Springfield, MA

The housing market in this ZIP code is currently cooling, characterized by a significant decrease in median listing price and an increase in active listings year-over-year. Despite some stability in new listings, the overall market dynamics suggest reduced demand pressure.

The median listing price has seen substantial declines, with a month-over-month decrease of 27.1% and a year-over-year decrease of 30.1% to $102,450. Active listings have risen sharply, up 140.0% over the past year to 6 properties. New listings remained stable year-over-year at 4. The median days on market saw a modest decrease of 5.5% over the past year, now standing at 35 days. The pending ratio is at 0.42, showing a 1.7% increase year-over-year, indicating a slight uptick in the rate of properties going under contract relative to active listings. The median price per square foot has also declined by 11.5% year-over-year to $165. No listings currently have reduced prices.

The notable increase in active listings alongside significant price depreciation suggests that those seeking to acquire property in this ZIP code may find more favorable conditions for negotiating pace and price discipline. The heightened inventory pressure, indicated by the rise in active listings, offers more options and potentially less urgency for prospective buyers. The stability in new listings and the slight decrease in days on market suggest some underlying consistency, but the overall inventory expansion and price adjustments indicate that buyers hold increased flexibility in negotiations.

The average listing price of $130,625 is notably higher than the median listing price of $102,450, creating a spread of $28,175. This indicates that higher-priced properties, despite the overall market cooling, are influencing the average value disproportionately. The median price per square foot at $165 reflects the general trend of price adjustments across the market segments.