Springfield, MA

The housing market in this ZIP code is currently Very Competitive, driven by a significantly elevated pending ratio and a substantial year-over-year increase in pending activity. While inventory remains constrained, a moderate increase in new listings and some price adjustments are observed.

The pending ratio currently stands at 1.57, representing a notable year-over-year increase of 149.4%, indicating robust demand relative to supply. Active listings have seen a modest increase of 7.7% over the past year, reaching 14 units. New listings experienced a significant year-over-year surge of 50.0%, bringing the total to 12. Median days on market extended to 43, an 18.1% increase over the past year. The median listing price declined by 5.8% month-over-month and 9.1% year-over-year to $299,900. Concurrently, the share of price-reduced listings is 20.5%, a 1.5% increase from the prior year. Despite price adjustments, the median price per square foot increased 4.1% over the past year to $256.

The exceptionally high pending ratio indicates intense competition among prospective buyers, reflecting strong demand pressure. While new listings have risen and listing prices show some downward adjustments, the overall market pace suggests that properties are quickly moving to pending status, limiting negotiating leverage for buyers. Sellers may still experience favorable conditions due to the swift absorption of available inventory.

The average listing price of $304,717 is slightly above the median listing price of $299,900, suggesting a relatively tight distribution of prices within the market. The median price per square foot currently stands at $256.