Is Springfield, MA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Springfield is a seller's market

Buyer's
Market

Difference Since December 2021

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.

How much do homes in Springfield, MA cost?

Median Sold Price

$260,000

$168/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2021

+$24,998(+10.6%)

Key Takeaway

Homes in Springfield have sold for 10.6% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSDec 2021Dec 2022%
1 $131.2K$112.5K
-14.3%
2 $191.6K$216K
+12.7%
3 $235K$259.6K
+10.5%
4 $249.8K$270K
+8.1%
5+ $255K$300K
+17.6%

Median Sold Price Compared To Nearby Cities

East Longmeadow
+11.1%
Springfield
+10.6%
Ludlow
+8.4%
Chicopee
+7.6%
Wilbraham
+3.9%

How many homes are available in Springfield, MA?

Number of Homes For Sale

Nov 2022Dec 2022%
450354-21.3%

Homes For Sale By Bedroom Count

# BEDSNov 2022Dec 2022%
1 97
-22.2%
2 5849
-15.5%
3 154120
-22.1%
4 9571
-25.3%
5+ 134107
-20.1%

Number of Homes Sold

Nov 2022Dec 2022%
137109-20.4%

Asking Price vs. Sold Price

36 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

62 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Springfield, you could pay more than the asking price. 56.9% of homes here sold above asking price last month.

Average Sale Time

Dec 2021Dec 2022%
31 Days38 Days+21.6%

Breakdown of Home Sale Times

59 Homes Were Sold
Under 30 Days

41 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Springfield are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Springfield, MA

Springfield, MA has 354 homes on the market. Between November 2022 and December 2022, Springfield, MA real estate market has seen decrease in the number of listings by 21.3%. The median list price of listings available in December 2022 was $260,000, while the average time on the real estate market was 38 days. Listing prices have changed in this real estate market between November 2022 and December 2022: the cost of 1 bedroom properties went down by 14.3%, prices of 2 bedrooms properties went up by 12.7%, prices of 3 bedrooms properties increased by 10.5%, prices of 4 bedrooms properties increased by 8.1%, 5 bedrooms properties prices increased by 17.6%. Volume of homes for sale changed: 1 bedroom homes became 22.2% less available, the quantity of 2 bedrooms homes went down by 15.5%, 3 bedrooms homes inventory decreased by 22.1%, number of 4 bedrooms homes decreased by 25.3%, 5 bedrooms homes inventory decreased by 20.1%. Over 62 listings were sold over their listed price in December 2022 in Springfield, MA. In the same period over 36 listings were sold below the listed price and 11 listings were sold for the listed price.

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