Springfield, MA Housing Market
AI-powered market intelligence for the Springfield, MA metro area.
PropertyIQ Scores
Springfield, MA Market Analysis
Market Overview
Springfield’s PropertyIQ Score of 79 out of 100 signals a moderately strong housing market, though the supporting data shows both strengths and offsets. The median home value is $376,569, which is well below the state average of $661,896 and makes Springfield a more affordable market relative to the state. At the same time, the rent index is $1,964, above the state average of $1,762, so rents are comparatively high even as purchase prices are lower. The local unemployment rate is 5.5%, compared with 4.4% statewide, and median household income is $71,306, compared with $103,960 statewide.
The PropertyIQ score is supported by a 12-month home value momentum of 7.17%, a median days on market of 39, and a share of listings with a price cut of 17.8%. Those figures point to a market that is still active and reasonably efficient. However, the 3-month home value momentum is -0.49%, meaning recent price movement has cooled after the stronger annual gain. Overall, Springfield is best described as a moderately healthy market: it has a clear price advantage over the state average, but it also has weaker income and employment benchmarks.
Key Trends
First, annual price growth is positive but short-term momentum has turned negative. The 12-month home value momentum of 7.17% shows meaningful appreciation over the past year, while the 3-month momentum of -0.49% suggests a recent flattening or slight pullback. The 17.8% share of listings with a price cut reinforces that buyers are seeing more price-sensitive conditions than the annual growth rate alone would imply.
Second, Springfield offers a split affordability picture. The median home value of $376,569 is significantly lower than the state average of $661,896, which may attract buyers priced out of higher-cost areas. However, the rent index of $1,964 is above the state average of $1,762, meaning renters in Springfield may pay more than the typical state tenant even though home prices are lower.
Third, the market is moving at a moderate pace. Median days on market is 39 days, which is a relatively quick selling time and suggests that well-priced listings can find buyers. There are 552 homes for sale, and with 17.8% of listings showing price cuts, the market appears balanced rather than strongly favoring either side.
Fourth, local economic fundamentals trail the state. The unemployment rate of 5.5% is higher than the state average of 4.4%, and median household income of $71,306 is substantially below the state average of $103,960. Population growth data is not available, so migration-driven demand cannot be directly evaluated.
Who Is This Market For
Springfield is best suited for value-conscious buyers and income-focused investors. The median home value of $376,569 is far below the state average of $661,896, making it more accessible for first-time buyers and households earning less than the state median. Still, with local median household income at $71,306, affordability may remain tight for some local residents even at lower price points. The higher unemployment rate of 5.5% is a caution for buyers who depend on the local job market.
For investors, the rent index of $1,964 is above the state average of $1,762, while home values are lower than the state average. That combination can support a more favorable rent-to-price relationship than in higher-priced parts of the state. The 17.8% share of listings with price cuts also gives buyers and investors some negotiating room, particularly on homes that have been on the market longer than the 39-day median. Move-up buyers may find value in buying more home for less money compared with the state average, but the negative 3-month momentum suggests they should not expect rapid short-term equity gains.
Outlook
The near-term outlook for Springfield is stable but cautious. The 12-month home value momentum of 7.17% shows that prices have risen over the past year, but the 3-month momentum of -0.49% and the 17.8% price-cut share point to slowing appreciation. Median days on market of 39 and 552 homes for sale indicate that demand is still sufficient to keep the market moving at a moderate pace. However
AI-generated analysis based on current market data. Last updated September 30, 2026.
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Springfield, MA market data
Springfield, MA Housing Market Overview
Springfield, MA's median home value is $377K, up 7.2% over the past year. Homes here sell in a median 39 days. Its PropertyIQ Score of 79 sits well above the state average of 50, marking a market positioned to outperform its state over the next three years.
Whether you're considering buying a home, investing in rental property, or weighing entry timing in the Springfield, MA area, the PropertyIQ Score gives you a single, data-first read on relative market strength. It is validated against actual market outcomes from 2001 to 2023, with a positive score-to-return relationship in every validated year across MA and every other US state.
New England's housing market is shaped by historic density, prestigious universities, and a mature healthcare and biotech economy. Markets here tend toward stability, with slower but steady appreciation driven by constrained supply and strong institutional demand. Within the New England, Springfield, MA's PropertyIQ Score of 79 ranks among the New England's stronger demand signals.
For the Springfield, MA market, PropertyIQ calculates a single score each month from four inputs: twelve-month Zillow home-value momentum, three-month Zillow home-value momentum, median days on market from Realtor.com, and the Realtor.com price-reduced share. The score is computed nationally across all metros and calibrated so 50 equals the state average. Across the validation history, metro markets in the top score band have outperformed their state by roughly 1.7 percentage points more per year than bottom-band markets. Momentum here has been positive, with home values up 7.2% over the past year.
Explore the interactive map to see how Springfield, MA compares to neighboring metros, or view the full market dashboard for detailed analytics including time-series trends, score breakdowns, and AI-generated market reports.
Counties in the Springfield, MA metro area
ZIP codes in the Springfield, MA metro area
View all 37 →Market data through August 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Springfield, MA a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Springfield, MA currently scores 79, a rising-momentum reading that leaves it positioned to outperform its state over the next three years. For buyers, strengthening demand usually means rising competition and firmer prices, so waiting can cost you negotiating room. Backing that up, the median home value here is $377K, up 7.2% over the past year. So whether Springfield, MA is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Springfield, MA?
Springfield, MA's PropertyIQ Score is 79, indicating rising momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 79 places Springfield, MA above its state benchmark.
Are home prices in Springfield, MA rising or falling?
Home prices in Springfield, MA are rising. Over the past year, the median home value increased 7.2%, reaching $377K. Over the latest three months, values slipped 0.5%, a sign near-term demand is softening. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Springfield, MA's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Springfield, MA?
In Springfield, MA, homes sell in a median of 39 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 18% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Springfield, MA market data is refreshed on a monthly cycle, with the latest figures current through August 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.