November 30, 2017

Realtor.com: Worcester real estate market to grow 4%

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This home at 48 Pakachoag St. in Auburn was sold for $330,000 earlier this month.

According to Realtor.com, the Worcester area is the 27th fastest growing housing market among the nation's 100 largest metropolitan regions.

The home-finding website released the results of its 2018 National Housing Forecast indicating the housing inventory will begin to rise in the new year and the rapid growth in price is expected to level off some.

Home sales in the Worcester-Connecticut area are expected to grow by 3.77 percent and price is expected to grow 3.68 percent, according to realtor.com.

Realtor.com said it projects the country's year-over-year inventory growth to be in the positive by fall 2018 for the first time since 2015.

The projections come just days after the Massachusetts Association of Realtors and real estate information firm The Warren Group released data on October home sales.

Both said home sales are on the rise again after months of decline in sales and rising prices.

The average single-family home sold in Worcester County was $257,000, a 4.4-percent increase from last October, The Warren Group said.

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