Springfield's real estate market remains highly competitive, with median home prices rising 8.5% year-over-year (YoY) to $420,000 in Q2 2024, per Redfin. Inventory dropped 12% to 3.4 months of supply, while buyer demand surged, with 28% more showings and 15% more offers above asking prices. Redfin highlights limited inventory and low interest rates as key drivers.

The price surge aligns with broader U.S. trends, where 45% of markets saw price gains in Q2 2024 (National Association of Realtors). Springfield’s inventory contraction reflects national data: U.S. active listings fell 7.2% YoY to 1.6 million (Redfin Q2 2024). Buyer urgency is validated by 15% above-asking-price offers, a 4.3x multiple of normal conditions. Redfin’s analysis attributes this to mortgage rates averaging 6.5% (Federal Reserve) and pent-up demand from pre-pandemic buyers. Springfield’s 28% increase in showings outpaces the national 19% rise, signaling localized strength. These factors collectively sustain a seller’s market, with Redfin projecting 5-7% annual price growth through 2025 if inventory remains constrained.