Springfield, MA

The housing market in this ZIP Code is currently Very Competitive, characterized by robust demand and swiftly moving inventory. The pending ratio indicates significant buyer activity relative to available listings, and properties are spending considerably less time on the market than in the prior year.

The median listing price, at $329,450, shows a modest decline of 2.4% month-over-month but has appreciated by 4.2% over the past year. Active listings have contracted by 10.7% year-over-year, alongside an 11.1% increase in new listings, suggesting sustained but quickly absorbed inventory. The median days on market has seen a dramatic decrease of 70.1% year-over-year, now standing at 10 days. The pending ratio has surged by 166.6% year-over-year to 1.88, reflecting strong buyer interest. Concurrently, the share of price-reduced listings has decreased by 11.4% from the prior year to 7.3%.

The rapid pace of sales, evidenced by the sharply reduced median days on market and the elevated pending ratio, indicates strong inventory pressure. This environment requires price discipline from buyers, who face significant competition for available properties.

The average listing price of $339,492 is modestly higher than the median listing price of $329,450, suggesting a relatively uniform market without a pronounced luxury segment outlier. The median price per square foot is $253, reflecting an annual appreciation of 6.3%.