Springfield, VA—22150
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Springfield, VA
As of Oct '25, the median home price in Springfield, VA is $655,000, with a year-over-year change of -0.5%. This indicates that home prices in Springfield, VA are flat. According to Zillow, the 1-year price projection is -0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $655,000 | -0.6% |
| Single Family | $657,000 | -0.8% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $510,000 | 1.2% |
3 Bed | $622,000 | 0.2% |
4 Bed | $695,000 | -1.1% |
| 5 Bed | $781,000 | -1.6% |
% of Housing Stock
Rental Trends — Springfield, VA
As of July '25, Rentcast reports the average rent in Springfield, VA is $2,820, with a year-over-year rent change of 8.9%. Per bedroom, the median rent as of July '25 in Springfield, VA is studios: $1,500, 1-bedrooms: $1,460, 3-bedrooms: $3,170, 4-bedrooms: $3,670. The most common rental property sizes in Springfield, VA are 2-bedroom and 1-bedroom, accounting for 48.3% and 20.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,100 | $2,820 |
| Studio Rent | $1,400 | $1,500 |
| 1 Bed Rent | $1,350 | $1,460 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $3,150 | $3,170 |
| 4 Bed Rent | $3,500 | $3,670 |
% of Rental Stock
Property Listings — Springfield, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Springfield, VA is 28. This is a increase of 31.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $699,000 | -2.0% |
Listing Count | 36 | 44.0% |
| Listings as % of Homes | 0.3% | 44.0% |
Days on Market | 28 | 31.0% |
Demographics — Springfield, VA
As of the latest ACS Survey released in 2023, Springfield, VA has a population of 27,800, which has remained stable by -0.3% over the past 5 years. Springfield, VA is a moderately popular place for families, as children make up 20.9% of the population. The area has a moderately educated workforce, with 44.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,800 | -0.3% |
% Under 18 | 20.9% | -1.9% |
% Seniors | 20.6% | 14.4% |
% WFH | 14.4% | 323.5% |
% w/ College Degree | 44.8% | 3.5% |
As of the latest ACS Survey released in 2023, Springfield, VA is a predominantly white area, with 32.3% of the population identifying as white. The white population has shrunk by 17.0% in the last 5 years. The second most common race or ethnicity in Springfield, VA is asian, making up 29.8% of the population. Foreign-born residents account for 40.5% of the population in Springfield, VA, and this percentage has decreased by 5.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 32.3% | -17.0% |
% Black | 12.0% | -6.2% |
% Hispanic | 22.2% | -3.9% |
% Asian | 29.8% | 33.6% |
% Foreign Born | 40.5% | -5.6% |
Mortgage and Risk — Springfield, VA
According to HUD data as of 2023, there were 249 mortgage originations in Springfield, VA, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, VA. Investor activity is low, as 2.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 249 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Springfield, VA
Springfield, VA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 137 |
Total Units Section 8 | 137 |
% Rentals under Section 8 | 4.1% |
% Occupied Section 8 | 95.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $870 | $1,350 | $2,220 |
| 2 Bedroom | N/A | N/A | $2,500 |
| 3 Bedroom | -$20 | $3,150 | $3,130 |
| 4 Bedroom | $190 | $3,500 | $3,690 |
Affordability — Springfield, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5 |
| Median Home Price | $655,000 |
| Median Household Income | $120,000 |