock with limited new construction, a stable employment base (state government), and increasing demand from buyers priced out of larger Illinois markets.
Per Redfin (March 2026), the 23% year-over-year appreciation in the median sale price is the headline number — but the 24.4% jump in price per square foot tells the fuller story. Price appreciation is broad-based across the market, not concentrated in high-end properties.
For sellers, this means the market will support a retail listing on a well-maintained property. The question is whether the property condition, your timeline, and the cost of the retail process (agent commission, repairs, carrying costs, potential fallthrough) make retail the right choice vs. a direct cash sale.
Springfield vs. Illinois Statewide Market
| Metric | Springfield IL | Illinois Statewide |
|---|---|---|
| Zillow ZHVI | $163,198 | $282,909 |
| ZHVI YoY Growth | +8.2% | +3.8% |
| Redfin Median Sale Price | $187,000 (+23%) | ~$295,000 |
| Median Days on Market | 27 days | 51 days |
| Hotness Rank | #10 nationally | N/A |
IL statewide figures: Zillow IL ZHVI and Redfin IL state market page, March 2026. Springfield's appreciation rate is more than double the statewide average.
Transfer Tax and Closing Costs in Springfield IL
Illinois state transfer tax: $0.50 per $500 (35 ILCS 200/31-10). Sangamon County transfer tax: $0.25 per $500 (35 ILCS 200/31-55). Combined: $0.75 per $500 ($1.50/$1,000), seller pays. No Springfield municipal transfer tax (confirmed from City of Springfield official tax rate document). Recording fee: $64 per standard document (Sangamon County Recorder, Frank J. Lesko, 217-535-3150).
| Sale Price | IL State Tax | Sangamon Co. Tax | Total Transfer Tax |
|---|---|---|---|
| $130,000 | $130 | $65 | $195 |
| $163,198 (ZHVI) | $163 | $81.60 | $244.80 |
| $187,000 (Redfin median) | $187 | $93.50 | $280.50 |
| $250,000 | $250 | $125 | $375 |
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Neighborhood Price Reference
| Neighborhood | Median Price | Housing Character |
|---|---|---|
| Enos Park | $118,495 | 1880s-1920s Victorian frame and brick cottages; historic district |
| Harvard Park | $92,550 | 1940s-1960s Craftsman bungalows and Cape Cods |
| West Side | Below ZHVI avg | Post-war 1950s-1970s brick ranches |
| South Side | Below ZHVI avg | Mixed aging housing stock; higher investor concentration |
| Capitol / Downtown (62701) | Above avg (historic premium) | State government area; Lincoln tourist district |
| Aristocracy Hill | Above avg | Victorian mansion corridor near downtown |
| Chatham (suburb) | Near ZHVI avg | Growing suburban; newer construction mix |
| Rochester IL (suburb) | Near-to-above ZHVI avg | Commuter suburb east of Springfield |
Enos Park and Harvard Park medians sourced from NeighborhoodScout and homes.com. Other neighborhood medians are characterizations based on available market data — specific sub-ZIP medians not independently confirmed. See neighborhoods page for details.