SPRINGFIELD — Single-family home sales across the Pioneer Valley — and the median price — were up in September as potential buyers watch for changes in interest rates that can make those monthly payments more bearable.
Sales volume was up 5.1 percent in September from 375 homes sold in September 2024 to 394 last month, the Realtor Association of Pioneer Valley said Thursday. The median price was up 7.1% from $350,000 in September 2024 to $375,000 in September 2025.
That monthly average of a median price was down, though, from the $381,000 recorded across Hampden, Hampshire and Franklin counties in August and the $400,000 median recorded in July, according to the association.
It is still a sellers’ market, said Sue Drumm, the association’s president.
“But we’re not seeing as many offers on properties as we were,” she said in an interview. “We expect there to be even more buyers coming into the market.”
That’s because interest rates are coming down, increasing buying power and making monthly payments more affordable.
The average rate on a 30-year mortgage declined again this week to just above its lowest level this year. The average long-term mortgage rate is 6.27% from 6.3% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.44%, according to The Associated Press.
Federal Reserve Chair Jerome Powell signaled Tuesday the central bank will likely cut its key interest rate twice more this year.
Across the country, existing-home sales were virtually unchanged from the previous month, closed sales dipping just 0.2% to a seasonally adjusted annual rate of 4.0 million units, according to the National Association of Realtors.
Locally, in Hampden County alone sales were up 3% last month from 264 a year ago to 272 in September, the Realtor Association of Pioneer Valley said.
The median price is up 7.6% from $330,000 a year ago to $355,000 last month.
In Hampshire County, sales are up 6.8% from 74 in September 2024 to 79 in September 2025. The median price is down 6.1% from $479,000 in September 2024 to $450,000 in September 2025.
In Franklin County, sales were up 4.9% from 41 in September 2024 to 43 in September 2025. The median sales price was up 2.9% from $349,000 in September 2024 to $359,000 in September 2025.
As always, there are few homes on the market. Inventory across all three counties is down 13.9% from 861 homes for sale in September 2024 to 741 in September 2025.
Those interest rates are a culprit, said Drumm, who is a full-time Realtor at Coldwell Banker Realty in Longmeadow.
Some folks who locked in a COVID-era mortgage at less than 4% are reluctant to sell.
Also, there is a lack of homes for seniors to move into, she said. If senior citizens had more available options, it would free up homes for families, she said.
It’s why she and the association support the state’s new housing policies encouraging accessory dwelling units — or mother-in-law apartments.
“We are starting to see some permits being pulled and being approved in the various towns,” she said.
But the general economy, and the ongoing federal government shutdown might harm the market, especially if people miss paychecks.
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