Is West 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, West Springfield has remained a Seller's Market.
Key Takeaway
West Springfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in West Springfield, VA
How much do homes in West Springfield, VA cost?
Median Sold Price
$671,250
$323/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in West Springfield have sold for 6.5% more than they did a year ago.
Summary: The median home sold price in West Springfield was $671,250 in April 2024, up 6.5% from last year, and the median price per square foot was $323.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $256K | +13.8% |
| 2 Bedrooms | $325K | $355K | +9.2% |
| 3 Bedrooms | $559.5K | $605K | +8.1% |
| 4 Bedrooms | $705.2K | $740K | +4.9% |
| 5+ Bedrooms | $851K | $895K | +5.2% |
Summary: West Springfield housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.8%, 2 bedroom homes increased by 9.2%, 3 bedroom homes increased by 8.1%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes increased by 5.2%.
Housing Supply in West Springfield, VA
How many homes are available in West Springfield, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 50 | 69 | +38.0% |
Summary: The West Springfield real estate market had 69 homes for sale in April 2024, a 38.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 4 | +33.3% |
| 2 Bedrooms | 9 | 13 | +44.4% |
| 3 Bedrooms | 15 | 19 | +26.7% |
| 4 Bedrooms | 15 | 23 | +53.3% |
| 5+ Bedrooms | 8 | 10 | +25.0% |
Summary: The West Springfield housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 44.4%, 3 bedroom homes increased by 26.7%, 4 bedroom homes increased by 53.3%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 13 | 29 | +123.1% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Springfield, you could pay more than the asking price. 65.5% of homes here sold above asking price last month.
Summary: A total of 29 homes were sold or pending in West Springfield in April 2024, up by 123.1% month-over-month. Of the 29 sold homes, 17% were sold under asking, 17% were sold at asking, and 66% were sold over asking.
Days on Market for West Springfield, VA
How long does it take to sell a home in West Springfield, VA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 10 Days | 7 Days | -28.3% |
Summary: Homes in West Springfield had an average of 7 days on market in Apr 2024, down by 28.3% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in West Springfield are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 29 homes were sold in West Springfield; 97% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
