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The Springfield area was the hottest housing market in the nation in July, according to Realtor.com.
According to The Warren Group, publisher of Banker & Tradesman, there were 157 condominium, single-family, two-family and three-family sales in the city July 2025, representing a 15.4 percent year-over-year increase. The city’s median single-family price in the city was $315,000 last month, an 8.7 percent bump on the same basis.
Across all of Hampden County, sales of residential properties rose only 1.97 percent year-on-year in July, to 2,792. The county median sale price ended the month at $354,900, up 9.2 percent on the same basis.
Springfield’s hotness comes at a peculiar time for the market. With mortgage rates trending downwards and a rumored interest rate cut in September, homebuyers are entering a more balanced market that features less fierce competition and increased inventory levels.
“The housing market is caught in a collective slowdown, touching everyone from buyers to sellers to builders,” Realtor.com senior economist Jake Krimmel said in a statement. “Despite facing different pressures, each group is reacting the same way, with hesitation and retreat. The result is a market that can’t gain meaningful traction. That being said, a more balanced market is emerging, creating opportunities for those with the patience and flexibility to adapt.”
According to the Massachusetts Association of Realtors, the inventory of single-family homes in Massachusetts increased by 2.17 percent to 7,380 homes in July.
The Pioneer Valley also saw its inventory levels increase in July: 726 single-family homes for sale, a 0.4 percent increase, with new listings up 5.3 percent to 534.
Across the nation, home sales remain near multi-decade low while there has been 21 consecutive months of rising inventory according to Realtor.com. Inventory has grown 28 percent in May, June and July, reaching over 1 million homes for 3 straight months, and reaching the highest levels since Nov. 2019.
Additionally, according to a separate new analysis by economists at brokerage Redfin, there are an estimated 1.43 million homebuyers in the U.S. housing market. That is the lowest level in Redfin’s records dating back to 2013 aside from the start of the pandemic.
“We’re likely in the most buyer-friendly housing market since the 2008 financial crisis,” Redfin Senior Economist Asad Khan said in a statement. “Back then, inventory piled up as foreclosures surged, and demand was weak, meaning buyers had negotiating power. We’re not headed for another 2008, though; many of today’s homeowners have built substantial equity thanks to the recent surge in home values, and today’s borrowers must meet stricter lending standards. Plus, there are more options for avoiding foreclosure if a homeowner is at risk of defaulting, such as loan modification.”
