West Springfield, MA

The housing market in ZIP 01089 is currently Very Competitive. Despite a decrease in median listing price and new listings, the robust pending ratio indicates strong buyer interest and potential for swift transactions.

The median listing price currently stands at $337,500, marking an 8.5% decrease month-over-month, yet showing a modest 0.1% increase year-over-year. Active listings have declined by 12.5% over the past year, while new listings have seen a more significant drop of 22.2% year-over-year. Median days on market have extended to 41, representing a substantial 164.5% increase year-over-year. The price-reduced share remains relatively stable with a 0.1% increase year-over-year, to 14.4%. The median price per square foot is $253, reflecting a 13.0% increase over the past year.

The pending ratio of 1.64, a considerable 126.8% increase year-over-year, suggests a strong demand relative to available inventory. This indicates a fast-paced environment where purchasers may need to act with urgency, and sellers could maintain price discipline given the current inventory pressures.

The average listing price of $357,117 is moderately above the median listing price of $337,500, suggesting some presence of higher-priced properties. The median price per square foot at $253 indicates a stable value proposition across the market segment as a whole.