Springfield, VA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Springfield, VA Housing Market Trends

With 32,053 people, 10,250 houses or apartments, and a median cost of homes of $566,997, Springfield house prices are not only among the most expensive in Virginia, Springfield real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Springfield, accounting for 53.06% of the town's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 33.02%), row houses and other attached homes ( 13.36%).

The most prevalent building size and type in Springfield are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 62.10% owning and 37.90% renting.

There is a lot of housing in Springfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Springfield built between 1940-1969 ( 42.43%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.77%).

Springfield Home Appreciation Rates

Appreciation rates for homes in Springfield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 62.05%, which ranks in the top 30% nationwide. This equates to an annual average Springfield house appreciation rate of 4.95%.

NeighborhoodScout's data show that during the latest twelve months, Springfield's appreciation rate, at 8.83%, has been at or slightly above the national average. In the latest quarter, Springfield's appreciation rate has been 2.65%, which annualizes to a rate of 11.01%.

Relative to Virginia, our data show that Springfield's latest annual appreciation rate is lower than 50% of the other cities and towns in Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Springfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Springfield - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Springfield real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$566,997

Springfield, VA HOME PRICES

> $1,220,000
2.2%
2.2%
$915,001 - $1,220,000
5.1%
5.1%
$610,001 - $915,000
30.5%
30.5%
$488,001 - $610,000
40.3%
40.3%
$366,001 - $488,000
16.9%
16.9%
$244,001 - $366,000
2.5%
2.5%
$122,001 - $244,000
1.4%
1.4%
$61,001 - $122,000
0.4%
0.4%
$0 - $61,000
0.8%
0.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for VA

Value Relative To Nation

Number Of Homes And Apartments:
10,250

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
161.87% 4.58%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,997 / per month

Homeownership Rate

Owners
62.1%
62.1%
Renters
37.9%
37.9%
Vacant
3.5%
3.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.8%
13.8%
1970 - 1999
43.6%
43.6%
1940 - 1969
42.4%
42.4%
1939 or Older
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
53.1%
53.1%
Townhomes
13.4%
13.4%
Small Apt. Buildings
0.4%
0.4%
Apt. Complexes
33.0%
33.0%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.8%
2.8%
1 Bedroom
10.4%
10.4%
2 Bedrooms
20.5%
20.5%
3 Bedrooms
30.9%
30.9%
4 Bedrooms
25.2%
25.2%
5 or more bedrooms
10.1%
10.1%
0.0% 100.0%
% OF HOMES