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Springfield's Rising Home Values: A Decade of Growth in Georgia's Charming Southern City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Springfield, Georgia, located in Effingham County, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices in Springfield, providing insights into the city's real estate landscape.
Homeownership rates in Springfield have fluctuated from 2013 to 2022. In 2013, the rate was 78%, which decreased to 69% by 2018, but recovered to 76% by 2022. This trend coincides with changes in average home prices, which have seen a substantial increase over the same period. In 2013, the average home price in Springfield was $120,763, rising steadily to reach $233,272 by 2022, representing a 93% increase over nine years.
The relationship between federal interest rates and homeownership rates in Springfield shows some correlation. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained relatively stable around 76-78%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates declined to 69%. However, despite rising interest rates in subsequent years, homeownership rates recovered, suggesting other local factors may have influenced this trend.
Renter percentages in Springfield have shown an overall increase from 19% in 2013 to 24% in 2022, with some fluctuations. This trend has been accompanied by changes in average rent prices. In 2013, the average rent was $1,033, which remained relatively stable with minor fluctuations, reaching $996 by 2022. Despite the population growth from 10,068 in 2013 to 11,374 in 2022, average rent prices have not seen a significant increase, suggesting an adequate supply of rental properties to meet demand.
Looking at the most recent data, the average home price in Springfield reached $259,052 in 2023 and further increased to $276,458 in 2024. This represents an 18.5% increase from 2022 to 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Springfield will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $320,000 to $350,000 by 2029. Average rent prices are expected to show moderate growth, potentially reaching $1,100 to $1,200 per month by 2029, assuming steady population growth and economic stability.
In summary, Springfield has experienced a notable increase in average home prices over the past decade, with a slight decline in homeownership rates that has recently begun to recover. Renter percentages have increased moderately, while average rent prices have remained relatively stable. The city's real estate market appears to be dynamic, with recent years showing significant home price appreciation despite rising interest rates. These trends suggest a robust housing market in Springfield, with potential for continued growth in both home values and rental demand in the coming years.
