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Springfield real estate market overview
- Average Monthly Rent: $1,294
- Home Price/Value Percentage Change: 3.90%
- Median Home Value: $251,515
- Best Time To Sell a Home: July
- Affordability Index: Moderate
- Days To Sell a House: 65
- Job Market: Weak
- Public School Ranking: 1
Location and weather
Springfield is located in Hampden County and is the biggest city on the Connecticut River. It is the third largest city in Massachusetts, and lies near the Robinson State Park and the Forest Park. Springfield is known as the place where basketball was invented, which explains its nickname "Hoop City". Springfield has a diverse population that spends their leisurely time enjoying the many different restaurants, entertainment venues and bars it has to offer.
Throughout the year, Springfield even hosts 14 different festivals that celebrate music, art, and culture. This city is also home to the Basketball Hall of Fame, The Dr. Seuss Museum, and many other parks, education centers and landmarks.
Springfield summers are warm, while winters are described as freezing. During summer, temperatures reach highs in the 80's and lows in the 50's. Winter temperatures consist of highs in the 40's and drop to lows in the teens.
Population, job market and cost of living
The current population in Springfield is 156,790, and has a growth rate of 0.18% annually.
The job growth has decreased by -9.41% in the last year and in ten years, is predicted to have increased by 31.74%. Dominant industries in Springfield include the service industry, insurance, chemical, government, and health care facilities. Several large companies to work for are Springfield Massachusetts, MassMutual, Baystate Health, TechSprings and Big Y World Class Market.
The city's cost of living is lower than the national average, making it a fairly affordable place to live. As Springfield expands, so does its diversity, its job growth, and its population. This city will continue being a great home for families, job seekers and entrepreneurs alike.
Springfield real estate market details
- Upper Hill
- East Forest Park
- Sixteen Acres
- Forest Park
- Pine Point
The average monthly rent in Springfield is $1,294 for an average apartment size of 707 sq. feet.
There has been a 3.9% increase in median home value over the last year. As of 2023, the median home value is $251,515.
On average, homes in Springfield sell after 65 days on the market.
The best time to sell a home for the highest valued sale is during July. For the quickest sale, homeowners should sell in October.
The affordability index in Springfield is 92. This number indicates low affordability in this city.
The top ranked public schools are Balliet Middle School, Emergency Academy, Springfield High School, Springfield International Academy At Johnson and Alfred G. Zanetti Montessori Magnet School. This information is based on data measuring academic performance and equity.