Forest Park, Springfield, MA—01108
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Forest Park, Springfield, MA
As of Oct '25, the median home price in Forest Park, Springfield, MA is $292,000, with a year-over-year change of 2.0%. This indicates that home prices in Forest Park, Springfield, MA are increasing. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $292,000 | 2.0% |
| Single Family | $298,000 | 1.4% |
| Condos | $236,000 | 6.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $150,000 | 2.0% |
2 Bed | $263,000 | 4.4% |
3 Bed | $292,000 | 1.7% |
4 Bed | $306,000 | 2.0% |
| 5 Bed | $357,000 | 0.8% |
% of Housing Stock
Rental Trends — Forest Park, Springfield, MA
As of July '25, Rentcast reports the average rent in Forest Park, Springfield, MA is $1,670, with a year-over-year rent change of -6.2%. Per bedroom, the median rent as of July '25 in Forest Park, Springfield, MA is studios: $1,050, 1-bedrooms: $1,180, 2-bedrooms: $1,620, 3-bedrooms: $1,990, 4-bedrooms: $2,570. The most common rental property sizes in Forest Park, Springfield, MA are 2-bedroom and 3-bedroom, accounting for 46.9% and 26.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,670 |
| Studio Rent | $1,050 | $1,050 |
| 1 Bed Rent | $1,150 | $1,180 |
| 2 Bed Rent | $1,500 | $1,620 |
| 3 Bed Rent | $1,900 | $1,990 |
| 4 Bed Rent | $2,240 | $2,570 |
% of Rental Stock
Property Listings — Forest Park, Springfield, MA
As of Oct '25, Realtor.com reports that the median days on market for a home in Forest Park, Springfield, MA is 27. This is a decrease of -9.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 50.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $315,000 | 14.0% |
Listing Count | 36 | 42.0% |
| Listings as % of Homes | 0.2% | 42.0% |
Days on Market | 27 | -9.0% |
Demographics — Forest Park, Springfield, MA
As of the latest ACS Survey released in 2023, Forest Park, Springfield, MA has a population of 27,400, which has decreased by -1.6% over the past 5 years. Forest Park, Springfield, MA is a popular place for families, as children make up 26.3% of the population. The area has a poorly educated workforce, with 21.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,400 | -1.6% |
% Under 18 | 26.3% | -6.1% |
% Seniors | 10.8% | 14.9% |
% WFH | 7.8% | 178.6% |
% w/ College Degree | 21.2% | 15.2% |
As of the latest ACS Survey released in 2023, Forest Park, Springfield, MA is a predominantly hispanic area, with 41.4% of the population identifying as hispanic. The hispanic population has shrunk by 8.6% in the last 5 years. The second most common race or ethnicity in Forest Park, Springfield, MA is white, making up 31.2% of the population. Foreign-born residents account for 16.2% of the population in Forest Park, Springfield, MA, and this percentage has increased by 22.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 31.2% | 1.6% |
% Black | 19.6% | 17.4% |
% Hispanic | 41.4% | -8.6% |
% Asian | 7.0% | 42.9% |
% Foreign Born | 16.2% | 22.7% |
Mortgage and Risk — Forest Park, Springfield, MA
According to HUD data as of 2023, there were 346 mortgage originations in Forest Park, Springfield, MA, of which 64.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 43.0% above 90% LTV (very high). This implies large mortgage risk in Forest Park, Springfield, MA. Investor activity is low, as 5.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 346 |
% Conventional Loans | 64.0% |
% Government Loans | 36.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Forest Park, Springfield, MA
As of 2024, the percent of homes in Forest Park, Springfield, MA under the Section 8 program is 22.0%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Forest Park, Springfield, MA, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,265 |
Total Units Section 8 | 1,169 |
% Rentals under Section 8 | 22.0% |
% Occupied Section 8 | 86.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $60 | $1,150 | $1,210 |
| 2 Bedroom | $0 | $1,500 | $1,500 |
| 3 Bedroom | -$70 | $1,900 | $1,830 |
| 4 Bedroom | -$200 | $2,240 | $2,040 |
Affordability — Forest Park, Springfield, MA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.9 |
| Median Home Price | $292,000 |
| Median Household Income | $51,900 |