Springfield, MA

The housing market in this ZIP Code is currently Very Competitive. A pending ratio above 1.0, coupled with significant year-over-year declines in active and new listings, indicates strong demand relative to supply. Price appreciation and rapid inventory absorption are key characteristics.

The median listing price has shown modest appreciation both month-over-month (1.3%) and year-over-year (3.3%), reaching $288,725. More notably, the median price per square foot has surged by 24.3% over the past year, now at $229. Active listings have decreased significantly by 30.4% year-over-year, alongside a 36.4% reduction in new listings over the same period. This reduction in available homes has contributed to a 16.8% increase in the median days on market, now at 37 days. The pending ratio has increased dramatically by 89.7% year-over-year to 1.04, reflecting an environment where pending listings outnumber active listings.

The current market dynamics suggest that buyers face significant competition. The high pending ratio indicates that properties are moving quickly from active to pending status, limiting negotiating leverage for buyers. The substantial reduction in active and new listings year-over-year intensifies inventory pressure, leading to a faster pace of transactions. Sellers are experiencing favorable conditions, with reduced pressure for price reductions, as evidenced by an 11.3% share of price-reduced listings, a 6.3% decrease over the past year, which supports greater price discipline.

The average listing price of $314,080 exceeds the median listing price of $288,725, suggesting a segment of higher-priced properties in the market. The median price per square foot stands at $229, reflecting the general value proposition in the area, market and the upper end of the market will likely see premiums to this rate.