37172, Springfield, TN

The 37172 zip code of Springfield, TN has a population of about 116,000 people. The median household income in this zip code is $50,000 which is about average for the United States. The median home value in this zip code is $128,500 which is also about average for the United States.

There are a lot of factors that affect home prices and home equity in Springfield, TN. Some of the factors that influence home prices include interest rates, supply and demand, and local economic conditions. Home equity is important because it allows homeowners to borrow money against their homes to finance other expenses or to save for retirement.

Interest rates are one factor that affects home prices and home equity in Springfield, TN. Interest rates go up or down depending on a variety of factors including the Federal Reserve's decisionmaking process and international events. When interest rates are high, it makes it more expensive for people to borrow money against their homes and this can lead to lower home values because buyers may be less willing to buy homes in an area with high interest rates. When interest rates are low, it becomes cheaper for people to borrow money against their homes and this can lead to higher home values because buyers may be more willing to buy homes in an area with low interest rates.

Supply and demand also play a role in determining how much house there is available for sale as well as how much house costs per square foot. In general, when there are more houses available for sale than there are people who want them (supply), house prices will be lower than if there were not enough houses available (demand). This happens because buyers who want to buy a house will have less choice if all the houses on the market are already taken by sellers who want to sell their house quickly. Conversely, when there are fewer houses available for sale than there are people who want them (supply), house prices will be higher than if there were too many houses available (demand). This happens because buyers who want to buy a house will have more choice if all the houses on the market are already taken by sellers who want to sell their house slowly