Is Springfield, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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, PA
How much do homes in Springfield, PA cost?
Median Sold Price
$455,000
$249/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Springfield have sold for 4.6% more than they did a year ago.
Summary: The median home sold price in Springfield was $455,000 in May 2024, up 4.6% from last year, and the median price per square foot was $249.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $275K | $400K | +45.5% |
| 3 Bedrooms | $425K | $447.5K | +5.3% |
| 4 Bedrooms | $520K | $525K | +1.0% |
| 5+ Bedrooms | $630K | $565K | -10.3% |
Summary: Springfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 45.5%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 1%, and 5+ bedroom homes decreased by 10.3%.
Median Sold Price Compared To Nearby Cities
| Morton | $321.5K | $376K | +17.0% |
| Drexel Hill | $267.5K | $301K | +12.5% |
| Springfield Township | $426.5K | $450K | +5.5% |
| Springfield | $435K | $455K | +4.6% |
| Swarthmore | $497.5K | $382.5K | -23.1% |
Housing Supply in Springfield, PA
How many homes are available in Springfield, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 52 | 75 | +44.2% |
Summary: The Springfield real estate market had 75 homes for sale in May 2024, a 44.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 5 | +66.7% |
| 3 Bedrooms | 35 | 47 | +34.3% |
| 4 Bedrooms | 14 | 23 | +64.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Springfield 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 66.7%, 3 bedroom homes increased by 34.3%, 4 bedroom homes increased by 64.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 13 | +18.2% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you may be able to get a good deal. 46.2% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Springfield in May 2024, up by 18.2% month-over-month. Of the 13 sold homes, 46% were sold under asking, 23% were sold at asking, and 31% were sold over asking.
Days on Market for Springfield, PA
How long does it take to sell a home in Springfield, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 9 Days | 10 Days | +9.5% |
Summary: Homes in Springfield had an average of 10 days on market in May 2024, up by 9.5% compared to last year.
Breakdown of Home Sale Times
12 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 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in Springfield; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
