Is Springfield, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Springfield has remained a Seller's Market.
Key Takeaway
Springfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Springfield, MA
How much do homes in Springfield, MA cost?
Median Sold Price
$286,545
$180/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Springfield have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in Springfield was $286,545 in April 2024, up 9.1% from last year, and the median price per square foot was $180.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $135.7K | $165K | +21.5% |
| 2 Bedrooms | $220K | $240K | +9.1% |
| 3 Bedrooms | $260K | $275K | +5.8% |
| 4 Bedrooms | $277.1K | $300K | +8.2% |
| 5+ Bedrooms | $300K | $334.6K | +11.6% |
Summary: Springfield housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.5%, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes increased by 11.6%.
Median Sold Price Compared To Nearby Cities
| Springfield | $262.7K | $286.5K | +9.1% |
| Wilbraham | $405K | $431K | +6.4% |
| Ludlow | $296K | $310K | +4.7% |
| Chicopee | $272.1K | $283.8K | +4.3% |
| East Longmeadow | $360K | $370K | +2.8% |
Housing Supply in Springfield, MA
How many homes are available in Springfield, MA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 364 | 362 | -0.5% |
Summary: The Springfield real estate market had 362 homes for sale in April 2024, a 0.5% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 42 | 41 | -2.4% |
| 3 Bedrooms | 107 | 132 | +23.4% |
| 4 Bedrooms | 81 | 63 | -22.2% |
| 5+ Bedrooms | 131 | 123 | -6.1% |
Summary: The Springfield housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 2.4%, 3 bedroom homes increased by 23.4%, 4 bedroom homes decreased by 22.2%, and 5+ bedroom homes decreased by 6.1%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 75 | 119 | +58.7% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
81 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you could pay more than the asking price. 68.1% of homes here sold above asking price last month.
Summary: A total of 119 homes were sold or pending in Springfield in April 2024, up by 58.7% month-over-month. Of the 119 sold homes, 23% were sold under asking, 9% were sold at asking, and 68% were sold over asking.
Days on Market for Springfield, MA
How long does it take to sell a home in Springfield, MA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 35 Days | 31 Days | -10.1% |
Summary: Homes in Springfield had an average of 31 days on market in Apr 2024, down by 10.1% compared to last year.
Breakdown of Home Sale Times
81 Homes Were Sold
Under 30 Days
30 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Springfield are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 119 homes were sold in Springfield; 68% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
