Springfield, MA

The ZIP code currently exhibits a Very Competitive market environment. A significant year-over-year reduction in active listings, coupled with a high pending ratio, indicates strong demand relative to available inventory. Median days on market have decreased substantially, reinforcing the competitive landscape.

Active listings have seen a substantial year-over-year contraction of -50.0%, falling to just 2 properties. New listings registered 8 in the most recent period. Median days on market have compressed by -63.7% year-over-year, reaching 23 days. The median listing price has appreciated by 12.0% month-over-month, though it remains -10.8% below its level over the past year. Concurrently, the median price per square foot has declined by -7.2% year-over-year. The share of listings with price reductions is currently 0.0%, a -100.0% reduction compared to over the past year, reflecting robust initial pricing.

The pending ratio of 4.00, coupled with only 2 active listings and a rapid median days on market of 23, suggests significant inventory pressure. This environment indicates that prospective buyers face a constrained selection and a rapid pace of transactions, necessitating decisive action. For sellers, this dynamic translates into strong negotiating leverage and minimal need for price adjustments, as evidenced by the 0.0% price-reduced share.

The average listing price of $380,500 exceeds the median listing price of $365,450 by $15,050, indicating the presence of properties at higher price points influencing the average. The median price per square foot stands at $251.