Springfield, VA—22151
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 $694,000, with a year-over-year change of 0.0%. This indicates that home prices in Springfield, VA are flat. According to Zillow, the 1-year price projection is -0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $694,000 | 0.0% |
| Single Family | $694,000 | -0.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $639,000 | 0.2% |
4 Bed | $722,000 | -0.8% |
| 5 Bed | $777,000 | -1.5% |
% of Housing Stock
Rental Trends — Springfield, VA
As of July '25, Rentcast reports the average rent in Springfield, VA is $3,380, with a year-over-year rent change of 19.0%. Per bedroom, the median rent as of July '25 in Springfield, VA is 1-bedrooms: $1,910, 3-bedrooms: $3,580, 4-bedrooms: $3,560. The most common rental property sizes in Springfield, VA are 3-bedroom and 2-bedroom, accounting for 37.4% and 22.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,450 | $3,380 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,870 | $1,910 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $3,400 | $3,580 |
| 4 Bed Rent | $3,500 | $3,560 |
% 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 34. This is a increase of 87.0% 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 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $752,000 | 1.0% |
Listing Count | 23 | 26.0% |
| Listings as % of Homes | 0.4% | 26.0% |
Days on Market | 34 | 87.0% |
Demographics — Springfield, VA
As of the latest ACS Survey released in 2023, Springfield, VA has a population of 17,400, which has decreased by -4.6% over the past 5 years. Springfield, VA is a moderately popular place for families, as children make up 22.0% of the population. The area has a highly educated workforce, with 50.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 17,400 | -4.6% |
% Under 18 | 22.0% | -6.0% |
% Seniors | 17.0% | 9.0% |
% WFH | 18.4% | 300.0% |
% w/ College Degree | 50.0% | 3.5% |
As of the latest ACS Survey released in 2023, Springfield, VA is a predominantly white area, with 45.1% of the population identifying as white. The white population has shrunk by 0.2% in the last 5 years. The second most common race or ethnicity in Springfield, VA is asian, making up 30.8% of the population. Foreign-born residents account for 33.0% of the population in Springfield, VA, and this percentage has decreased by 2.1% 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 | 45.1% | -0.2% |
% Black | 3.1% | -47.5% |
% Hispanic | 15.0% | -27.2% |
% Asian | 30.8% | 27.8% |
% Foreign Born | 33.0% | -2.1% |
Mortgage and Risk — Springfield, VA
According to HUD data as of 2023, there were 204 mortgage originations in Springfield, VA, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 18.0% above 90% LTV (elevated). This implies medium mortgage risk in Springfield, VA. Investor activity is low, as 2.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 204 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
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 | 41 |
Total Units Section 8 | 37 |
% Rentals under Section 8 | 5.0% |
% Occupied Section 8 | 95.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $750 | $1,870 | $2,620 |
| 2 Bedroom | N/A | N/A | $2,950 |
| 3 Bedroom | $290 | $3,400 | $3,690 |
| 4 Bedroom | $850 | $3,500 | $4,350 |
Affordability — Springfield, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $694,000 |
| Median Household Income | $160,000 |