Is West 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, West Springfield has remained a Seller's Market.
Key Takeaway
West Springfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in West Springfield, MA
How much do homes in West Springfield, MA cost?
Median Sold Price
$310,000
$203/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in West Springfield have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in West Springfield was $310,000 in March 2024, up 3.3% from last year, and the median price per square foot was $203.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $120K | $135.1K | +12.6% |
| 2 Bedrooms | $230K | $224K | -2.6% |
| 3 Bedrooms | $295K | $310K | +5.1% |
| 4 Bedrooms | $325K | $338.5K | +4.2% |
| 5+ Bedrooms | $347.5K | $347K | -0.1% |
Summary: West Springfield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.6%, 2 bedroom homes decreased by 2.6%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes decreased by 0.1%.
Median Sold Price Compared To Nearby Cities
| Agawam | $269.5K | $300K | +11.3% |
| Agawam Town | $298K | $315K | +5.7% |
| West Springfield | $300K | $310K | +3.3% |
| West Springfield Town | $300K | $310K | +3.3% |
| Feeding Hills | $345K | $347.5K | +0.7% |
Housing Supply in West Springfield, MA
How many homes are available in West Springfield, MA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 61 | 65 | +6.6% |
Summary: The West Springfield real estate market had 65 homes for sale in March 2024, a 6.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 13 | 13 | 0.0% |
| 3 Bedrooms | 18 | 21 | +16.7% |
| 4 Bedrooms | 18 | 19 | +5.6% |
| 5+ Bedrooms | 10 | 10 | 0.0% |
Summary: The West Springfield housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14 | 21 | +50.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Springfield, you could pay more than the asking price. 61.9% of homes here sold above asking price last month.
Summary: A total of 21 homes were sold or pending in West Springfield in March 2024, up by 50.0% month-over-month. Of the 21 sold homes, 33% were sold under asking, 5% were sold at asking, and 62% were sold over asking.
Days on Market for West Springfield, MA
How long does it take to sell a home in West Springfield, MA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 32 Days | 41 Days | +30.0% |
Summary: Homes in West Springfield had an average of 41 days on market in Mar 2024, up by 30% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in West Springfield are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 21 homes were sold in West Springfield; 48% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
