Springfield, MA

The housing market in ZIP 01118 is currently Very Competitive, characterized by a substantial pending ratio and significant year-over-year growth in pending listings, despite mixed signals in pricing and inventory. This indicates strong demand absorbing available supply efficiently.

The median listing price, at $339,450, experienced a month-over-month decline of 5.7% but showed a marginal year-over-year increase of 0.2%. Active listings increased by 15.2% over the past year, reaching 19. New listings doubled year-over-year, indicating fresh supply entering the market. Median days on market extended to 31, an 18.3% increase year-over-year. The share of price-reduced listings decreased by 10.0% year-over-year to 5.2%. A key indicator of market competitiveness is the pending ratio, which stands at 2.05, representing an impressive 168.9% increase over the past year. Pending listings reached 39. The median price per square foot is $225, a 1.6% decrease from the prior year.

The exceptionally high pending ratio, coupled with a significant year-over-year increase in pending listings, suggests that inventory is being absorbed at an accelerated pace. This environment means that prospective buyers face a market with limited inventory pressure and must act with conviction. Sellers, while benefiting from strong demand, may need to maintain price discipline given the recent month-over-month decline in median listing price and extended days on market.

The average listing price of $367,260 exceeds the median listing price of $339,450, indicating a segment of higher-priced properties within the market. The median price per square foot is $225, with a year-over-year decrease of 1.6% for this segment.