Springfield, Virginia Housing Market Prices
Springfield Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 144% above the Virginia median$624,976
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Median rent 68% above the Virginia median$2,655
Housing Market Overview
| Metric | Springfield | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $624,976 | $256,082 | $248,835 |
| Price Trend (Annual %) | 8.0% | 3.5% | 7.5% |
| Median Gross Rent | $2,655 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Springfield is about 144% higher than in Virginia. Rent is about 68% higher than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Springfield, up about 8.0% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Springfield rose about 44.3% between 2015 and 2024, from $1,840 to $2,655. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 5.1 yearly household incomes in Springfield.
Buying the median-priced home in Springfield costs roughly 19.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Springfield. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Springfield | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $624,976 | $256,082 | $248,835 |
| Median Household Income | $123,233 | $93,527 | $80,455 |
| Price-to-Income Ratio | 5.1 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Springfield rose about 76.2%, while median household income rose about 45.9% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Springfield | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.3% | 61.5% | 58.5% |
| Rental Rate | 33.9% | 29.8% | 31.2% |
| Vacancy Rate | 3.8% | 8.7% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Springfield has a homeownership rate of 62.3%, higher than the Virginia average of 61.5%. Its housing vacancy rate is 3.8%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Springfield | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.95 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1977 | 1982 | 1978 |
| Median Number of Rooms | 6.2 | 6.0 | 5.5 |
The typical housing unit in Springfield was built around 1977. On average, 3.0 people live in a home with about 6.2 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Springfield, Virginia.
What is the median home price in Springfield, Virginia?
The median home price in Springfield, Virginia is $624,976, higher than the Virginia average of $256,082.
What is the average home price in Springfield, Virginia?
The typical home price in Springfield, Virginia, reported as the median sale price, is $624,976. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Springfield, Virginia?
The median gross rent in Springfield, Virginia is $2,655 per month, higher than the Virginia average of $1,579.
What was the median gross rent in Springfield in 2020?
In 2020, the median gross rent in Springfield, Virginia was $2,130 per month.
What is the price-to-rent ratio in Springfield, Virginia?
The price-to-rent ratio in Springfield, Virginia is about 19.6, meaning it would take roughly 19.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Springfield.
Are home prices or rent rising faster in Springfield, Virginia?
Both home prices and rent are rising in Springfield, up about 8.0% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Springfield, Virginia?
62.3% of households in Springfield, Virginia own their home, higher than the Virginia average of 61.5%.
What is the vacancy rate in Springfield, Virginia?
The housing vacancy rate in Springfield, Virginia is 3.8%, lower than the Virginia average of 8.7%.
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