Springfield, MA

The housing market in this ZIP Code is currently Very Competitive. A pending ratio above 1.0 indicates more homes are under contract than available, reflecting strong demand despite increasing inventory and longer market times. Prices are seeing upward movement, particularly in median listing price, suggesting sustained buyer interest.

The median listing price increased by 10.8% month-over-month and 4.1% year-over-year to $365,725. Active listings surged by 190.9% over the past year, reaching 16 properties. New listings also saw a significant year-over-year increase of 66.7%, with 20 new properties entering the market. Median days on market extended to 23, a year-over-year increase of 173.5%. The share of price-reduced listings is 7.1%, up 7.1% over the past year. The pending ratio is robust at 1.09, showing a year-over-year increase of 45.7%. Median price per square foot declined by 8.0% over the past year to $232.

The elevated pending ratio of 1.09 suggests intense competition for available homes, placing upward pressure on pricing. While inventory has increased significantly, the strong demand indicated by pending activity limits buyer negotiating leverage. Price discipline remains important for sellers, given the rise in days on market, but the overall pace of sales favors a measured approach to pricing.

The average listing price of $365,509 is very close to the median listing price of $365,725, suggesting a relatively uniform market without a distinct high-end luxury segment significantly skewing averages. The median price per square foot is $232.