The story of this market
The typical home in ZIP 62703 sells for about $98,416, or $85 per square foot.
Prices are up +2.1% from a year ago, so sellers still have some momentum. Homes take about 42 days to sell. HUD's fair market rent for a two-bedroom is $1,004 a month.
ZIP 62703 — Springfield
The 62703 housing market remains stable with low median home values compared to national averages, driven by a high vacancy rate and a focus on affordable housing. Market conditions are characterized by steady demand for lower-priced inventory, though the area faces challenges related to higher poverty rates and aging housing stock. No significant new development is currently shifting the market trajectory.
This ZIP is well-suited for budget-conscious buyers, investors seeking higher cap rates, and renters looking for affordable housing options near the employment hubs of Springfield.
Median prices moved up 2.1% year over year.
Homes spend a median of 42 days on market with 3.8 months of supply — a fast-moving 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 13.3% · poverty 29.1% — elevated distress and economic pressure.
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 2.6%/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 2.7%/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 62703, Sangamon County, IL
Crime rates in the 62703 area are generally higher than the national average, with property crime being the most frequently reported issue in this urbanized section of Springfield.
Schools serving the area are part of the Springfield Public Schools district, which maintains a mix of ratings; performance varies significantly by specific school site.
The area is primarily at low risk for major natural disasters, though localized flooding can occur near drainage basins; standard property insurance is readily available.
Economic momentum is tied to the state capital's government and healthcare sectors, with steady but modest development activity focused on infill and commercial revitalization.
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 benefit from proximity to downtown Springfield, with most commutes being short drives via local arterial roads; public transit access is available but limited.
The area features several local parks and is within a short drive of major Springfield amenities, including shopping centers and recreational facilities near the city core.
The rental market is characterized by a high vacancy rate of approximately 14.3%, suggesting a competitive environment for landlords and relatively affordable options for tenants.
The economy is anchored by state government, healthcare systems, and educational institutions, providing a stable employment base for the region.
The area is served by a network of local roads and is connected to the broader Springfield transit system, facilitating access to the city center.
Development is largely focused on urban infill and the modernization of existing commercial corridors within the city limits.
The Sangamon County Assessor manages property valuations, with assessments updated periodically to reflect market conditions.
Parcels are subject to standard municipal, county, and school district levies; no unique special districts are identified.
Property insurance remains stable, with standard coverage available for the area's housing stock.
Illinois is a judicial foreclosure state, requiring court intervention for the foreclosure process.
Sellers are required to provide a residential real property disclosure report detailing the condition of the property.
Data retrieved from Census Reporter and US Zip Codes profiles.
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 Park4.23.1 mi
- Malibu Jack's Springfield4.73.7 mi
- Sky Zone Trampoline Park4.34.2 mi
- BounceTag4.54.7 mi
- Chuck E. Cheese3.92 mi
- Illinois State Fairground4.54.6 mi
- Golden Corral Buffet & Grill4.21.4 mi
- Bank of Springfield Center4.42.6 mi
- Knight's Action Park4.23.1 mi
- Malibu Jack's Springfield4.73.7 mi
- Lincoln Home National Historic Site4.82.3 mi
- Knight's Action Park4.23.1 mi
- Malibu Jack's Springfield4.73.7 mi
- AMC Springfield 124.25 mi
- AMC Springfield 84.41.4 mi
- Lincoln Home National Historic Site4.82.3 mi
- Abraham Lincoln Presidential Library and Museum4.82.8 mi
- Lincoln's New Salem State Historic Site4.718.6 mi
- Illinois State Museum4.62.5 mi
- Dana-Thomas House State Historic Site4.82.2 mi
- Washington Park4.72.9 mi
- Southwind Park4.72.7 mi
- Lincoln Memorial Garden and Nature Center4.85.1 mi
- Henson Robinson Zoo4.23.7 mi
- Nelson Center Ice Rink4.44.4 mi
- Island Bay Yacht Club4.74.1 mi
- The Rail Golf Course4.47.8 mi
- Piper Glen Golf & Social Club4.45.8 mi
- Long Bridge Golf Course4.57 mi
- Illini Country Club4.62.9 mi
- Lincoln Greens Golf Course4.12.7 mi
- White Oaks Mall3.93.7 mi
- Meijer4.34 mi
- Hy-Vee Grocery Store4.52 mi
- Humphrey's Market4.81.2 mi
- Kohl's4.14 mi
- Abraham Lincoln Capital Airport4.15.8 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area ranked by popularity within the radius shown.
Large public park offering green space and recreational trails.
Centralized shopping and dining options serving the local community.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.