$3,859 Closing Credit*
$325,000
1,755 SqFt
4 Beds
•2 Full Baths
#73320976, The Bay State Team, Listing Office: RE/MAX Connections
Is Springfield, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$300,000
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$25,470(+9.3%)
Key Takeaway
Homes in Springfield have sold for 9.3% more than they did a year ago.
Summary: The median home sold price in Springfield was $300,000 in November 2024, up 9.3% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $137.5K | $175K | +27.3% |
| 2 Bedrooms | $225K | $250K | +11.1% |
| 3 Bedrooms | $268.4K | $290K | +8.0% |
| 4 Bedrooms | $290K | $307K | +5.9% |
| 5+ Bedrooms | $315K | $359.3K | +14.1% |
Summary: Springfield housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 27.3%, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 14.1%.
Median Sold Price Compared To Nearby Cities
| Ludlow | $305K | $335K | +9.8% |
| Springfield | $274.5K | $300K | +9.3% |
| Wilbraham | $411.5K | $445K | +8.1% |
| Chicopee | $280K | $300K | +7.1% |
| East Longmeadow | $380K | $388.4K | +2.2% |
Housing Supply in Springfield, MA
How many homes are available in Springfield, MA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 473 | 443 | -6.3% |
Summary: The Springfield real estate market had 443 homes for sale in November 2024, a 6.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 5 | +66.7% |
| 2 Bedrooms | 69 | 68 | -1.4% |
| 3 Bedrooms | 174 | 167 | -4.0% |
| 4 Bedrooms | 101 | 91 | -9.9% |
| 5+ Bedrooms | 126 | 112 | -11.1% |
Summary: The Springfield housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes decreased by 1.4%, 3 bedroom homes decreased by 4%, 4 bedroom homes decreased by 9.9%, and 5+ bedroom homes decreased by 11.1%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 105 | 119 | +13.3% |
Asking Price vs. Sold Price
29 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
75 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Springfield, you could pay more than the asking price. 63% of homes here sold above asking price last month.
Summary: A total of 119 homes were sold or pending in Springfield in November 2024, up by 13.3% month-over-month. Of the 119 sold homes, 24% were sold under asking, 13% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 28 Days | 30 Days | +9.0% |
Summary: Homes in Springfield had an average of 30 days on market in Nov 2024, up by 9% compared to last year.
Breakdown of Home Sale Times
78 Homes Were Sold
Under 30 Days
36 Homes Were Sold
In 30 - 90 Days
5 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 November 2024, 119 homes were sold in Springfield; 66% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
