Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 31,339 people, 10,567 houses or apartments, and a median cost of homes of $772,264, Springfield house prices are not only among the most expensive in Virginia, Springfield real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Springfield, accounting for 55.75% of the town's housing units. Other types of housing that are prevalent in Springfield include large apartment complexes or high rise apartments ( 28.89%), row houses and other attached homes ( 14.55%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Springfield. Owner-occupied housing accounts for 65.43% of Springfield's homes, and 56.86% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Springfield's housing was primarily built during this period, from the '40s through the '60s. A full 45.28% of the town's housing hails from this era. Other housing ages represented in Springfield include homes built between 1970-1999 ( 41.14%) and housing constructed between 2000 and later ( 13.36%).
Springfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Springfield during the period has been just 4.85%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Springfield's appreciation rate, at 5.60%, has been at or slightly above the national average. In the latest quarter, Springfield's appreciation rate has been 3.11%, which annualizes to a rate of 13.04%.
Importantly, this makes Springfield one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Virginia, our data show that Springfield's latest annual appreciation rate is lower than 60% of the other cities and towns in Virginia.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Springfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Springfield - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Springfield real estate investment or home purchase decisions.
$772,264
for Virginia
for nation
10,567
$3,252 / per month