Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 1,518, 511 total housing units (homes and apartments), and a median house value of $706,223, real estate costs in Springfield are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.
Single-family detached homes are the single most common housing type in Springfield, accounting for 75.46% of the town's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 15.75%), duplexes, homes converted to apartments or other small apartment buildings ( 8.79%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Springfield. Owner-occupied housing accounts for 76.98% of Springfield's homes, and 75.79% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Springfield's housing was primarily built during this period, from the '40s through the '60s. A full 66.34% of the town's housing hails from this era. Other housing ages represented in Springfield include homes built before 1939 ( 23.55%) and housing constructed between 1970-1999 ( 5.14%). There's also some housing in Springfield built between 2000 and later ( 4.98%).
Vacant housing appears to be an issue in Springfield. Fully 15.26% of the housing stock is classified as vacant. Left unchecked, vacant Springfield homes and apartments can be a drag on the real estate market, holding Springfield real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Springfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Springfield during the period has been just 5.46%, which is lower than 70% of US communities.
Appreciation rates are so strong in Springfield that despite a nationwide downturn in the housing market, Springfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Springfield appreciation rates continue to be some of the highest in America, at 11.10%, which is higher than appreciation rates in 91.38% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Springfield. Springfield appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.
Relative to New Jersey, our data show that Springfield's latest annual appreciation rate is higher than 50% of the other cities and towns in New Jersey.
$706,223
for New jersey
for nation
511
$4,056 / per month