For the city of Springfield, Massachusetts, $149,900 is the house value median. 8.7 percent is the percentage that Springfield homes have risen in value is the last year. There has been a prediction made that the worth of houses will increase by 8.1 percent in the following year.
In Springfield, per square foot, the list cost median is $117. The metro area of Springfield has a greater per square foot list cost median of $156.
For presently listed houses in Springfield, the cost median is $154,700. For homes that have sold in Springfield MA, $153,700 is the median cost.
For Springfield, $1,300 is the rent cost median. This is less than the Metro area of Springfield rent cost median of $1,550.
The median household annual income for Springfield, Massachusetts is $54,855.
The rate of foreclosures can be an important part of the economics of real estate. The higher the rate of foreclosures, the lower the price of real estate. Thus, in choosing an area to live in, it could be helpful to see what the foreclosure rate is.
If for example, the foreclosure rate is high for a particular area, and also rising, this could contribute to lowering the value of real estate for that area.
In the city of Springfield, for every 10,000 houses, 9.3 are foreclosed. This foreclosure rate is quite a bit higher than average. The Metro area of Springfield has a foreclosure rate of 5.4 homes being foreclosed for every 10,000 homes. In the United States, 1.6 homes are foreclosed for every 10,000 homes.
The first thing that happens when a house is foreclosed is that there is a mortgage delinquency. A mortgage delinquency is the condition of an owner of a house failing to make good on a payment on their mortgage.
4.9 percent is the percentage of mortgage delinquencies in the city of Springfield Massachusetts. The United States has a lower rate of mortgage delinquencies. It’s 1.6 percent.
The recession of 2008 had a very negative impact on the real estate market. One major consequence was that the value of homes dropped a greater amount than 20 percent. And this caused many owners of homes to currently be underwater on their mortgages.
When a house owner is underwater on their mortgage, it means that the house owner has a mortgage debt that is larger than their house value
15.5 percent of homeowners in Springfield, MA are underwater on their mortgages. 9 percent of Springfield Metro area home owners are underwater with their mortgages.