Springfield Metro Home Prices & Values

$193,400 Zillow Home Value Index What's This?  
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The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

  • 2.2% 1-year change
  • 0.5% 1-year forecast

Market Temperature: ColdWhat's This?
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Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market—the market temperature provides information on the current balance of bargaining power between buyers and sellers in this metro relative to other metros across the US. A particular metro may be identified as a good market for buyers in a national market favorable to sellers overall. Learn more

Buyers' Market Sellers' Market

The median home value in Springfield Metro is $193,400. Springfield Metro home values have gone up 2.2% over the past year and Zillow predicts they will rise 0.5% within the next year. The median list price per square foot in Springfield Metro is $144, which is lower than the Massachusetts average of $212. The median price of homes currently listed in Springfield Metro is $222,000 while the median price of homes that sold is $188,685. The median rent price in Springfield Metro is $950, which is lower than the Massachusetts median of $2,200.

Foreclosures will be a factor impacting home values in the next several years. In Springfield Metro 1.7 homes are foreclosed (per 10,000). This is greater than the Massachusetts value of 1.1 and also lower than the national value of 4.8

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Springfield Metro is 10.3%, which is higher than the national value of 7.2%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Springfield Metro homeowners underwater on their mortgage is 14.3%, which is higher than Massachusetts at 12.7%.

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Relative ZHVI
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Springfield Metro Market Overview

Data through May 31, 2014
  • $193,400 ZHVI
  • 0.5% 1-yr forecast What's This?  
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    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more

    (May 31, 2015)
  • $222,000 Median listing price
  • $188,685 Median sale price
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Springfield Metro Market Health

Data through May 31, 2014
  • 3.1/10 Less healthy What's This?  
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    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.

  • 147 Average of days on Zillow (Apr 30, 2014)
  • 14.3% Homes with negative equity (18.8% US Avg) (Mar 31, 2014)
  • 10.3% Delinquent on mortgage (7.2% US Avg) (Mar 31, 2014)

Homes foreclosed (per 10,000)

1.7 homes Springfield Metro
1.1 homes Massachusetts
4.8 homes United States
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Cities in Springfield Metro

Name Median ZHVI Name Median ZHVI Name Median ZHVI
Amherst $288,600 Westfield $205,200 South Hadley $195,800
Ludlow $194,100 West Springfield $183,900 Holyoke $166,500
Town of Greenfield $166,400 Chicopee $154,800 Springfield $121,400

Listings & Sales

Data through May 31, 2014
  • $144 Median list price / sq ft
  • $135 Median sale price / sq ft
  • 32.2% Listings with price cut
31.8%
Sold below listing
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Springfield Metro Rentals

Data through May 31, 2014
Zillow Rent Index What's This?
Close The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more
$1,379 Springfield Metro
$1,892 Massachusetts
$1,310 United States
  • 3.0 Breakeven horizon What's This?  
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    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more

    (Jun 30, 2013)
  • $950 Rent list price
  • $0.95 Rent list price / sq ft
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