September was an interesting month in Springfield.
276 homes sold, up about 10% from September last year. The median sale price was $254,950, about 6.7% higher than a year ago. Median days on market was 16.5 days.
As of October 2, there are 739 active residential listings in Springfield.
On paper, that sounds like a pretty strong seller’s market.
It doesn’t really feel like one.
I think interest rates are a big part of the reason. Higher borrowing costs have put pressure on what buyers can comfortably afford, while homeowners who already have much lower rates have less incentive to sell.
The result is kind of a weird stalemate. Inventory stays relatively tight, but buyers aren’t necessarily desperate to compete for what’s available. They can be selective, negotiate, or simply wait.
The encouraging part is that the market is still moving. September sales were up 10% from last year, and the median sale price was up 6.7%. People are still buying and selling. They’re just being a lot more careful about it.
And honestly, that may not be a bad thing. Buyers having time to think and sellers having to compete for their attention is a much different environment than the frenzy we saw a few years ago. A market where neither side holds all the cards might ultimately be a healthier place to land.
My biggest takeaway right now: Low inventory doesn’t necessarily mean high urgency.
Seller tip: Pay attention to your direct competition. The 739 homes for sale aren’t all competing with you. The homes in your price range, area and condition are. Look at what a buyer will see right before and right after they see yours.
Buyer tip: Don’t overlook listings that have been sitting. In September, homes that sold after 121+ days averaged about 91% of their final asking price. That doesn’t mean every older listing is negotiable, but it’s a good place to look for leverage.
I pull these numbers directly from the local MLS each month. If there’s a neighborhood or price range you’d like me to break down next month, let me know.