Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$372,394+3.3% YoY · prices are rising fast
Market right nowBalanced, leaning buyersMore homes for sale than last year, 24% have cut their price
Income needed to buy, per year$80,727About 1.1× the local median income ($71,287): a stretch for a typical household
Days on market39 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+2.4%Zillow expects prices to rise slightly
The typical home in Springfield, MA is worth $372,394, up 3.3% from a year ago. That is slightly above what local incomes have historically supported: fair value is about $340,101, so the area is 9.5% overvalued. It is a balanced market, leaning toward buyers: homes take about 39 days to sell, listings are up 37% from a year ago, 24% of listings have had a price cut. Zillow expects prices to rise about 2.4% over the next year. A household needs about $80,727 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $71,287. Typical rent is $1,963 a month, or $2,704 for a house. In the latest IRS figures, 1,112 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$372,394
Change in 1 year
+3.3%
Overvalued %
+9.5%
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Fair home value
$340,101
Change in 5 years
+28.9%
Zillow forecast, next 12 months
+2.4%
Home value to income
5.2×
Monthly mortgage payment (20% down)
$2,018
Income needed to afford it
$80,727
Property tax rate
1.49%
Rent and investing
Typical rent
$1,963
Typical rent for houses
$2,704
Price-to-rent ratio
15.8×
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HUD Fair Market Rent, 2 bedrooms
$1,800
Gross rental yield
6.33%
Cap rate (estimate)
4.11%
Market activity
Listings vs a year ago
+37.4%
Days on market
39
Listings with a price cut
23.7%
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Homes for sale
702
Pending sales per 100 listings
63
Asking price per sq ft
$236
People and jobs
Median household income
$71,287
Population change (1 year)
+0.2%
Unemployment rate
6.0%
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Population
464,338
Income adjusted for cost of living
$74,180
Net moves in (IRS)
−1,112
Cost of living (US = 100)
96.1
Schools, risk and environment
School rating (1 to 10)
3.7
FEMA hazard risk score (0 to 100)
92.8
Unhealthy air days a year
5
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Flood risk score
95.9
Wildfire risk score
39.3
Walkability (1 to 20)
10.9
Road, rail and air noise
53 dB
Questions people ask
Is Springfield, MA overvalued?
Home prices in Springfield, MA are slightly above what local incomes have historically supported: fair value is about $340,101, so the area is 9.5% overvalued.
Is Springfield, MA a buyer's or seller's market?
Springfield, MA is a balanced market, leaning toward buyers: homes take about 39 days to sell, listings are up 37% from a year ago, 24% of listings have had a price cut.
Are home prices going down in Springfield, MA?
Home values in Springfield, MA are up 3.3% over the last year. Zillow's forecast for the next 12 months is +2.4%.
How much do you need to earn to buy a home in Springfield, MA?
A household needs about $80,727 a year to afford the typical home in Springfield, MA at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $71,287.