$2,909 Closing Credit*
$245,000
1,755 SqFt
4 Beds
•1 Full Bath
#73314590, Hillary Koncal, Listing Office: Lock and Key Realty Inc.
Is Springfield, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$299,525
$185/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$27,534(+10.1%)
Key Takeaway
Homes in Springfield have sold for 10.1% more than they did a year ago.
Summary: The median home sold price in Springfield was $299,525 in October 2024, up 10.1% from last year, and the median price per square foot was $185.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $137.5K | $169.5K | +23.3% |
| 2 Bedrooms | $225K | $249K | +10.7% |
| 3 Bedrooms | $267.7K | $288.5K | +7.8% |
| 4 Bedrooms | $290K | $306K | +5.5% |
| 5+ Bedrooms | $315K | $351K | +11.4% |
Summary: Springfield housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.3%, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 11.4%.
Median Sold Price Compared To Nearby Cities
| Ludlow | $300K | $335K | +11.7% |
| Wilbraham | $402.5K | $445K | +10.6% |
| Springfield | $271.9K | $299.5K | +10.1% |
| Chicopee | $275K | $299.3K | +8.8% |
| East Longmeadow | $381.2K | $385K | +1.0% |
Housing Supply in Springfield, MA
How many homes are available in Springfield, MA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 421 | 457 | +8.6% |
Summary: The Springfield real estate market had 457 homes for sale in October 2024, a 8.6% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 57 | 68 | +19.3% |
| 3 Bedrooms | 155 | 171 | +10.3% |
| 4 Bedrooms | 79 | 97 | +22.8% |
| 5+ Bedrooms | 127 | 119 | -6.3% |
Summary: The Springfield housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 19.3%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 22.8%, and 5+ bedroom homes decreased by 6.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 95 | 94 | -1.1% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
67 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you could pay more than the asking price. 71.3% of homes here sold above asking price last month.
Summary: A total of 94 homes were sold or pending in Springfield in October 2024, down by 1.1% month-over-month. Of the 94 sold homes, 17% were sold under asking, 12% were sold at asking, and 71% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 28 Days | 30 Days | +8.6% |
Summary: Homes in Springfield had an average of 30 days on market in Oct 2024, up by 8.6% compared to last year.
Breakdown of Home Sale Times
64 Homes Were Sold
Under 30 Days
27 Homes Were Sold
In 30 - 90 Days
3 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 October 2024, 94 homes were sold in Springfield; 68% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
