The story of this market
The typical home in ZIP 01061 sells for about $320,847, or $215 per square foot.
Prices are up +1.9% from a year ago, so sellers still have some momentum. Homes take about 25 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $1,450 a month.
ZIP 01061 — Northampton
The Springfield housing market shows signs of stabilization with modest price growth and a balanced inventory level. While affordability remains a challenge for many, the market is not experiencing the extreme volatility seen in other regions. Data for specific ZIP codes is limited, so metro-wide trends are used as a proxy where local figures are unavailable.
This area is well-suited for first-time homebuyers, renters, and investors seeking affordability relative to the broader Massachusetts market, though it requires careful consideration of school and neighborhood-specific factors.
Median prices moved up 1.9% year over year.
Homes spend a median of 25 days on market with 2.1 months of supply — a fast-moving market.
31% of listings have cut prices · homes sell at 100% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 6.5% · poverty 25.0% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 7.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 01101, Springfield, MA
Crime rates in Springfield are higher than the national average, with property and violent crime trends remaining a persistent concern for local law enforcement compared to surrounding suburban municipalities.
Public schools in the area generally receive lower ratings on national benchmarks, with many institutions scoring in the lower tier of state accountability metrics.
The area is subject to standard New England climate risks, including seasonal flooding in low-lying zones near the Connecticut River and winter storm impacts.
Economic momentum is driven by healthcare, education, and government sectors, with ongoing efforts to revitalize the downtown core and attract new commercial investment.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Massachusetts) — Massachusetts Local Property Tax: Ad valorem tax calculated as (Municipal Budget / Total Assessed Value of all taxable property) = Tax Rate per $1,000 of assessed value. Assessments must be at 100% of full and fair cash (market) value.
Residents typically rely on personal vehicles for commuting, with access to I-91 and I-90 providing regional connectivity to Hartford and the broader Pioneer Valley.
The area features several municipal parks, including Forest Park, and offers proximity to regional shopping centers and cultural venues within the city limits.
The rental market is characterized by high demand and low vacancy rates, with rents trending upward due to limited new supply and a significant student and workforce population.
The economy is anchored by major healthcare systems like Baystate Health and educational institutions, alongside a growing presence in the hospitality and gaming sectors.
The city is served by the PVTA bus system and Union Station, which provides rail connectivity via Amtrak and the Hartford Line.
Development is focused on urban infill and the adaptive reuse of industrial properties to increase housing density.
The City of Springfield Assessor's Office conducts periodic revaluations to ensure assessments reflect current market conditions.
Parcels are subject to municipal taxes and may fall within specific utility or fire districts depending on the exact location.
Property insurance premiums are influenced by regional hazard profiles, including flood risk in specific zones and general urban fire risk factors.
The state continues to see a net outflow of residents, though urban centers like Springfield attract regional migration for affordability.
Massachusetts is a non-judicial foreclosure state, requiring strict adherence to statutory notice and auction procedures.
Sellers are required to provide a property disclosure statement, though the state is generally a 'caveat emptor' jurisdiction regarding physical condition.
Data retrieved from data.census.gov; figures represent ZCTA-level estimates.
No public schools report a street address in this area. Source: NCES EDGE public school locations 2023-24.
One of the largest urban parks in the United States, featuring a zoo, gardens, and sports facilities.
A cluster of five museums including the Dr. Seuss National Memorial Sculpture Garden.
A major arena and convention center hosting sports and concerts.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.