45506, Springfield, OH

The 45506 zip code of Springfield, OH is a suburban area located in the southeastern corner of the state. The zip code has a population of approximately 116,000 and covers an area of approximately 10 square miles. Home prices in the Springfield zip code have increased steadily over the past several years, reaching a peak in 2017 before declining slightly in 2018.

As of September 2019, the median home price in the Springfield zip code was $269,900. This represents an increase of 9% from 2018 and marks one of the highest home prices within Ohio’s suburbs. In addition to high home prices, demand for housing within this zip code is also high due to its proximity to major cities such as Columbus and Cincinnati as well as its many amenities and recreational opportunities.

Despite these positive trends, there are some potential risks associated with investing in homes within this particular zip code. For example, although recent trends suggest that home values may be increasing slowly overall across Ohio’s suburbs, there is a risk that this trend could change at any time – potentially leading to more volatile market conditions. Additionally, while demand for housing within Springfield is high relative to other areas within Ohio’s suburbs, it may not be enough to sustain long-term price growth if other nearby areas experience stronger economic growth or if new development projects are not approved by local authorities.

Overall, despite some potential risks associated with investing in homes within Springfield – such as possible market volatility or limited availability – overall conditions appear to be supportive of continued strong home value growth over the next several years.