Is Springfield, IL 62701 a buyer’s or seller’s market?

3 months ending August 31, 2026 · Source: Redfin

Springfield is a balanced market. With about null months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.

Months of supply—Under 4 months = seller’s market

Sold above original list—Share of sales, last 3 months

Median sale-to-list—Sold price ÷ list price

Median days on market—Listing to accepted offer

Median price per sq ft—

The Springfield housing market right now

There haven’t been enough recent sales here for a detailed summary yet.

About the area

Sangamon County, IL

Population	1,205
Median income	$32,195
Average income	$61,044
Median rent	$675/month
Owner-occupied	3% of homes
Median year built	1968

Natural hazard riskEarthquakes (moderate), extreme heat (moderate), tornadoes (moderate)

Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates (household income; home value as estimated by owners), ZIP code tabulation area 62701; hazard risk from the FEMA National Risk Index for the census tracts in this ZIP code (not endorsed by FEMA).

Run the numbers for 62701

Prefilled for 62701Can I win this house?Multiple-offer likelihood for a listing Prefilled for 62701Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Auburn 62615Seller’s market $129 /sq ft Buffalo 62515 $107 /sq ft Cantrall 62625 $152 /sq ft Chatham 62629Seller’s market $149 /sq ft Browse all markets →

Where Springfield is

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Questions about Springfield real estate

What are property taxes in Springfield?

About 1.99% of a home’s value a year in Sangamon County, or roughly $7,960 on a $400,000 home.

Local agents

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More tools for 62701

Competition score Buyer leverage Negotiation room Compare with other ZIP codes True cost to buy Property taxes Closing costs Cash buyers Backup offer odds Home value Sangamon County property taxes Sangamon County loan limits Closing costs in Illinois Hottest ZIP codes in Illinois

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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology