West Springfield, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating West Springfield Neighborhoods Since 2000




West Springfield, MA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

West Springfield Housing Market Information

With a population of 28,693, 11,495 total housing units (homes and apartments), and a median house value of $200,818, West Springfield real estate values are some of the lowest in Massachusetts, although compared to real estate around the nation, West Springfield homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in West Springfield, accounting for 52.01% of the city's housing units. Other types of housing that are prevalent in West Springfield include large apartment complexes or high rise apartments ( 22.56%), duplexes, homes converted to apartments or other small apartment buildings ( 21.49%), and a few row houses and other attached homes ( 2.41%).

People in West Springfield primarily live in small (one, two or no bedroom) single-family detached homes. West Springfield has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. West Springfield's housing was primarily built during this period, from the '40s through the '60s. A full 39.96% of the city's housing hails from this era. Other housing ages represented in West Springfield include homes built before 1939 ( 31.52%) and housing constructed between 1970-1999 ( 24.38%). There's also some housing in West Springfield built between 2000 and later ( 4.14%).

West Springfield Home Appreciation Rates

Real estate appreciation rates in West Springfield's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.57% during the period.

Appreciation rates are so strong in West Springfield that despite a nationwide downturn in the housing market, West Springfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Springfield appreciation rates continue to be some of the highest in America, at 6.08%, which is higher than appreciation rates in 74.78% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Springfield. West Springfield appreciation rates in the latest quarter were at 1.15%, which equates to an annual appreciation rate of 4.66%.

Relative to Massachusetts, our data show that West Springfield's latest annual appreciation rate is higher than 70% of the other cities and towns in Massachusetts.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within West Springfield differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in West Springfield - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best West Springfield real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$200,818

West Springfield, MA HOME PRICES

Value Range
> $1,078,000 0.5
$809,001 - $1,078,000 0.2
$540,001 - $809,000 1.5
$431,001 - $540,000 2.8
$324,001 - $431,000 11.3
$216,001 - $324,000 26.5
$108,001 - $216,000 42.6
$54,001 - $108,000 9.7
$0 - $54,000 4.9

Very Low for MA
High for Nation

Value Relative to Nation Value Relative to State
32.0168756592054 95.5128205128205

Number Of Homes And Apartments:
11,495

West Springfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
54.76% 2.56% 7 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,099 / per month

Homeownership Rate

Homeownership
Owners 60.65
Renters 39.35
Vacant 5.58

Housing Market Details

 

Age of Homes

AGE OF West Springfield HOMES
2000 or Newer 4.1
1970 - 1999 24.4
1940 - 1969 40.0
1939 or Older 31.5

Types of Homes

TYPE OF West Springfield HOMES
Single-Family 52.0
Townhomes 2.4
Small Apt. Buildings 21.5
Apt. Complexes 22.6
Mobile Homes 1.5
Other 0.0

Home Size

SIZE OF West Springfield HOMES
No Bedroom 7.07
1 Bedroom 14.53
2 Bedrooms 28.04
3 Bedrooms 34.55
4 Bedrooms 12.78
5 or more bedrooms 3.02