Springfield, MA

The Springfield, MA (01103) market is currently classified as Very Weak. Significant year-over-year declines in median listing price and median price per square foot, coupled with a substantial increase in active listings, indicate a challenging environment for property values and sales velocity.

The median listing price currently stands at $99,000, representing a considerable month-over-month decrease of 26.8% and a year-over-year decline of 5.7%. Median price per square foot has also contracted by 2.4% over the past year to $148. Active listings have seen a notable increase of 266.7% over the past year, reaching 11 properties. This surge in inventory is accompanied by a modest median days on market of 45, which is up 15.4% year-over-year. The price-reduced share is 33.3%, reflecting a year-over-year increase of 33.3%, suggesting a widespread need for price adjustments. The pending ratio is low at 0.18, though it reflects an 18.2% year-over-year increase from a smaller base.

The substantial increase in active listings, coupled with a high price-reduced share and declining median prices, suggests a market where buyers are exercising considerable leverage. The low pending ratio indicates a slow pace of transactions, contributing to inventory pressure. Sellers are likely to face extended marketing periods and greater pressure for price discipline to secure a sale.

The average listing price of $134,245 significantly exceeds the median listing price of $99,000, indicating a segment of properties listed at higher values. The median price per square foot for the market is $148.