Springfield Real Estate Market Overview
Public School Ranking:
Selling a House in Springfield, MA
In Springfield, the median home value is $173,725 and housing prices increase the further away you live from the city center. Homes sold during the month of August, sell for 10.98% higher than the yearly average. Homes sold in July though, sell 9 days faster than the annual average. If you’re still waiting on an offer for your home, it might be time to consider other real estate methods. iBuying for example, can guarantee a sold home in a short amount of time. With an iBuyer, you won’t have to wait on potential offers, negotiate standing offers or hope you’ll receive an offer at all. They can provide their customers with an all-cash value for their home, and will even take care of showings, repairs and staging.
Location & 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 & Cost of Living
The current population in Springfield is 155,472, and has a growth rate of 0.14% annually. The job growth has increased by 3.6% in the last year and in ten years, is predicted to have increased by 31.7%. Dominant industries in Springfield include the service industry, insurance, chemical, government, and health care facilities. Several large companies to work for are Massachusetts Mutual Life Insurance, Big Y, Baystate Health, Smith & Wesson, and American Outdoor Brands. 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.