House prices in western Massachusetts becoming expensive

Massachusetts News

CHICOPEE, Mass. (WWLP) — Home prices across Massachusetts are at an all-time high, and that includes western Massachusetts. The most recent numbers from the Realtor Association of the Pioneer Valley show that home inventory in the area was down by 57% during December 2020. Those looking to purchase a home will have hefty competition.

Arlene Castellano is on the Board of Directors for the Realtor Association of the Pioneer Valley. She holds classes for first time home buyers and recently had some bad news for a class with 60 participants.

“I told the class, most of you, if everyone in this class, just one class, bought a house today, you would eat up 80% of the market,” Castellano said. She said that once a house becomes available, it flies off the market, “There was a house available I think two weeks ago, and it had 20 offers on it, and it was one day on the market.”

Mike Milanczuk is a residential contractor from Russell told NEWS10’s sister station in Springfield that he sees the impacts of the market every day. “Not only myself, but other contractors I work with, we’re all so busy doing renovations because everyone’s really spending the time and money to fix up what they got,” he said.

For those looking to take the risk and purchase a home, real estate agents like Carrie Blair said it’s all about quickly putting up your best offer. “Just put your best foot forward, make sure you’re saving all your money so you can poise yourself in the best buyer position over other buyers,” Blair said.

Blair also said that buyers are offering $10,000 to $30,000 above the asking price, which just goes to show how competitive things are. For single-family home sales in the Pioneer Valley:

  • Sales up 7.3%
  • Median Price up 17.3%
  • Closed Sales (units)
    • 2020: 372
    • 2021: 399
  • Median Sales (price)
    • 2020: $219,500
    • 2021: $257,500

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download our news app

App Store Link
Google Play Link

Latest PODCAST episode

More PODCAST: On the Story with Trishna Begam
CHECK OUT OUR NEW APP FEATURES

Click Below to set up your cable box

DESTINATION NEW YORK

Latest COVID-19 News

More COVID-19

Cuomo Under Fire News

More Cuomo Under Fire