The story of this market
The typical home in ZIP 62702 sells for about $82,950, or $85 per square foot.
Prices are up +2.1% from a year ago, so sellers still have some momentum. Homes take about 65 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,100 a month.
ZIP 62702 — Springfield
The 62702 housing market is a stable, low-price-point environment driven by local workforce demand and rental investors. While home values have seen modest appreciation, the market remains highly sensitive to operating costs and property conditions. Current inventory levels are sufficient to meet demand, keeping price growth steady but conservative.
This ZIP is best suited for local investors seeking cash flow and budget-conscious buyers looking for entry-level housing in the state capital.
Median prices moved up 2.1% year over year.
Homes spend a median of 65 days on market with 4.2 months of supply — a balanced-paced market.
12% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 6.8% · poverty 19.2% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.9%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 62702, Sangamon County IL
Crime rates in the 62702 area are higher than the Springfield city average and significantly higher than the national median, with property crime being the primary concern.
Schools serving the 62702 area are part of Springfield Public Schools District 186, which generally faces challenges with student performance metrics compared to suburban districts.
The area is primarily at low risk for major natural disasters, though localized flooding can occur in low-lying areas near drainage basins.
Economic momentum is driven by the state capital's government sector, healthcare, and education, with limited new large-scale commercial development within the ZIP boundaries.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Illinois) — Property Tax Assessment (Fair Cash Value): Property is assessed at 33 1/3% of its fair cash value. The tax bill is calculated by multiplying the equalized assessed value (EAV) by the aggregate tax rate of the local taxing districts.
Residents have easy access to downtown Springfield via major corridors like North Grand Avenue and Dirksen Parkway, with most commutes under 20 minutes.
The area features several local parks including Lincoln Park and various neighborhood green spaces, with proximity to the Illinois State Fairgrounds.
The rental market is characterized by a high share of older single-family homes and small multi-family units, with steady demand from local workforce tenants.
The economy is anchored by state government operations, Memorial Health, and HSHS St. John's Hospital, providing a stable but slow-growth employment base.
The area is served by SMTD bus routes and is well-connected to the regional highway network via I-55 and I-72.
Development is largely focused on small-scale urban renewal and maintenance of existing infrastructure.
The Sangamon County Assessor maintains property values based on periodic reassessments to reflect market conditions.
Parcels are subject to Springfield Public Schools District 186 and various municipal tax levies.
Property insurance premiums are generally stable, though older housing stock may face higher rates due to age and construction type.
Data retrieved from US Census Bureau ZCTA-level tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Knight's Action Park4.26.9 mi
- Malibu Jack's Springfield4.76.2 mi
- Sky Zone Trampoline Park4.37.3 mi
- BounceTag4.57.5 mi
- Chuck E. Cheese3.94.7 mi
- Illinois State Fairground4.51.3 mi
- Golden Corral Buffet & Grill4.25.8 mi
- Bank of Springfield Center4.42.3 mi
- Knight's Action Park4.26.9 mi
- Malibu Jack's Springfield4.76.2 mi
- Lincoln Home National Historic Site4.82.5 mi
- Knight's Action Park4.26.9 mi
- Malibu Jack's Springfield4.76.2 mi
- AMC Springfield 124.27.7 mi
- AMC Springfield 84.44.3 mi
- Lincoln Home National Historic Site4.82.5 mi
- Abraham Lincoln Presidential Library and Museum4.82.3 mi
- Lincoln's New Salem State Historic Site4.716.2 mi
- Illinois State Museum4.62.9 mi
- Dana-Thomas House State Historic Site4.82.9 mi
- Washington Park4.74.3 mi
- Southwind Park4.77.1 mi
- Lincoln Memorial Garden and Nature Center4.89 mi
- Henson Robinson Zoo4.27 mi
- Nelson Center Ice Rink4.41.9 mi
- Island Bay Yacht Club4.78.2 mi
- The Rail Golf Course4.43.5 mi
- Long Bridge Golf Course4.53.9 mi
- Piper Glen Golf & Social Club4.410 mi
- Illini Country Club4.64.7 mi
- Lincoln Greens Golf Course4.15.8 mi
- White Oaks Mall3.96.2 mi
- Meijer4.37.6 mi
- Hy-Vee Grocery Store4.54.5 mi
- Humphrey's Market4.83.2 mi
- Kohl's4.16.5 mi
- Abraham Lincoln Capital Airport4.13.2 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area ranked by popularity within the radius shown.
Major regional attraction hosting the annual state fair and various events.
Large public park offering recreational facilities and green space.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.