Springfield, MA

The ZIP code 01107 market is currently experiencing accelerated conditions. A significant year-over-year increase in the median listing price, coupled with a notable reduction in median days on market and a rising pending ratio, indicates heightened activity despite constrained new listing inventory.

The median listing price has increased by 20.9% month-over-month and 11.9% year-over-year, reaching $374,950. This price appreciation occurs amidst a constrained inventory environment, with new listings registering a -100.0% year-over-year decrease. Active listings have grown by 33.3% year-over-year to 4 units, while total listings stand at 6. The median days on market has seen a substantial decrease of 51.4% year-over-year, now at 17 days, suggesting a faster transaction pace. The pending ratio has improved by 16.7% over the past year, currently at 0.50, reflecting increasing buyer engagement relative to available inventory.

The rapid reduction in median days on market to 17 days, alongside a positive year-over-year shift in the pending ratio, suggests a market with limited time for negotiation and heightened competition for available properties. The absence of price reductions and a significant year-over-year decline in new listings point to inventory pressures that grant properties with sufficient demand a strong position.

The average listing price, at $376,200, closely aligns with the median listing price of $374,950, indicating a relatively uniform distribution of property values without significant divergence at the higher end of the market. The median price per square foot is $210, demonstrating modest year-over-year growth of 1.3%.