Springfield, VA


Highest Appreciating Springfield Neighborhoods Since 2000

Springfield, VA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Springfield Housing Market Information

With 32,053 people, 9,866 houses or apartments, and a median cost of homes of $469,240, 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 52.25% of the town's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 31.28%), row houses and other attached homes ( 15.58%).

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 62.57% owning and 37.43% 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 ( 41.73%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.13%).

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 -1.09%, which is lower than 70% 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 2.05%, 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 -0.17%, which equates to an annual appreciation rate of -0.70%.

Relative to Virginia, our data show that Springfield's latest annual appreciation rate is higher 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:

Springfield, VA HOME PRICES

Value Range
> $1,145,000 0.4
$859,001 - $1,145,000 5.3
$573,001 - $859,000 16.1
$458,001 - $573,000 26.4
$343,001 - $458,000 34.5
$229,001 - $343,000 10.3
$115,001 - $229,000 3.8
$57,001 - $115,000 0.6
$0 - $57,000 2.6

Very High for VA
Very High for Nation

Value Relative to Nation Value Relative to State
6.78542130551975 6.92520775623269

Number Of Homes And Apartments:

Springfield Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Compared To
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
107.46% 4.32% 10 10
* 10 is highest

Rent & Ownership


Average Market Rent:
$2,435 / per month

Homeownership Rate

Owners 62.57
Renters 37.43
Vacant 5.28

Housing Market Details


Age of Homes

AGE OF Springfield HOMES
2000 or Newer 12.1
1970 - 1999 45.5
1940 - 1969 41.7
1939 or Older 0.6

Types of Homes

TYPE OF Springfield HOMES
Single-Family 52.2
Townhomes 15.6
Small Apt. Buildings 0.9
Apt. Complexes 31.3
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Springfield HOMES
No Bedroom 1.96
1 Bedroom 11.58
2 Bedrooms 20.69
3 Bedrooms 33.18
4 Bedrooms 21.55
5 or more bedrooms 11.04