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  5. /Forest Park, Springfield, MA - 01108

Forest Park, Springfield, MA—01108

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$308,000
3.6% YoY Growth
Household Income
$51,900
26.7% YoY Growth
Days on Market
33
1.0% Shorter YoY
Home Price Forecast
2.0%
Median Rent
$1,600
6.2% YoY Growth
1-Bed Rent
$1,150
9.3% YoY Growth
2-Bed Rent
$1,500
8.0% YoY Growth
3-Bed Rent
$1,900
1.0% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Forest Park, Springfield, MA

As of May '26, the median home price in Forest Park, Springfield, MA is $308,000, with a year-over-year change of 3.6%. This indicates that home prices in Forest Park, Springfield, MA are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$308,0003.6%
Single Family $315,0003.3%
Condos $245,0006.1%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • $154,000
    4.8%
    2 Bed
    		$277,0006.5%
    3 Bed
    		$308,0003.4%
    4 Bed
    		$322,0003.2%
    5 Bed $381,9573.2%
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    % of Housing Stock

    Studio
    2.0%
    1 Bedroom
    12.1%
    2 Bedrooms
    30.9%
    3 Bedrooms
    37.3%
    4 Bedrooms
    9.5%
    5+ Bedrooms
    8.2%

    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.

    TypeMedian RentAverage 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
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    % of Rental Stock

    Studio
    3.0%
    1 Bedroom
    20.0%
    2 Bedrooms
    46.9%
    3 Bedrooms
    26.1%
    4 Bedrooms
    1.2%
    5+ Bedrooms
    2.9%

    Property Listings — Forest Park, Springfield, MA

    As of May '26, Realtor.com reports that the median days on market for a home in Forest Park, Springfield, MA is 33. This is a decrease of -1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$314,00010.0%
    Listing Count
    		49152.0%
    Listings as % of Homes0.2%152.0%
    Days on Market
    		33-1.0%
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    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.

    MetricLatest CensusYoY % 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%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio5
    Median Home Price$308,000
    Median Household Income$51,900

    Forest Park, Springfield, MA — ZIP Code Boundary Map

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    Nearby ZIP Codes

    South End, Springfield, MA

    01105

    Longmeadow, MA

    01106

    East Forest Park, Springfield, MA

    01118

    Bay, Springfield, MA

    01109

    Metro Center, Springfield, MA

    01103

    Frequently Asked Questions