Springfield, VA

Population: 30,484
Average annual home appreciation rate: 6.81%
Total of homes for sale in this market: 187
Median home price: $414,162
Median Rent: $1,982 per room
Home price range: 38.45% of homes are between $332,001 – $442,000
Median sales price: $425,000
Number of homes: 71
Median foreclosure sales price: $400,000
Foreclosure discount: 6%
Most common home type: 56.99% of homes are SINGLE FAMILY DETACHED
Number of vacant homes: 5.88%
Number of renters: 35.62%
Number of owner occupied: 64.39%
Number people living below poverty level: 7.98%
Unemployment rate: 3.80%
Is this area perfect for real estate deals going on right now? Springfield has a fantastic track record and a solid decades worth of strong positive home appreciation. The homes in the Springfield area are more expensive then homes that most investors seek as investment properties, but there are some reasons investors are wanting to take part of the Springfield market. 1. Strong Appreciation rates 2. Very high rents 3. Discounts (6%) for “troubled” homes (foreclosures, etc..,) Among other things, just these alone gives the savvy investor the ‘leg up’ in the market and helps them to gain strong ROI’s on their properties in this market Update… From the last time this market what monitored, (5 months ago) home appreciation has increased 5.8%.

Leave a Reply

Your email address will not be published. Required fields are marked *