SPRINGFIELD, Mass. (WWLP) – The Realtor Association of Pioneer Valley has released its latest report on home sales in Hampden, Hampshire, and Franklin counties for January 2023.

Home closings have decreased, but they’re still selling for more money compared to January 2022. There were 253 homes were sold in January of 2023, which is down 32.5% from January 2022.

(Realtor® Association of Pioneer Valley)

The median sale price for homes was $290,000, which is about 3.6% higher than last year of $280,000. The inventory of available homes that were for sale was down 15.7% from 543 homes for sale in January 2022, to 458 homes for sale in January of this year.

The average days on the market were up 36.2% from 36 days on the market in January 2022, up to 49 days.

22News spoke with local realtors who told us at this point it’s very important that buyers get their pre-qualification from a lender to buy a home and in addition to that, to understand a home’s exact monthly payment.

“As the interest rates potentially go up more, I think the buyer should be constantly checking in with their lender on a regular basis to understand what the rising rates will translate to on that monthly payment. So then the buyer can stay within their budget,” Steven Laplante of ERA. M. Connie Real Estate explained.

As for sellers, Laplante says that they should have a plan as they prepare to put their home on the market for the spring and that includes freshening the home up to attract buyers.