MASSACHUSETTS - The Springfield, Massachusetts, real estate market is currently in a state of high demand. Mortgage rates have reached historic lows, and the supply of homes is low. Because of this low supply, the price of homes is predicted to increase slightly in 2023. The price increase is likely to be modest, which is good news for those looking to invest in real estate.
Springfield, Massachusetts, is home to several neighborhoods, including Forest Park, East Forest Park, and Sixteen Acres. As of August 2022, there were 237 active homes for sale in the city, ranging from $34K to $999K. The city is also known for its affordable condo/townhomes.
Although June 2022 real estate markets were less seller-friendly than in the past two years, they remained in the top twenty most seller-friendly months since 2017. While the number of homes for sale has increased across the country, overall price growth has slowed. The time it takes to sell a home is rising, which is a negative sign for buyers.
While the median number of days for a home to be on the market has decreased, Springfield's median sale price increased by 8.5 percent, and its median price rose by 11.3 percent. Both single-family and condominium properties have higher median sales prices. However, the month's supply of inventory is expected to decrease by 16 percent by 2023.
The FMRs have been adjusted using data from several private companies for inflation. The Federal Housing Administration tries to make FMRs "as of" the current fiscal year by factoring in inflation from the vintage of ACS estimates to the present. Historically, it has used the Consumer Price Index (CPI) to measure inflation.