Springfield, MA

The housing market in ZIP 01128 is currently Very Competitive, characterized by robust demand and limited inventory. The pending ratio indicates strong activity, and pricing dynamics reflect this constrained supply environment.

The median listing price has demonstrated significant appreciation, with a 5.9% increase month-over-month and a 9.9% increase year-over-year, reaching $399,225. Despite a substantial 50.0% year-over-year increase in new listings, the overall supply remains tight, as active listings have decreased by 22.2% over the past year. The median days on market has also increased by 23.2% year-over-year to 17 days, suggesting a slightly slower absorption rate relative to a year ago, yet still indicative of a fast-moving market. The pending ratio stands at 1.43, a substantial 120.6% increase year-over-year, underscoring strong buyer interest relative to available homes. The median price per square foot has seen a year-over-year decrease of 13.2% to $238, which may reflect shifts in the types of properties listed or broader market adjustments.

The current market dynamics suggest that buyers face a competitive landscape characterized by limited inventory and upward price pressure. The high pending ratio indicates that properties are being swiftly absorbed. While the increase in median days on market could offer a slight reprieve, the overall housing stock remains constrained. Sellers, despite the growth in new listings, benefit from this environment, potentially allowing for greater price discipline, as evidenced by a 0.0% share of price-reduced listings, a 36.5% year-over-year decrease. The significant year-over-year increase in the pending ratio points to strong demand, limiting negotiating leverage for buyers.

The average listing price of $439,822 is higher than the median listing price of $399,225, resulting in a spread of $40,597. This difference suggests a premium for higher-end properties within the ZIP code. The median price per square foot for all listings is $238. Data on $/sqft specifically for the top luxury segment is not available.