House prices in western Massachusetts becoming expensive

Massachusetts

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 shows that home inventory in the area was down by 57 percent 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 percent 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,” Castellano said.

Mike Milanczuk is a residential contractor from Russell told 22News 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,” Milanczuk 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.

She said that buyers are offering $10,000 to $30,000 above the asking price, which just goes to show how competitive things are.

January 2021 Single-Family Sales Report
Pioneer Valley sales up 7.3% · Median price up 17.3%

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

HAMPDEN COUNTY

  • Sales up 3.8% Median Price up 17.1%
  • Closed Sales (units)
    • 2020: 261
    • 2021: 271
  • Median Sales (price)
    • 2020: $205,000
    • 2021: $240,000

HAMPSHIRE COUNTY

  • Sales up 2.6% Median Price up 25.6%
  • Closed Sales (units)
    • 2020: 78
    • 2021: 80
  • Median Sales (price)
    • 2020: $267,500
    • 2021: $336,000

FRANKLIN COUNTY

  • Sales up 33.3% Median Price up 34.4%
  • Closed Sales (units)
    • 2020: 36
    • 2021: 48
  • Median Sales (price)
    • 2020: $200,000
    • 2021: $268,500

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