Is Springfield, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Springfield has remained a Seller's Market.
Key Takeaway
Springfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Springfield, VA
How much do homes in Springfield, VA cost?
Median Sold Price
$717,509
$318/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Springfield have sold for 2.6% more than they did a year ago.
Summary: The median home sold price in Springfield was $717,509 in April 2024, up 2.6% from last year, and the median price per square foot was $318.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $251K | +11.6% |
| 2 Bedrooms | $350K | $416K | +18.9% |
| 3 Bedrooms | $555K | $585K | +5.4% |
| 4 Bedrooms | $758.5K | $807.6K | +6.5% |
| 5+ Bedrooms | $985K | $948.7K | -3.7% |
Summary: Springfield housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.6%, 2 bedroom homes increased by 18.9%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes decreased by 3.7%.
Housing Supply in Springfield, VA
How many homes are available in Springfield, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 264 | 398 | +50.8% |
Summary: The Springfield real estate market had 398 homes for sale in April 2024, a 50.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 6 | +20.0% |
| 2 Bedrooms | 15 | 20 | +33.3% |
| 3 Bedrooms | 80 | 126 | +57.5% |
| 4 Bedrooms | 103 | 153 | +48.5% |
| 5+ Bedrooms | 61 | 93 | +52.5% |
Summary: The Springfield housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 57.5%, 4 bedroom homes increased by 48.5%, and 5+ bedroom homes increased by 52.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 100 | 130 | +30.0% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
91 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you could pay more than the asking price. 70% of homes here sold above asking price last month.
Summary: A total of 130 homes were sold or pending in Springfield in April 2024, up by 30.0% month-over-month. Of the 130 sold homes, 18% were sold under asking, 12% were sold at asking, and 70% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 13 Days | 10 Days | -24.0% |
Summary: Homes in Springfield had an average of 10 days on market in Apr 2024, down by 24% compared to last year.
Breakdown of Home Sale Times
124 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Springfield are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 130 homes were sold in Springfield; 95% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
