Springfield, MA Real Estate Market 2026: 97 Out of 100, 317 Homes, and Almost No New Construction

The Springfield, MA real estate market scores 97 out of 100 on the PropertyIQ Score as of February 28, 2026. There are 317 homes for sale in the metro. New construction sales in the most recent quarter came in at 8 units. Homes are selling at 100.10% of listing price, meaning buyers are paying above asking.

Four numbers. One market picture: supply so constrained that the market is operating near its structural floor, with demand near the ceiling and essentially no new construction arriving to change that.

What a Score of 97 Actually Means

The PropertyIQ Score synthesizes supply, demand, economic, and valuation data into a single 0-to-100 monthly score. A score of 50 represents the Massachusetts state average. Springfield at 97 is near the top of the state range.

The score reflects this market's structural reality: there is not enough housing for the buyers who want it, sellers hold the full advantage, and that dynamic has been consistent for at least 12 months. The score is driven by a demand component of 98.33 out of 100 meeting a supply base of just 317 homes.

Springfield's 12-Month Score History

Springfield has maintained a position at or near the top of the Massachusetts score range for the full past year:

• March 2025: 96
• April 2025: 97
• May 2025: 97
• June 2025: 98
• July 2025: 98
• August 2025: 98
• September 2025: 97
• October 2025: 98
• November 2025: 97
• December 2025: 98
• January 2026: 98
• February 2026: 97

The 12-month range: 96 to 98. This is structural stability at a high level. The score has not dipped below 96 in the past year, and has spent most months at 97 or 98.

Springfield Home Prices and Market Activity

As of February 2026:

• Median listing price: $349,913 (Realtor.com)
• Zillow home value estimate: $356,786 (January 2026)
• Home value appreciation YoY: up 7.67%
• For-sale inventory: 317 active listings
• Inventory YoY: down 7.73%
• Days on market: 47 days
• New listings: 220 (YoY: down 14.73%)
• Pending listings: 66
• Pending ratio: 0.21
• Price cut rate: 13.77% of listings
• Price per square foot: $235
• Home sales YoY: down 14.29%
• Sale-to-list ratio: 100.10% (November 2025)
• Demand score: 98.33 out of 100
• Supply score: 84.62 out of 100
• New construction sales: 8 (November 2025)

The inventory of 317 homes in a metro of 462,853 people is very tight. But the context of that number is more important than the number itself: new listings are down 14.73% year-over-year and inventory is down 7.73% year-over-year. The supply side is contracting, not holding steady.

The 8 new construction sales in November 2025 is the most telling figure in this dataset. New construction has effectively ceased in Springfield. Builders have not entered this market at scale. There is no pipeline of new homes arriving to relieve supply pressure. The market depends entirely on existing owners choosing to sell, and they are doing so at a declining rate.

The demand score of 98.33 is near the maximum. Against 317 active listings, even modest buyer activity produces competition.

Home values are up 7.67% year-over-year as of February 2026. At a $349,913 median, that represents roughly $25,000 in nominal value gain over the past year. The Zillow home price forecast as of December 2025 projects an additional +3.3% over the next 12 months.

The sale-to-list ratio of 100.10% means Springfield buyers are paying above asking price. Sellers are not negotiating. Correctly-priced homes are clearing at or above list.

The Supply Constraint Explained

317 homes for sale in a metro of 462,000 people is a structural condition, not a temporary one.

New listings are down 14.73% year-over-year. Existing owners are not selling. The reasons are structural to New England: mortgage rate lock-in (owners who refinanced at 3% or below are not motivated to trade into current rates), long homeownership tenures typical of established New England communities, and a cultural pattern of holding rather than trading up.

New construction at 8 units per quarter is essentially zero. Springfield lacks the flat, undeveloped land typical of Sun Belt or Midwest markets where builders can deliver large subdivisions efficiently. New England's historic settlement patterns, dense existing development, and restrictive local zoning make large-scale residential construction impractical throughout most of the metro.

This is the same dynamic driving Hartford, CT to 98, Manchester, NH to 98, and Worcester, MA to 95. New England supply constraints are structural and regional, not market-specific.

Springfield Economic and Demographic Profile

As of 2023 Census data:

• Metro population: 462,853
• Median household income: $70,535
• Median age: 39.8
• Homeownership rate: 62.22%
• Unemployment rate: 5.5% (November 2025)

The median income of $70,535 is below the Massachusetts state average. Unemployment at 5.5% reflects Springfield's industrial heritage: a manufacturing and distribution base that has evolved over decades but remains less economically dynamic than the Boston metro.

The income picture is central to the affordability analysis. The income needed to buy at the median stands at $93,006 as of February 2026. Against a metro median income of $70,535, that gap of roughly $22,500 per year is meaningful but not insurmountable. It is substantially more accessible than Boston-area markets, where the income-to-buy gap often exceeds $100,000.

The affordable home price based on the metro median income calculates to $265,373, roughly $84,000 below the current median listing. That gap explains the 62.22% homeownership rate. First-time buyers at the local median income face real pressure, but the gap is not as severe as in high-cost coastal markets.

The 5-year appreciation stands at 26.46% as of February 2026, reflecting consistent price growth in a supply-constrained market over the medium term.

Springfield as an Investment Market

The investment case for Springfield rests on appreciation and rental demand in a market that has no new supply relief arriving.

The Zillow rent index stands at approximately $1,880/month as of December 2025. Against a median home value of $356,786, that produces a gross annual yield of approximately 6.3%. That is one of the more functional rental yield calculations among high-scoring New England markets, where yield compression is typical at higher price points.

New construction at 8 units per quarter is the key structural factor for investors. Without meaningful new supply entering the market, any sustained demand produces price appreciation. The 7.67% year-over-year appreciation and 26.46% five-year appreciation are the measured result.

The overvaluation metric stands at 44.4%, which reflects the gap between current prices and income-supported values. This is a structural risk factor over a multi-year horizon but is consistent with the pattern across supply-constrained New England markets. Springfield is not unusual in this regard; it is typical of the region.

The Zillow home price forecast of +3.3% over the next 12 months is consistent with the structural supply picture. Supply is not increasing. Demand is not decreasing. The forward appreciation path follows from those two conditions.

What Buyers Should Know About Springfield in 2026

Springfield at $349,913 is one of the most accessible high-scoring markets in Massachusetts. For buyers priced out of Boston, Worcester, or Hartford, Springfield offers top-tier score fundamentals at a price point that is materially lower than most New England alternatives.

The competitive dynamics are real. Homes sell above asking price. Inventory is 317 units. New listings are falling. The spring market will bring higher activity but also more buyers for the same limited pool of homes.

The income threshold of $93,006 is challenging for buyers at or below the metro median. For buyers earning above that threshold who are working in regional healthcare, education, financial services, or commuting to Hartford or Springfield's professional employment base, the math is closer to workable than most Massachusetts markets offer.

The Bottom Line

The Springfield, MA real estate market scores 97 out of 100 on the PropertyIQ Score as of February 28, 2026. There are 317 homes for sale. New construction sales total 8 units. Homes sell above asking price. Inventory is shrinking. Values are up 7.67% year-over-year with a forward forecast of +3.3%.

Springfield is an affordable market running out of supply. The 97 score reflects that condition precisely. There is no indication it is changing.

View the full Springfield PropertyIQ Score and compare it to other Massachusetts markets at propertyiq.app. Free to use, updated monthly.