Is Springfield, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Springfield has remained a Seller's Market.
Housing Prices in Springfield, VA
How much do homes in Springfield, VA cost?
Median Sold Price
$719,553
$315/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Springfield was $719,553 in March 2024, up 4.8% from last year, and the median price per square foot was $315.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $225K | $242.5K | +7.8% |
2 Bedrooms | $355K | $426.5K | +20.1% |
3 Bedrooms | $550.6K | $580.4K | +5.4% |
4 Bedrooms | $752.8K | $802.2K | +6.6% |
5+ Bedrooms | $1.0M | $962.5K | -6.0% |
Summary: Springfield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.8%, 2 bedroom homes increased by 20.1%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes decreased by 6%.
Housing Supply in Springfield, VA
How many homes are available in Springfield, VA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
400 | 476 | +19.0% |
Summary: The Springfield real estate market had 476 homes for sale in March 2024, a 19.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 5 | +66.7% |
2 Bedrooms | 19 | 24 | +26.3% |
3 Bedrooms | 103 | 129 | +25.2% |
4 Bedrooms | 142 | 182 | +28.2% |
5+ Bedrooms | 133 | 136 | +2.3% |
Summary: The Springfield housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes increased by 26.3%, 3 bedroom homes increased by 25.2%, 4 bedroom homes increased by 28.2%, and 5+ bedroom homes increased by 2.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
75 | 85 | +13.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
70 Homes Were Sold
Over Asking
Summary: A total of 85 homes were sold or pending in Springfield in March 2024, up by 13.3% month-over-month. Of the 85 sold homes, 7% were sold under asking, 11% were sold at asking, and 82% were sold over asking.
Days on Market for Springfield, VA
How long does it take to sell a home in Springfield, VA?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
12 Days | 7 Days | -40.7% |
Summary: Homes in Springfield had an average of 7 days on market in Mar 2024, down by 40.7% compared to last year.
Breakdown of Home Sale Times
81 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 85 homes were sold in Springfield; 95% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.