22152, Springfield, VA

Home equity is the difference between the market value of a home and the outstanding balance on a mortgage. Home prices are the price at which homes are sold in an area. The 22152 zip code has seen a steady increase in home equity and home prices over the past few years. In 2016, the median home equity was $146,000 and the median home price was $209,000. This year, as of September 2017, both figures have increased to $158,000 and $236,000 respectively.

There are several factors that have contributed to this trend in Springfield. First and foremost is that there has been an influx of new residents into the area who are able to afford more expensive homes. Additionally, many homeowners who were underwater on their mortgages during the recession have been able to refinance and gain access to greater levels of equity in their homes. Finally, there has been an uptick in demand for housing due to increasing wages and low unemployment rates.

While these trends are positive for homeowners in Springfield, they can also create challenges for those who may not be able to keep up with rising property values. For example, if someone's mortgage exceeds their current property value by a significant amount then they may find it difficult or impossible to sell their home without incurring significant losses. Additionally, if someone does decide to sell their home then they may face stiff competition from other buyers who are willing to pay higher prices for properties that offer greater levels of equity."