Springfield, MA

The market in this ZIP code is currently Very Competitive. A pending ratio of 1.76 signals robust demand relative to supply. Active listings have contracted significantly year-over-year, contributing to constrained inventory, while median listing price remains stable over the past year.

The most recent data reveals a dynamic market with several key trends. Active listings have decreased by 19.1% over the past year, resulting in a low inventory environment. New listings have remained stable year-over-year. The median days on market increased by 94.1% over the past year to 33 days, suggesting properties are taking longer to find a buyer compared to the prior period. However, the pending ratio has sharply increased by 157.4% year-over-year to 1.76, indicating a substantial acceleration in properties going under contract. The median listing price shows no year-over-year change, while the median price per square foot has seen a modest 0.4% increase over the past year.

The current market dynamics suggest that purchasers face a competitive environment characterized by limited options and a swift pace of transactions. With a pending ratio of 1.76 and a notable year-over-year reduction in active listings, properties are moving quickly from active status to pending. This inventory pressure places a premium on decisive action from purchasers. While properties are taking longer to sell on average, the high pending ratio underscores sustained demand, which could influence negotiating flexibility.

The average listing price is $317,734, slightly below the median listing price of $325,000, indicating that higher-priced listings do not significantly skew the overall market pricing. The median price per square foot is $238.