Pittsfield, MA

The housing market in ZIP 01201 is currently in an Accelerated condition. While the median listing price has seen a decline both month-over-month and year-over-year, and days on market have increased, the significant year-over-year rise in the pending ratio suggests an increase in transactional velocity relative to available inventory.

The median listing price has decreased by 3.4% month-over-month and 7.6% year-over-year, indicating price adjustments in the market. Active listings have contracted by 12.0% year-over-year, and new listings have also declined by 8.3% over the past year. The median days on market have extended by 28.9% year-over-year, reaching 49 days. Conversely, the pending ratio has experienced a substantial year-over-year increase of 24.5% to 0.69, suggesting a faster absorption of available properties. The share of price-reduced listings has decreased by 9.6% year-over-year to 12.7%, while the median price per square foot has seen a slight increase of 0.8% year-over-year.

With a pending ratio of 0.69, indicating that a significant portion of active inventory is moving into pending status, there is increased inventory pressure. The year-over-year increase in the pending ratio suggests a more rapid pace of transactions, requiring swifter decision-making for prospective buyers. While the decline in median listing price suggests some flexibility, the reduced share of price-reduced listings and overall contraction in active and new listings mean that opportunities for aggressive price discipline may be limited.

The average listing price of $509,061 significantly exceeds the median listing price of $359,975, indicating a notable spread between the upper and middle segments of the market. The median price per square foot is $228.