Thinking about buying a home in Springfield IL, Sherman IL, Chatham IL, Riverton IL, or anywhere in central Illinois? With the real estate market shifting and interest rates in flux, knowing when to buy is half the battle. In this guide, we break down current housing data, interest rates, and local opportunities so you can decide if now is the right time to jump in.
Springfield IL & Surrounding Area Real Estate Market Overview
The Springfield IL housing market has seen notable changes over the past 12 months:
Median Home Price (Springfield): $169,742 (as of March 2025) — a 9.2% year-over-year increase
Inventory Levels: Approx. 541 homes listed, signaling a competitive seller's market
Days on Market: Homes are moving quickly — fewer days listed means strong demand
In nearby communities like Sherman IL, Chatham IL, and Riverton IL, home prices are rising at a slightly slower pace, creating unique buying opportunities:
Chatham IL Homes: Popular with families, median prices are slightly higher than Springfield, but inventory is more balanced
Sherman IL Homes: Great school district, lower property taxes, and a variety of newer construction options
Riverton IL Homes: A budget-friendly alternative with rural charm and quick access to Springfield
Central Illinois overall shows a more balanced market with a median price of $394,341 and steadier appreciation.
Interest Rates and Buyer Affordability
While mortgage rates hit 7%+ in 2023, the current 30-year fixed average is hovering around 6.5%. That’s down from last year’s peak and gives buyers a little more breathing room.
Combined with Springfield's still-affordable pricing compared to other Illinois markets, this environment may be especially attractive to first-time homebuyers in Sherman IL, affordable homes in Chatham IL, and those looking to invest in Riverton IL real estate.
Best Neighborhoods & Affordable Homes in Springfield and Nearby Towns
Whether you're looking for historic charm or modern convenience, Springfield IL and its surrounding communities have something for everyone.
Popular neighborhoods include:
Springfield West Side: Suburban feel with strong amenities
Southern View: Great for entry-level buyers
Sherman Estates: Family-friendly with newer builds
Chatham’s Foxx Creek: Ideal for commuters
Riverton Old Town: Small-town vibe with affordable pricing
Looking for affordable homes near Springfield IL? You can still find properties under $200,000 — perfect for entry-level buyers or investors. We maintain a live feed of updated real estate listings in Springfield IL and surrounding towns on our site.
Why Work with Wesley Peterson & Stratton Group?
If you're searching for top real estate agents in Springfield IL, Sherman, Chatham, or Riverton, look no further than Wesley Peterson, a seasoned expert with the Stratton Group Springfield IL real estate office.
Wesley and his team specialize in:
Relocations to central Illinois
Helping first-time homebuyers in Sherman and Chatham
Listing and selling homes fast in Springfield and Riverton
Custom searches across the best neighborhoods in Springfield IL and its suburbs
Need to sell your house fast in central Illinois? Our team has the marketing firepower to make it happen.
Final Thoughts: Is It a Good Time to Buy in Central Illinois?
Yes — with the right strategy. Inventory remains tight in Springfield, but surrounding communities like Chatham, Sherman, and Riverton offer excellent alternatives with more flexibility and lower competition.
If you want to:
Beat the next wave of price increases
Lock in a competitive rate
Explore suburban options near Springfield
Get expert help from a top-rated local agent
Then now may be the perfect time to buy a home in Springfield IL or surrounding areas.
