Foreclosure Homes in Springfield, IL 62704

Current Market Conditions in Springfield, IL

The real estate market in Springfield is currently experiencing a steady demand for homes, with favorable prices for both buyers and investors. The market is characterized by a mix of traditional homes and newer developments, catering to various tastes and budgets, making it an attractive area for investment.

Recently, there has been an increase in new construction, indicating a growth in the local economy and an influx of new residents. This trend is bolstered by the city's affordable housing prices compared to the national average, providing an excellent opportunity for real estate investors.

Rent Prices In Springfield, IL

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Springfield, IL, is on a rollercoaster ride. The average rent price in Springfield, IL, is $1,146.00. Indeed, when looking to rent in Springfield, IL, you can expect to pay as little as $500.00 or as much as $2,380.00, with the average rent median estimated to be $1,090.00. The good news is that finding an affordable and desirable property to rent in Springfield, IL -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.