I wanted to show you the October numbers, but they haven't been released yet. The Northern Virginia Association of Realtors (NVAR) typically publishes monthly statistics around mid-next month, and as of the time of writing, the October data has not been posted.

So today, I will go with the most recent confirmed figures. The overall area data is from September, while the Springfield-specific statistics are up to early August.

First, here are the numbers for Springfield itself. According to Bright MLS, the median sale price for the Springfield postal area over the last 30 days up to August 8, 2026, was $750,000.

This is a 2.4% increase from $732,500 during the same period last year. There were 92 transactions, which is an 8% decrease.

Notably, the days on the market have changed. The median is 9 days. While this is an increase from 6 days last year, it still means that good homes are being sold within 2 weeks.

When looking at the last 12 months, the median is $715,000, with 1,042 transactions. I believe this figure is closer to the actual market value than the monthly statistics, as the monthly numbers can fluctuate significantly with just a few transactions.

There are considerable differences by postal code. 22153 saw the highest increase at $800,000, which is an 8.1% rise over the year.

22151 is at $742,000, 22152 is at $687,000, and 22150 is at $680,000. Even within Springfield, there can be over a $100,000 difference depending on the neighborhood.

Now, here are the overall September statistics for Northern Virginia. According to the data released by NVAR on October 16, the median sale price was $744,950, which is a 4.2% increase from last year.

However, transactions decreased to 1,250, down 7.5%. The number of pending contracts is 1,204, which is a significant drop of 16.2%.

Prices are holding steady, but it seems that transactions are cooling off. This drop in pending contracts could signal that October's performance may be weaker.

Inventory has definitely increased. Active listings in September rose to 3,477, a 30.7% increase, and the inventory period is now 2.5 months.

When broken down by type, the differences are even clearer. Condo and townhouse listings increased by 49.7%, while single-family homes only saw a 5.7% increase.

The data from Fairfax County follows the same trend. According to FFXnow, citing MarketStats, the average sale price for condos in September was $421,643, down 10.3%.

In the same month, county listings rose to 2,326, a 36% increase. The sale price was at 98.3% of the initial listing price.

To summarize, single-family homes are still scarce, while condos and townhouses have more room for negotiation for buyers.

Now, let's move on to rents. According to Zumper's update on November 10, the median rent in Springfield is $3,300 per month, which is a 2% increase from last year.

This figure includes both single-family homes and townhouses, which is why it appears high. The average rents by bedroom are $1,850 for 1-bedroom, $2,700 for 2-bedroom, and $3,350 for 3-bedroom.

The 9% increase for 1-bedroom units was surprising. This suggests that there is a demand for smaller units. I believe this is also influenced by single-person households delaying purchases due to home prices and interest rates, remaining in the rental market.

Interest rates cannot be overlooked either. According to Freddie Mac's announcement on November 5, the average for a 30-year fixed mortgage is 7.18%, which has decreased for three consecutive weeks.

However, it reached 7.4% at the beginning of October and was 6.22% a year ago. A significant part of the reason for the current decrease in transactions is indeed this interest rate. Even for the same loan amount, the monthly payment has become noticeably heavier compared to last year.

This month's highlight is the proposed amendment to the accessory dwelling unit (ADU) regulations in Fairfax County. This proposal aims to make it easier to rent out accessory dwellings built in backyards or independent spaces within homes.

According to NVAR, currently, a minimum of 2 acres is required to build a separate structure. The amendment proposes to reduce this to 36,000 square feet and eliminate the requirement for the homeowner to reside on the property.

The maximum size will be 1,200 square feet or 40% of the main dwelling, and the number of residents will increase from 2 to 3. Additional parking requirements will also be removed.

A public hearing by the Board of Supervisors is scheduled for November 17 at 4:30 PM. Since it is still before the vote, nothing is finalized. It's advisable to check the county's official agenda directly, as the content may be revised.

However, NVAR estimates that under the 36,000 square feet standard, only 14% of county homes would qualify without a separate permit. If you have a typical single-family lot in Springfield, you should first check if it requires special permission.

So what should you do now? If you are looking to buy a home, I would start with condos and townhouses. There is a good chance to negotiate closing cost assistance or price adjustments in areas where inventory is piling up.

Single-family homes are still selling quickly, so make sure to get pre-approved. If you are looking to generate rental income, it won't be too late to make a decision after seeing the results on the 17th.

The official October statistics are expected to be released this week or next week. The key point will be whether the decrease in pending contracts from September translates into actual transaction declines.