Is Springfield Township, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Springfield Township was a Seller's Market.
Key Takeaway
Springfield Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Springfield Township, PA
How much do homes in Springfield Township, PA cost?
Median Sold Price
$450,000
$248/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Springfield Township have sold for 5.9% more than they did a year ago.
Summary: The median home sold price in Springfield Township was $450,000 in May 2024, up 5.9% from last year, and the median price per square foot was $248.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $137K | $170K | +24.1% |
| 2 Bedrooms | $280K | $383K | +36.8% |
| 3 Bedrooms | $425K | $440K | +3.5% |
| 4 Bedrooms | $520K | $522.5K | 0.5% |
| 5+ Bedrooms | $795K | $565K | -28.9% |
Summary: Springfield Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.1%, 2 bedroom homes increased by 36.8%, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 0.5%, and 5+ bedroom homes decreased by 28.9%.
Housing Supply in Springfield Township, PA
How many homes are available in Springfield Township, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 51 | 72 | +41.2% |
Summary: The Springfield Township real estate market had 72 homes for sale in May 2024, a 41.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 4 | 6 | +50.0% |
| 3 Bedrooms | 32 | 44 | +37.5% |
| 4 Bedrooms | 14 | 21 | +50.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Springfield Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 37.5%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 11 | +10.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield Township, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Springfield Township in May 2024, up by 10.0% month-over-month. Of the 11 sold homes, 45% were sold under asking, 18% were sold at asking, and 36% were sold over asking.
Days on Market for Springfield Township, PA
How long does it take to sell a home in Springfield Township, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 19 Days | 11 Days | -43.5% |
Summary: Homes in Springfield Township had an average of 11 days on market in May 2024, down by 43.5% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Springfield Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 11 homes were sold in Springfield Township; 91% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
