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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 a population of 31,339, 10,567 total housing units (homes and apartments), and a median house value of $726,569, 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 55.75% of the town's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 28.89%), row houses and other attached homes ( 14.55%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Springfield. Owner-occupied housing accounts for 65.43% of Springfield's homes, and 56.86% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Springfield's housing was primarily built during this period, from the '40s through the '60s. A full 45.28% of the town's housing hails from this era. Other housing ages represented in Springfield include homes built between 1970-1999 ( 41.14%) and housing constructed between 2000 and later ( 13.36%).

Springfield Home Appreciation Rates

Springfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Springfield during the period has been just 4.70%, which is lower than 80% of US communities.

Over the last year, Springfield appreciation rates have trailed the rest of the nation. In the last twelve months, Springfield's appreciation rate has been 4.68%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Springfield were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Virginia, our data show that Springfield's latest annual appreciation rate is lower than 70% 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

$726,569

Springfield, VA Home Prices
> $1,186,000
$890,001 - $1,186,000
$593,001 - $890,000
$475,001 - $593,000
$356,001 - $475,000
$237,001 - $356,000
$119,001 - $237,000
$59,001 - $119,000
$0 - $59,000
4.1%
4.1%
10.1%
10.1%
58.0%
58.0%
20.0%
20.0%
4.0%
4.0%
1.5%
1.5%
0.6%
0.6%
0.4%
0.4%
1.5%
1.5%
0% 100.0%
% of Homes
Very High

for Virginia

Very High

for nation

Number of Homes And Apartments:

10,567

Springfield Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,091 / per month

Homeownership Rate

Owners
Renters
65.4%
65.4%
34.6%
34.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
3.2%
3.2%
96.8%
96.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.4%
13.4%
41.1%
41.1%
45.3%
45.3%
0.2%
0.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
55.7%
55.7%
14.5%
14.5%
0.3%
0.3%
28.9%
28.9%
0.5%
0.5%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.2%
1.2%
9.8%
9.8%
19.3%
19.3%
35.6%
35.6%
21.2%
21.2%
12.8%
12.8%
0% 100.0%
% of Homes