Is Springfield, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$282,180
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Springfield have sold for 7.4% more than they did a year ago.
Summary: The median home sold price in Springfield was $282,180 in March 2024, up 7.4% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $112.5K | $165K | +46.7% |
| 2 Bedrooms | $220K | $235K | +6.8% |
| 3 Bedrooms | $260K | $270.8K | +4.2% |
| 4 Bedrooms | $276.3K | $295.3K | +6.9% |
| 5+ Bedrooms | $300K | $330K | +10.0% |
Summary: Springfield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 46.7%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 6.9%, and 5+ bedroom homes increased by 10%.
Median Sold Price Compared To Nearby Cities
| Wilbraham | $400.9K | $432K | +7.7% |
| Springfield | $262.7K | $282.1K | +7.4% |
| Ludlow | $295K | $310K | +5.1% |
| Chicopee | $269.9K | $283K | +4.8% |
| East Longmeadow | $360K | $370K | +2.8% |
Housing Supply in Springfield, MA
How many homes are available in Springfield, MA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 341 | 334 | -2.1% |
Summary: The Springfield real estate market had 334 homes for sale in March 2024, a 2.1% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 2 | -60.0% |
| 2 Bedrooms | 33 | 39 | +18.2% |
| 3 Bedrooms | 103 | 104 | +1.0% |
| 4 Bedrooms | 83 | 72 | -13.3% |
| 5+ Bedrooms | 117 | 117 | 0.0% |
Summary: The Springfield housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 60%, 2 bedroom homes increased by 18.2%, 3 bedroom homes increased by 1%, 4 bedroom homes decreased by 13.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 86 | 71 | -17.4% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
45 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you could pay more than the asking price. 63.4% of homes here sold above asking price last month.
Summary: A total of 71 homes were sold or pending in Springfield in March 2024, down by 17.4% month-over-month. Of the 71 sold homes, 28% were sold under asking, 8% were sold at asking, and 63% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 47 Days | 38 Days | -18.0% |
Summary: Homes in Springfield had an average of 38 days on market in Mar 2024, down by 18% compared to last year.
Breakdown of Home Sale Times
43 Homes Were Sold
Under 30 Days
18 Homes Were Sold
In 30 - 90 Days
10 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 March 2024, 71 homes were sold in Springfield; 61% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
