The Springfield, IL metro housing market recorded a median days on market of 28 days for the week ending Nov. 7, 2025, moving faster than the Illinois state median of 49 days. The accelerated sales pace comes as the metro’s median list price sits at $199,700, well below the state median of $309,900.
Springfield’s housing market shows buyer-favorable conditions with 232 active listings and 2.2 months of supply. The metro absorbed 25 homes during the week while adding 37 new listings to inventory. Price adjustments remain elevated, with 43.1% of active listings taking price cuts compared to just 0.4% increasing prices.
Inventory and pace
Active inventory totaled 232 single-family homes in the Springfield metro, with sellers adding 37 new properties to the market during the week. The market absorbed 25 homes, maintaining a 2.2-month supply that matches the Иллинойс state level of 2.3 months. Both remain below the national 2.9 months of supply.
The 28-day median days on market represents one of the fastest sales paces in the region. Homes in Springfield sell faster than the national median of 77 days. The rapid turnover occurs despite limited price appreciation pressure, with the median list price at $199,700.
Pricing dynamics
Springfield’s median list price of $199,700 translates to $113.2 per square foot, significantly below the state median of $168.1 per square foot and the national median of $213.1. The lower price point contributes to the market’s velocity.
Price reductions dominate seller activity, with 43.1% of listings cutting prices during the week. Only 0.4% of sellers raised prices. The high rate of price cuts indicates sellers are adjusting expectations to maintain the market’s quick sales pace. Meanwhile, 1.7% of properties were relisted after previously being removed from the market.
Что смотреть
Monitor whether Springfield maintains its 28-day sales pace as winter approaches. Track the 43.1% price cut rate for signs of stabilization. Watch if the 2.2 months of supply tightens further or aligns more closely with slower state patterns.
Use the 28-day median DOM benchmark when advising clients on listing timelines. Track the 43.1% price cut rate to guide pricing strategies. Monitor the weekly absorption rate of 25 homes against new listing volumes to anticipate inventory shifts.
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