Springfield, MA

The housing market in ZIP code 01107 is currently Very Competitive. Despite a significant month-over-month decrease in the median listing price, several key indicators point to robust market activity and strong underlying demand.

The median listing price, at $310,000, experienced a sharp month-over-month decline of 17.9%. However, it remains elevated with a substantial year-over-year increase of 17.5%. Active listings have doubled over the past year, reaching 3, while new listings have remained stable year-over-year at 2. The median days on market have seen a dramatic year-over-year increase of 708.0% to 51 days, indicating a longer sales cycle. The share of price-reduced listings is 18.2%, mirroring the year-ago period. The pending ratio of 1.17, up 83.3% year-over-year, indicates strong buyer interest relative to available inventory. Median price per square foot is $246, a 42.6% increase over the past year.

The elevated pending ratio of 1.17 suggests that buyers must act with urgency due to limited inventory. Despite the increase in median days on market, the strong pending activity indicates that there is still pressure on inventory. The significant year-over-year growth in median listing price points to sustained pricing strength, requiring buyers to be disciplined in their offers. For sellers, this environment offers an opportune moment to achieve favorable terms, although the increased days on market and price reduction activity suggest that realistic pricing remains crucial.

At $344,767, the average listing price is 11.2% higher than the median listing price of $310,000, indicating the presence of higher-valued properties influencing the overall market. The median price per square foot of $246 reflects strong value appreciation across all segments, up 42.6% over the past year.