Greenfield, MA

The housing market in ZIP 01301 is currently Very Competitive, driven by a high pending ratio and robust year-over-year growth in pending listings. While active inventory has increased, pricing shows discipline with a modest year-over-year gain in median listing price, despite a month-over-month decline.

The market exhibits a significant year-over-year increase in pending listings, up 59.0%, resulting in a strong pending ratio of 0.95. Active listings have grown by 35.7% over the past year, with new listings also increasing by 33.3%. Despite this growth in inventory, median days on market saw a 12.7% year-over-year increase, reaching 31 days. The median listing price has experienced a month-over-month decrease of 6.1% but maintains a 4.6% year-over-year gain. Price reductions are observed in 8.9% of listings, a year-over-year decrease of 3.2 percentage points.

The high pending ratio of 0.95 and strong year-over-year growth in pending listings indicate sustained demand and a rapid pace of contract activity. While active inventory has expanded year-over-year, suggesting more options for prospective buyers, the brisk pace of pending sales implies that available properties are quickly being absorbed. The moderate year-over-year appreciation in median listing price, coupled with a decline in the share of price-reduced properties, suggests that while pricing power remains, the recent month-over-month adjustment reflects some price discipline in the market.

The average listing price of $402,895 exceeds the median listing price of $375,000, indicating the presence of higher-priced properties influencing the average. The median price per square foot currently stands at $232, reflecting a modest 1.3% increase over the past year, suggesting value appreciation at the typical price point, while the average price saw a year-over-year decline.