The Housing Market in Springfield, IL

Springfield Armory
Creative Commons License photo credit: jimbowen0306

Springfield, IL is the capital of the state. It is also well known for being the residence of former President Abraham Lincoln. You will find many historical sites and a museum that teach about Lincoln and his life in Springfield. The heavy hitters in Illinois politics convene in Springfield for important meetings. The work force in the city are largely comprised of government positions because of this. As with many mid western cities you will find that the seasons are experienced in full. You get a taste of old man winter pretty heavily in Springfield as well. Some refer to Springfield as a city of seasons because it’s bustling with activity during political campaigns, but then relatively quite thereafter. If you’re looking to move to Springfield, you can expect the following from the housing market there. There are few things to do in Springfield outside of government related ventures. Many local residents in the area, enjoy the peace after the political big shots head to their respective homes.

The median home sale price is around one hundred thousand dollars and that’s surprisingly not too from off from the median sale price a year ago. While homes are selling, sellers are being forced to take around sixty thousand dollars less than their list price. At the end of this quarter, there were just a bit over one thousand two hundred homes for sale in Springfield. There are only about four hundred homes in foreclosure or pre-foreclosure and that’s not a bad sign for a city of this size. Many homes in the area are remaining on the market for longer periods of time however, and that’s a bad indication for sellers. It is typically a buyers market in Springfield. Some Realtors and other market professionals don’t predict a turn in the tide for sellers until the first quarter of next year. There are some depressed areas in Springfield and if you’re looking to buy a home, you should consult an experienced Realtor who truly knows the area and not just the history. Living in a historical place can be exciting and for buyers the time is now to look for a home in Springfield, IL.