Is Springfield, IL 62707 a buyer’s or seller’s market?
Springfield is a seller’s market. With about 0.6 months of supply and 64% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
More competitive than 99% of U.S. ZIP codes, and #1 of 464 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Springfield housing market right now
In the three months ending August 31, 2026, 64% of homes in Springfield, IL 62707 sold above their list price, the typical home went under contract in 3 days and there were 0.6 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 26 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 40%, homes sold faster (27 days then) and the median sale price rose 9% to $214,907. Overall, Springfield is more competitive than a year ago, so tougher for buyers.
Within Sangamon County, homes here sell faster than in 87% of the county’s ZIP codes, and sell more often over asking than in any other ZIP code in the county. On our competition score, Springfield ranks #1 of 464 IL ZIP codes with enough sales (score 96 out of 100).
Nearby, buyers who want less competition could look at Loami 62661 (0% sold over asking) or Cantrall 62625 (0% sold over asking).
Run the numbers for 62707
Nearby markets
Auburn 62615Seller’s market $129 /sq ftBuffalo 62515 $107 /sq ftCantrall 62625 $152 /sq ftChatham 62629Seller’s market $149 /sq ft Browse all markets →Towns like Springfield nearby
Find towns like Springfield in other states →Where Springfield is
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Questions about Springfield real estate
Is Springfield a buyer’s or seller’s market?
A seller’s market: there were 0.6 months of supply in Springfield, IL 62707 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Springfield?
The typical home went under contract in 3 days in the latest three months.
Do homes in Springfield sell over asking?
64% of homes sold above their original list price, and the typical sale closed at 101.6% of the list price.
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.
What is the median home price in Springfield?
The median sale price was $214,907 in the three months ending August 31, 2026, about $142 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology