Springfield, VA—22152
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 $680,000, with a year-over-year change of 0.4%. This indicates that home prices in Springfield, VA are flat. According to Zillow, the 1-year price projection is -0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $680,000 | 0.4% |
| Single Family | $719,000 | 0.0% |
| Condos | $347,000 | 1.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $259,000 | -0.8% |
2 Bed | $358,000 | 1.4% |
3 Bed | $611,000 | 0.5% |
4 Bed | $785,000 | -0.3% |
| 5 Bed | $853,000 | -0.7% |
% of Housing Stock
Rental Trends — Springfield, VA
As of July '25, Rentcast reports the average rent in Springfield, VA is $3,090, with a year-over-year rent change of 5.5%. Per bedroom, the median rent as of July '25 in Springfield, VA is 1-bedrooms: $1,780, 2-bedrooms: $2,310, 3-bedrooms: $3,160, 4-bedrooms: $3,780. The most common rental property sizes in Springfield, VA are 3-bedroom and 2-bedroom, accounting for 35.9% and 28.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,200 | $3,090 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,850 | $1,780 |
| 2 Bed Rent | $2,250 | $2,310 |
| 3 Bed Rent | $3,200 | $3,160 |
| 4 Bed Rent | $3,600 | $3,780 |
% 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 22. This is a increase of 22.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $662,000 | 7.0% |
Listing Count | 67 | 37.0% |
| Listings as % of Homes | 0.3% | 37.0% |
Days on Market | 22 | 22.0% |
Demographics — Springfield, VA
As of the latest ACS Survey released in 2023, Springfield, VA has a population of 29,100, which has decreased by -1.8% over the past 5 years. Springfield, VA is a popular place for families, as children make up 26.8% of the population. The area has a highly educated workforce, with 63.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 29,100 | -1.8% |
% Under 18 | 26.8% | 11.2% |
% Seniors | 15.1% | 7.1% |
% WFH | 22.8% | 365.3% |
% w/ College Degree | 63.6% | 1.0% |
As of the latest ACS Survey released in 2023, Springfield, VA is a predominantly white area, with 47.7% of the population identifying as white. The white population has shrunk by 13.1% in the last 5 years. The second most common race or ethnicity in Springfield, VA is hispanic, making up 19.4% of the population. Foreign-born residents account for 27.5% of the population in Springfield, VA, and this percentage has increased by 10.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 47.7% | -13.1% |
% Black | 11.2% | 8.7% |
% Hispanic | 19.4% | 37.6% |
% Asian | 16.4% | -1.8% |
% Foreign Born | 27.5% | 10.9% |
Mortgage and Risk — Springfield, VA
According to HUD data as of 2023, there were 449 mortgage originations in Springfield, VA, of which 79.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, 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. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 449 |
% Conventional Loans | 79.0% |
% Government Loans | 21.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Springfield, VA
As of 2024, the percent of homes in Springfield, VA under the Section 8 program is 2.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Springfield, VA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 45 |
Total Units Section 8 | 41 |
% Rentals under Section 8 | 2.7% |
% Occupied Section 8 | 95.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $820 | $1,850 | $2,670 |
| 2 Bedroom | $750 | $2,250 | $3,000 |
| 3 Bedroom | $550 | $3,200 | $3,750 |
| 4 Bedroom | $820 | $3,600 | $4,420 |
Affordability — Springfield, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $680,000 |
| Median Household Income | $160,000 |