Pittsfield, MA

The ZIP code is experiencing a cooling trend, characterized by declining median listing prices over the past year and a weakening pending ratio. While active and new listings show modest annual increases, a reduction in days on market suggests sustained transactional velocity. Price reductions have risen slightly, indicating some adjustment in seller expectations.

The median listing price has declined 4.0% over the past year, remaining stable month-over-month. Active listings saw a modest annual increase of 2.8%, complemented by an 8.3% rise in new listings compared to the prior year. Days on market have notably decreased by 21.1% over the past year, settling at 45 days. The share of listings with price reductions increased by 5.4% over the past year, reaching 19.1%. The pending ratio, currently at 0.43, has softened by 3.0% annually, reflecting a deceleration in the conversion of active listings to pending sales.

The declining pending ratio and upward trend in price reductions suggest a market where buyers are gaining a slight edge, potentially leading to more deliberate purchasing decisions and opportunities for price negotiation. While faster transaction times indicate continued demand, the overall environment points to increasing price discipline for sellers.

The average listing price, at $508,827, is notably higher than the median listing price of $349,950, indicating a significant premium for properties at the higher end of the market. The median price per square foot is $229, showing a 4.3% increase over the past year.