Springfield, OH Real Estate Market Update: Spring Trends & Home Values

There is a great deal of positive talk about this much-anticipated market! Economists predict the first genuine spring market since 2019. Sure, many have been inundated with the spring weather predictions, but the forecast for our spring real estate market is anticipated to be our return to “normalcy”!

Here in Springfield and across Ohio, we are already seeing encouraging signs. We have interest rates holding steady in a much better place, which is healthier for the overall economy. Buyers have been anxiously waiting for more inventory, and thus more options—and this is happening across the state.

A friend of mine who works in the lending business remarked recently to me that the sheer number of pre-approval applications has jumped significantly, similar to pre-pandemic numbers. That kind of activity is something we are starting to feel locally as well.

A More Balanced Market Is Taking Shape

More inventory balances the market, so it isn’t just a seller’s or a buyer’s market. The balance is good for both the buyer and seller, as it leads to more negotiating and, most importantly, realistic and competitive pricing.

There’s more inventory for buyers to choose from, and for sellers, that increased activity means more people coming through your open houses.

Here’s a quick snapshot of what we’re seeing nationally:

Source: National Association of REALTORS®

As we’re seeing nationally and starting to feel here in Springfield and the greater Clark County area—inventory is beginning to rise, helping move the market toward a more balanced position.

Are Home Prices Going to Come Down?

As a Real Estate Professional, one of the most common questions I get is: "Are the prices going to come back down?" I personally don’t see that happening right now. I believe I’m seeing them tick up slightly or begin to level out where they are now.

However, this is the beginning of the market, so we have yet to see. All indications so far are that we are seeing a great start to the spring market. It is our March Madness right now!

Understanding Your Home’s True Value

My advice when it comes to determining your home’s value: if you’re considering making a move, I don’t think you should rely on AI estimates, as they don’t capture the full picture.

When determining a value, there are far more factors to consider than what has sold in the proximity of your home. Some of these factors include the overall condition (AI can’t see behind doors), nor does it see updates or how nicely maintained a home has been, etc. Those are exceptionally important when determining value. A proper market analysis on the home is essential.

Two homes can have very different values depending on updates, condition, and overall maintenance, something online estimates can’t always fully capture.

Is This the Right Time to Make a Move?

If you are a buyer or a seller, consider your options. If your home is feeling a little too small or perhaps too big, maybe it is time. They say the peak time of the spring market is March through May. It never hurts to look.

Talk to your local professional Real Estate Agent and get an idea where your house might sit on the market—especially here in Springfield and the greater Clark County area, where local trends can vary from neighborhood to neighborhood.

I recently heard an economist say America has not ever had this kind of equity in their homes and I personally love the sound of that for everyone!