September 30, 2026 | By John Apicella, Cynthia Apicella Group at Keller Williams Midtown Direct Realty
If you’ve been wondering whether the the Springfield, NJ real estate market cooled off after summer, September gave a clear answer: it didn’t. Twenty-two homes closed in Springfield Township this month. That’s more than in August and nearly double the number from September 2025. Homes sold faster, and most sold for more than asking. Here’s what happened, how mortgage rates fit in, and what it means heading into the fall.
The Big Picture
| Sept 2025 | Aug 2026 | Sept 2026 | |
|---|---|---|---|
| Homes sold | 12 | 17 | 22 |
| Median sale price | $615,000 | $800,000 | $731,000 |
| Average sale price | $646,662 | $869,073 | $746,864 |
| Median days on market | 17 | 16 | 12 |
| Median sale-to-list ratio | 105.7% | 103.3% | 104.9% |
Compared to last year, sales rose 83%, the median price climbed nearly 19%, and homes sold five days faster.
Compared to August, activity picked up. Sales rose from 17 to 22, homes sold faster, and buyers paid a bigger premium over asking.
Did Prices Drop From August? Not Really.
At first glance, September’s median of $731,000 looks like a step down from August’s $800,000. The difference comes from what sold, not from values falling.
August’s closings leaned heavily toward larger homes. Only two of its 17 sales were condos or townhomes, and just four homes sold under $650,000. September was more balanced. It had five condos and townhomes and eight sales under $650,000. More entry-level sales pull the median down even when every home is selling well.
The most competitive indicators actually strengthened in September. Days on market fell, and the sale-to-list ratio rose. Buyers weren’t pulling back.
What About Mortgage Rates?
Rates climbed sharply in the second half of September. According to Mortgage News Daily’s daily survey, the average 30-year fixed rate reached 7.60% on September 30. That’s up from 7.26% just one week earlier, and up from 6.37% a year ago, an increase of more than a full percentage point. Other major surveys show the same direction. The Mortgage Bankers Association put the rate at 7.30% this week, and Freddie Mac’s weekly survey hit 7.03%.
Here’s what that means in real dollars. Using Springfield’s median price and 20% down, estimated monthly principal and interest payments compare like this:
- September 2025: a $615,000 home at 6.37% comes to roughly $3,070 per month.
- September 2026: a $731,000 home at 7.60% comes to roughly $4,130 per month.
That’s more than $1,000 more per month than a year ago for the typical Springfield home, before taxes and insurance. Buyers are paying more for the house and more to borrow.
Yet Springfield buyers kept competing. Most homes still sold over asking, and they sold faster than last year. That tells you how strong demand is for this town.
There’s an important timing note, though. Most September closings were homes that went under contract in July and August, when rates were lower. The 30-year fixed averaged 6.66% in Freddie Mac’s August 27 survey. The late-September jump hasn’t shown up in closed sales yet. October and November will show whether rates above 7% start to cool buyer activity.
Keep in mind that published averages are just benchmarks. Your actual rate depends on your credit, down payment, and loan type, so it pays to compare quotes from more than one lender.
How Springfield Compares to the National Market
Realtor.com’s September report shows a national market that is clearly cooling. About one in five listings across the country had a price cut, the highest share for any September since 2018. Pending sales fell 4.1% from a year ago. The national median list price dropped 1.4%, its 11th straight month of annual declines.
Our region tells a different story. Price cuts were least common in the Northeast, and in the New York metro area, fewer than 1 in 10 listings had a reduction. Springfield is a clear example. While prices are softening nationally, Springfield’s median sale price is up nearly 19% from last year, and most homes are still selling over asking.
The national slowdown is still worth watching. If higher rates keep pressure on buyers, that could reach our area in the months ahead. For now, Springfield remains one of the strongest markets in the region.
Most Homes Still Sold Over Asking
This September, 15 of 22 homes (68%) sold above list price, two sold at list, and five sold below. Some standouts:
- 78 Tooker Avenue was listed at $725,000 and sold for $825,000 (113.8%) in 9 days.
- 15 Profitt Avenue was listed at $545,000 and sold for $615,000 (112.8%).
- 106 Salter Street was listed at $625,000 and sold for $695,000 (111.2%).
- 26 Tower Drive was listed at $799,000 and sold for $870,000 (108.9%).
- 26 Mohawk Drive was listed at $929,000 and sold for $999,000 (107.5%).
Updated kitchens, renovated baths, central air, and finished lower levels came up again and again among the homes that drew the strongest offers.
The Most Important Lesson: Price It Right From Day One
Looking at August and September together, one pattern stands out above everything else:
All 18 homes that went under contract within 12 days sold above asking. That’s every single one, from a $305,000 condo to a $1.6 million home on Skylark Road.
Homes that lingered told a different story. Of the 10 homes that took 30 or more days to go under contract, only one sold meaningfully above asking. Most closed at or below their original price, often after a reduction. For example, a Cape Cod on Meisel Avenue started at $650,000 and sold for $635,000.
Well-priced homes create competition. Overpriced homes create time on market, and usually a price cut. With rates now above 7%, this matters even more. Buyers watching their monthly payment have less room to stretch, so homes need to be priced right from day one.
What This Means for Sellers
Demand is strong and values are meaningfully higher than a year ago. If your home was last valued before 2026, it’s likely worth more than you think. To capture that value:
- Price strategically, based on recent comparable sales, not online estimates.
- Prepare the home with fresh paint, a clean presentation, and professional photos.
- Make the first two weeks count, because that’s when your strongest offers arrive.
Selling this fall also means listing before any rate-driven slowdown has a chance to show up in the numbers.
What This Means for Buyers
Expect competition, especially under $800,000. Get fully pre-approved, compare quotes from multiple lenders, and know exactly what monthly payment you’re comfortable with before you start touring. Also watch homes that have been on the market 30 days or more. That’s where this year’s below-asking opportunities have been.
Looking Ahead
Fall typically brings fewer new listings. For buyers, that means less competition. For sellers, it means less competing inventory. The big question for the coming months is how buyers respond to rates above 7%. So far, Springfield’s demand has held up remarkably well, and the town continues to prove it’s one of Union County’s most in-demand places to live.
Data sources: Garden State MLS, closed residential sales in Springfield Township for September 2025, August 2026, and September 2026; Mortgage News Daily, Mortgage Bankers Association, and Freddie Mac; Realtor.com September 2026 Monthly Housing Trends Report. Payment estimates are principal and interest only, assume 20% down, and are for illustration. Information deemed reliable but not guaranteed.