Amherst, MA

The housing market in ZIP Code 01002 is currently Very Competitive. While the median listing price has experienced a significant year-over-year decline, strong pending activity and a growing price per square foot suggest underlying strength. Inventory levels have substantially increased, but properties are moving quickly.

The median listing price has seen a month-over-month decrease of 0.7% and a substantial year-over-year decrease of 27.3%. Despite this, the median price per square foot has increased by 8.8% over the past year, indicating a potential shift in the composition or quality of properties being transacted. Active listings have more than doubled year-over-year, increasing by 113.6%, and new listings have similarly surged by 81.8%. Properties are spending less time on the market, with the median days on market decreasing by 13.5% year-over-year to 29 days. The share of price-reduced listings has decreased by 7.6% over the past year to 7.7%, suggesting less pressure on sellers to adjust prices downward once listed. The pending ratio stands at 0.94, a significant 52.7% increase year-over-year, demonstrating robust demand relative to active inventory.

The substantial year-over-year increase in the pending ratio, coupled with a decrease in median days on market, suggests a rapid pace of transactions. While active and new listings have increased considerably, the high pending ratio indicates that this new inventory is being absorbed quickly, creating inventory pressure. The decreasing share of price-reduced listings points to a market with more price discipline from sellers, particularly given the demand indicated by the pending ratio.

The average listing price of $650,633 is notably higher than the median listing price of $550,950, indicating a segment of higher-priced properties influencing the average. The median price per square foot is $317.