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April 19, 2023

March home sales in Massachusetts drop to lowest level since 2011

A group of older homes in Worcester Photo | Timothy Doyle A residential neighborhood in Worcester

Single family home sales in the City of Worcester dropped 36% in the first quarter of 2023 compared to last year. Sales dropped 53% in March compared to the previous year, according to Peabody research firm, The Warren Group.

The number of sales in the city were worse than in Worcester County and statewide, where home sales were down in the first quarter more than 26% year over year.

“The 2,756 single-family home sales we saw last month marked the fewest number of transactions we’ve seen in the month of March since 2011,” said Warren Group Associate Publisher and Media Relations Director Cassidy Norton. “A lack of inventory across Massachusetts continues to be the biggest factor in the declining sales volume. But when paired with rising interest rates and uncertainties about the economy, we can expect to see similar trends as the spring housing market starts to heat up.”

The median sale price of a home sold in the city of Worcester was $365,000 in March, which is up 4.% percent over 2022. In Worcester County the median sale price was $394,950, up 3.9% over the same time period.

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