Chicopee, MA

The ZIP code remains a Very Competitive market, characterized by extremely low inventory and a robust increase in pending activity. The pending ratio stands at 7.00, reflecting intense demand relative to the limited supply. Price growth has been modest over the past year, while days on market have significantly extended, indicating a nuanced environment despite strong competition for available homes.

Active listings have sharply declined by 66.7% over the past year, reaching only 1 unit currently, while new listings are virtually absent (down 100.0% year-over-year). This severe constraint on supply contrasts with a strong year-over-year increase of 633.3% in the pending ratio, which now registers at 7.00. Median listing prices have experienced a slight decrease of 1.5% year-over-year, though median price per square foot increased by 4.9% over the same period. Median days on market have seen a substantial increase of 250.0% year-over-year, now at 32 days, suggesting that while available properties are few, those that do come to market may take longer to secure a contract compared to the prior period. The share of price-reduced listings is currently 44.4%, having increased by 44.4% year-over-year, pointing to some adjustments in seller expectations for certain properties.

The exceptionally low inventory, with active listings at 1 and no new listings in the most recent month, coupled with a high pending ratio of 7.00, underscores significant inventory pressure. While the year-over-year increase in median days on market and the higher share of price-reduced listings indicate that not all properties are moving quickly or at initial asking prices, the overall lack of available homes suggests limited negotiating leverage for prospective purchasers. The competitive environment is driven by the scarcity of supply, necessitating swift action from buyers for desirable properties, even as some properties experience longer marketing times or price adjustments.

The average listing price of $232,000 exceeds the median listing price of $226,400 by a relatively small margin, suggesting limited influence from a distinct luxury segment within the current offerings. The median price per square foot is $245. At the upper end, there is no evidence of significantly higher price points driving the average above the median beyond this modest spread.