Is Springfield, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$723,213
$319/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Springfield have sold for 5.2% more than they did a year ago.
Summary: The median home sold price in Springfield was $723,213 in May 2024, up 5.2% from last year, and the median price per square foot was $319.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $251K | +11.6% |
| 2 Bedrooms | $387.5K | $391K | +0.9% |
| 3 Bedrooms | $550K | $592K | +7.6% |
| 4 Bedrooms | $759.5K | $821.2K | +8.1% |
| 5+ Bedrooms | $960K | $952K | -0.8% |
Summary: Springfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.6%, 2 bedroom homes increased by 0.9%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes decreased by 0.8%.
Housing Supply in Springfield, VA
How many homes are available in Springfield, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 369 | 442 | +19.8% |
Summary: The Springfield real estate market had 442 homes for sale in May 2024, a 19.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 3 | -50.0% |
| 2 Bedrooms | 18 | 21 | +16.7% |
| 3 Bedrooms | 114 | 134 | +17.5% |
| 4 Bedrooms | 143 | 176 | +23.1% |
| 5+ Bedrooms | 88 | 108 | +22.7% |
Summary: The Springfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 17.5%, 4 bedroom homes increased by 23.1%, and 5+ bedroom homes increased by 22.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 133 | 136 | +2.3% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
108 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you could pay more than the asking price. 79.4% of homes here sold above asking price last month.
Summary: A total of 136 homes were sold or pending in Springfield in May 2024, up by 2.3% month-over-month. Of the 136 sold homes, 8% were sold under asking, 13% were sold at asking, and 79% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 9 Days | 6 Days | -32.9% |
Summary: Homes in Springfield had an average of 6 days on market in May 2024, down by 32.9% compared to last year.
Breakdown of Home Sale Times
133 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 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 May 2024, 136 homes were sold in Springfield; 98% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
