Home > West Springfield Real Estate Market
Winter 2020 Market Update
If you can qualify for a mortgage, now is a great time to buy a home in West Springfield. Interest rates are still low which makes a home purchase a great opportunity especially when considering the tax advantage a home owner might have. Interest rates are supposed to rise in 2016. Financing is still tight, best rates are available with a credit score of 740+. Why rent when you can buy for similar monthly payments? Call the local real estate expert Martina Burns now for more information at 703-650-8533 or toll free at 866-361-6655
Average Sold Home Price: $625,000

Average Time on Market: 10-30 days

Best Selling Price Range: $600,000 - $649,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: Increasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: Decreasing

Seller Activity for the past 90 days: Increasing

Multiple Offers? Yes

Multiple Offers Commentary: West Springfield High School is rated 8 on greatschools.org and is in high demand. Homes are still selling fast in prime locations but only for up-dated, mint, move-in condition homes, close to public transportation. Those homes are selling in < 10 days on market.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Housing Inventory Comments: 06/2016 Market Statistic Data from MRIS = Metropolitan Regional Information System. West Springfield zip code 22153: average detached = single family home sold price: $ 592,033 = -1.83 % decrease YOY = year over year. West Springfield zip code 22153: average attached = town home sold price: $ 383,190 = +2.95 % increase YOY. West Springfield zip code 22153: average condo sold price: no condo sold in 6/2106. Average Days on Market: 27 vs. 18 a year ago = +50 % increase Average Sold Price to Original List Price: 98.2 % vs. 99.2 % a year ago = -1.02 % change. Most homes sold in < 14 Days On Market. 0 cash buyers, 31 conventional loans, 7 FHA loans, 18 VA loans. Inventory: 80 active listings vs 89 a year ago = 10.11 % change. Pendings = Properties Under Contract: 70 vs. 74 = -5.41 % change. Please copy and paste link below in your browser to see detailed report for West Springfield zip code 22153 $$ numbers in report are for Single Family Homes in 22153 only, min. 4 bed rooms, the graphs you see on the website include town homes and condos as well.

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Good economic news

Nearest Metro Area: Washington DC

Housing Hot Spots: Everything inside the Beltway or within 5 miles and close to Metro or VRE! Most cities within the Fairfax County area are considered �Housing Hotspots�

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Mortgage Rates for Feb 20th, 2020
30 year fixed rate: 4.51%
15 year fixed rate: 3.90%
30 year jumbo rate: 4.41%
15 year jumbo rate: 4.12%
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Real Estate Professional, Martina Burns  RE/MAX Martina Burns RE/MAX
RE/MAX Allegiance
Specializing in West Springfield Real Estate
6084-A Franconia Road
Alexandria, Virginia 22310
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(Because current market conditions can change rapidly in any given marketplace,
please check with Martina Burns RE/MAX for current West Springfield, VA market conditions before acting on this information.)
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