Springfield, MA

The market in ZIP 01108 is currently Very Competitive, characterized by robust demand and limited inventory growth, leading to sustained upward pressure on prices despite some lengthening in marketing periods.

The median listing price has increased by 4.9% year-over-year, indicating a resilient pricing environment, while holding steady month-over-month. Active listings have grown by 17.4% year-over-year, but this growth has been outpaced by demand. New listings have contracted significantly by 25.0% year-over-year, exacerbating supply constraints. The median days on market has lengthened substantially, increasing by 141.7% over the past year, suggesting that while properties are still moving, the pace is moderating from previous highs. Price reductions have seen a year-over-year decrease of 7.1 percentage points, with 12.9% of listings currently reduced, which suggests that initial pricing discipline has improved. The pending ratio stands at 0.85, marking a significant 67.8% year-over-year increase, reflecting strong conversion of active listings to pending sales. The median price per square foot has risen by 2.0% over the past year.

The substantial year-over-year increase in the pending ratio, coupled with a notable decline in new listings and resilient pricing, indicates a market where buyers face significant inventory pressure. While the lengthening of median days on market suggests a slight moderation in transaction velocity, the high pending ratio points to strong demand absorption. The decreased share of price reductions suggests that sellers are generally achieving their asking prices, or adjusting expectations pre-listing, indicating an environment that favors price discipline on the part of sellers.

The average listing price of $332,559 is closely aligned with the median listing price of $329,900, suggesting a relatively uniform market without a pronounced luxury segment impacting the average significantly. The median price per square foot is $205.