Westfield, MA

The housing market in ZIP Code 01085 is currently Very Competitive. A significant increase in the pending ratio year-over-year, alongside substantial median listing price growth, indicates strong demand. Despite a rise in active listings, the decline in new listings suggests constrained inventory relative to buyer activity.

The median listing price has increased substantially, up 35.0% month-over-month and 27.2% year-over-year, reaching $498,900. Active listings have risen 72.1% over the past year to 37, while new listings have decreased by 30.4% year-over-year to 32. Median days on market have extended to 30, a 168.9% increase year-over-year. The share of price-reduced listings is 16.4%, up 3.9% year-over-year. The pending ratio stands at 1.11, marking a 59.7% increase over the past year, with 41 pending listings against 37 active listings. Median price per square foot is $227, reflecting a -2.0% change year-over-year.

The elevated pending ratio of 1.11, significantly higher than the previous year, indicates rapid absorption of available properties and suggests that buyers need to act with urgency. The pronounced increase in median listing price points to sustained pricing power. While active listings have increased, a notable decline in new listings coupled with quick progression to pending status underscores inventory pressure, influencing pace and price discipline. The extension of days on market suggests that while demand is high, buyers are still exercising a degree of selectivity.

The average listing price of $532,726 exceeds the median listing price of $498,900, indicating the presence of higher-end properties that elevate the average. The median price per square foot is $227, providing a benchmark for valuation across the market. With median price growth and an elevated average price, the luxury segment appears to be contributing to overall market value appreciation, though the median price per square foot saw a slight annual decline.