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September 21, 2022

Leominster, Fitchburg home sales are spiking, while county and state sales drop

Photo | Timothy Doyle Single-family homes in Worcester

Fitchburg and Leominster single family home sales rose 18% year-over-year in August, following a 21% climb in July year-over-year.

This compares with single-home sales in the city of Worcester dropping 5.6% in August year-over-year, while sales in Massachusetts dropped 9.9% over the same time, according to a report released Tuesday by Peabody real estate research firm The Warren Group.

The rise in Leominster and Fitchburg sales because of the affordability in those cities, as well as access to Route 2, said Rick Healey, owner of Foster-Healey Real Estate Inc. in Leominster, in an email to WBJ.

People are able to move to smaller cities because they are working from home. Inventory is also a factor, said Healey.

“It seems the entire market is still strong, but suffering a severe lack of inventory. Fitchburg with less of a reduction in inventory had a commensurate increase in sales,” he said.

The median price of a single-family home in August was $350,000 in Fitchburg and $423,000 in Leominster, increases of 10% and 13%, respectively. The median sale price in all of Worcester County was $425,000, an increase of 7%.

Statewide sales were down 9.9% year-over-year in August while the median sale price climbed to $565,000, an increase of 6%.

“This is the fewest single-family home sales we’ve seen in the month of August since 2014. Interest rates are rising, and the number of homes for sale is falling, which are two of the biggest factors that contributed to the decline. Add concerns about inflation, declines in the stock market, and a weak economy and consumer confidence is taking a hit. This puts many potential homebuyers on the sideline. I fully expect to see year-over-year declines in the single-family sales volume throughout the remainder of 2022,” said Tim Warren, CEO of The Warren Group in the report.

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