Springfield, MA

The market in ZIP Code 01109 is currently Very Competitive, characterized by robust demand reflected in a high pending ratio and rapidly appreciating median listing prices. Inventory remains constrained despite an increase in new listings.

The median listing price has increased by 4.7% month-over-month and 6.9% year-over-year to $310,000. Active listings saw a 13.8% year-over-year increase, while new listings surged by 50.0% over the past year. Properties are moving swiftly, with the median days on market decreasing significantly by 38.5% year-over-year to 32 days. The pending ratio stands at 0.91, representing a substantial 66.8% year-over-year increase, indicating strong buyer interest. Concurrently, the price-reduced share saw a modest 4.0% year-over-year increase, reaching 26.7%.

The substantial year-over-year increase in the pending ratio to 0.91, coupled with a significant reduction in median days on market to 32 days, signals elevated negotiating leverage for sellers. The notable year-over-year increase in new listings, while positive for inventory, has not fully alleviated the intense pace of transactions, as evidenced by the high pending ratio. Price discipline among sellers appears strong given the healthy year-over-year price appreciation and the moderate increase in price reductions.

The average listing price of $331,608 exceeds the median listing price of $310,000 by $21,608, indicating the presence of higher-end properties that elevate the overall average. The median price per square foot is $194, showcasing consistent value across properties, including those at the top end of the market.