Springfield, VA—22153
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 $735,000, 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 -0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $735,000 | 0.5% |
| Single Family | $740,000 | 0.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $462,000 | 0.9% |
3 Bed | $578,000 | 0.5% |
4 Bed | $836,000 | 0.1% |
| 5 Bed | $924,000 | -0.8% |
% of Housing Stock
Rental Trends — Springfield, VA
As of July '25, Rentcast reports the average rent in Springfield, VA is $3,460, with a year-over-year rent change of 5.5%. Per bedroom, the median rent as of July '25 in Springfield, VA is studios: $1,300, 1-bedrooms: $1,560, 2-bedrooms: $2,630, 3-bedrooms: $3,020, 4-bedrooms: $3,990. The most common rental property sizes in Springfield, VA are 3-bedroom and 4-bedroom, accounting for 49.5% and 17.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,400 | $3,460 |
| Studio Rent | $1,300 | $1,300 |
| 1 Bed Rent | $1,500 | $1,560 |
| 2 Bed Rent | $2,650 | $2,630 |
| 3 Bed Rent | $2,980 | $3,020 |
| 4 Bed Rent | $3,900 | $3,990 |
% 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 21. 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 41.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $728,000 | 3.0% |
Listing Count | 68 | 37.0% |
| Listings as % of Homes | 0.3% | 37.0% |
Days on Market | 21 | 31.0% |
Demographics — Springfield, VA
As of the latest ACS Survey released in 2023, Springfield, VA has a population of 32,700, which has increased by 4.2% over the past 5 years. Springfield, VA is a moderately popular place for families, as children make up 23.6% of the population. The area has a highly educated workforce, with 67.0% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 25.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,700 | 4.2% |
% Under 18 | 23.6% | -7.5% |
% Seniors | 15.7% | 14.6% |
% WFH | 25.2% | 460.0% |
% w/ College Degree | 67.0% | 10.9% |
As of the latest ACS Survey released in 2023, Springfield, VA is a predominantly white area, with 54.8% of the population identifying as white. The white population has shrunk by 6.8% in the last 5 years. The second most common race or ethnicity in Springfield, VA is hispanic, making up 16.1% of the population. Foreign-born residents account for 21.7% of the population in Springfield, VA, and this percentage has decreased by 3.6% 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 | 54.8% | -6.8% |
% Black | 8.2% | -27.4% |
% Hispanic | 16.1% | 26.8% |
% Asian | 14.7% | 14.8% |
% Foreign Born | 21.7% | -3.6% |
Mortgage and Risk — Springfield, VA
According to HUD data as of 2023, there were 522 mortgage originations in Springfield, VA, of which 78.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Springfield, VA. Investor activity is low, as 1.0% 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 | 522 |
% Conventional Loans | 78.0% |
% Government Loans | 22.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Springfield, VA
As of 2024, the percent of homes in Springfield, VA under the Section 8 program is 19.6%. This is considered high, suggesting that the neighborhood is heavily 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 | 218 |
Total Units Section 8 | 218 |
% Rentals under Section 8 | 19.6% |
% Occupied Section 8 | 96.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $1,250 | $1,500 | $2,750 |
| 2 Bedroom | $440 | $2,650 | $3,090 |
| 3 Bedroom | $880 | $2,980 | $3,860 |
| 4 Bedroom | $660 | $3,900 | $4,560 |
Affordability — Springfield, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $735,000 |
| Median Household Income | $170,000 |