Springfield, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Springfield, VA Real Estate Data


Springfield Housing Market Information

With a population of 32,053, 9,853 total housing units (homes and apartments), and a median house value of $468,551, 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 55.07% of the town's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 30.88%), row houses and other attached homes ( 13.21%).

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 63.45% owning and 36.55% renting.

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 44.01% of the town's housing hails from this era. Other housing ages represented in Springfield include homes built between 1970-1999 ( 42.55%) and housing constructed between 2000 and later ( 12.70%).

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 -1.08%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Springfield's appreciation rate, at 4.63%, has been at or slightly above the national average. In the latest quarter, Springfield's appreciation rate has been 1.43%, which annualizes to a rate of 5.85%.

Relative to Virginia, our data show that Springfield's latest annual appreciation rate is higher 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:
$468,551

Springfield, VA HOME PRICES

Value Range
> $1,216,000 0.3
$912,001 - $1,216,000 4.9
$608,001 - $912,000 12.3
$487,001 - $608,000 23.7
$365,001 - $487,000 38.3
$243,001 - $365,000 12.3
$122,001 - $243,000 4.8
$61,001 - $122,000 0.6
$0 - $61,000 2.8

Very High for VA
Very High for Nation

Value Relative to Nation Value Relative to State
7.13825613398138 8.58725761772853

Number Of Homes And Apartments:
9,853

Rent & Ownership

 

Average Market Rent:
$2,170 / per month

Homeownership Rate

Homeownership
Owners 63.45
Renters 36.55
Vacant 5.10

Housing Market Details

 

Age of Homes

AGE OF Springfield HOMES
2000 or Newer 12.7
1970 - 1999 42.6
1940 - 1969 44.0
1939 or Older 0.7

Types of Homes

TYPE OF Springfield HOMES
Single-Family 55.1
Townhomes 13.2
Small Apt. Buildings 0.8
Apt. Complexes 30.9
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Springfield HOMES
No Bedroom 1.41
1 Bedroom 11.72
2 Bedrooms 20.88
3 Bedrooms 34.83
4 Bedrooms 20.32
5 or more bedrooms 10.84

Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
112.37% 4.53% 10 10
* 10 is highest