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“Being a bedroom to D.C., Springfield is a commuter’s dream: VRE, buses, etc. It’s an affordable target, more so than Arlington. Though prices have gone up 22 percent since February a year ago (average was $285,635 in 2012, $349,015 in 2013). But we have hardly any inventory, only 41 active listings, 25 attached townhouses. It just breaks my heart. As soon as we get a listing, it’s sold. Just March alone, we had 11 listings, eight have sold. We still have buyers coming in. They’re frantic. They feel like they’re missing the market. And frankly, they are. Multiple markets are being done. It’s absolutely incredible what’s going on. I feel like it’s all over and we didn’t learn our lesson back in 2005. They’re coming out of their short sales, allowed to get loans. They’ve saved their money, have good credit. They’re going conventional; there’s a pecking order. Cash talks.” - Patricia Mancini, Avery-Hess Realtors, Springfield

Stories this photo appears in:

Housing Market: ‘Sell and Buy’

Sustained low interest rates and rising prices have energized the marketplace.

The local real estate market is thriving, with Realtors reporting multiple offers on homes in some areas and dwindling inventory of homes for sale. At least two things are contributing to this change in the market.

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