Springfield, the central city of the Ozarks region, has seen a notable increase in Korean residents looking for homes in recent years. I often receive the question, "Is it a good time to buy now?" so I want to explore the answer with some numbers.

According to Zillow, the average home value in Springfield is currently around $225,000. Compared to early 2021, when it was in the $163,000 range, this represents an increase of about 38% over the past five years.

Looking at it year by year, there was a double-digit increase from 2021 to 2022 during the pandemic boom, but the rising trend significantly slowed down from late 2022 to 2023 due to interest rate hikes. From 2024 to the present, there has been a gradual increase of around 3% per year.

In comparison to the national average five-year cumulative increase of 35% to 45%, Springfield's growth has been slightly above the national average range.

Factors driving the increase in this area include an influx of out-of-state migrants seeking a lower cost of living, steady job growth centered around the healthcare and logistics industries, and new housing supply not meeting demand.

Looking ahead, cautiously speaking, given the recent slowdown in the growth rate, it seems likely that a gradual upward trend will continue rather than a sharp correction. However, due to the relatively small size of the local economy, one should always keep in mind the volatility caused by external factors.

For Korean households, the entry costs are lower compared to large cities, and the cost of living is also relatively manageable, making it an attractive option for those settling down for the first time. However, I recommend carefully considering school districts and job accessibility separately.

Having observed the market in this area for a long time, I believe Springfield will continue to grow at a sustainable pace. If you need assistance, I am always available to provide guidance based on real cases.