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December 26, 2019

Report: Home prices up nearly everywhere in Central Massachusetts

Photo | Courtesy The Warren Group Report: Home prices up and sales down in most Central Massachusetts communities.

Single-family home sellers in Framingham and Hudson were the big winners this year, according to new data from The Warren Group, the Peabody-based real estate market tracker.

Sales volume and prices in both communities have risen for the first 11 months of this year compared to the same period in 2018.

Hudson saw the number of home sales rise by 5.4%, while the median price of a single-family home swelled by nearly 3% to $387,900.

Framingham had similar results. Single-family home sales increased to 583 through November, a 2.3% rise. At the same time, the median price grew by 4.2% to $458,500.

One factor is the number of potential buyers out number the amount of homes for sale. In addition, rising rents are turning tenants into homeowners.  

“Framingham rents have risen by more than 10% this year, so tenants say it makes more sense to buy,” said Sam Takla, an agent at Coldwell Banker Residential in Framingham. “The other factor driving sales are even higher single-family home prices in nearby Wellesley and Natick.”

On the flip side, buyers in Northborough, Sudbury, and Wayland had a slight edge.

Through November, the number of single-family homes sold in Wayland fell by 18% compared to 2018, while the median price dropped to $727,500, a 5% decline.

In Northborough, sales slipped by 7% while the median price of a single-family home was off slightly by 1% to $445,000. Sudbury single-family home sales have dropped by 4% this year while median prices slipped by 1.3% to $740,000.

The bulk of Central Massachusetts cities and towns saw the same trend as the rest of the Bay State: home sales fell while prices continued to rise.

In Worcester, single-family home sales declined to 1,195 from January through November compared to the same time last year when 1,260 homes sold, a 5.2% drop. While sales fell, prices continued to rise. The median price of a single family home in Worcester through last month was $255,000, that’s up 7% from $238,000 one year ago.

Leominster saw sales take a 3.5% dive, but the median price for a single-family home reached $283,000, a 5% increase.

Fitchburg home sales took a 10% hit this year, while median prices rose by a whopping 15% to $229,350.

In Marlborough, there were 4.5% fewer sales so far this year compared to last. But at $394,000, the median price was up by nearly 4% in 2019.

Milford single-family homes declined by 5.5% while the median price increased to $353,950, a 4% hike.

In Natick, sales were off by 7% as prices continued to rise. The median price for a single-family home reached $625,000 this year, up from $602,500 a year ago, a 3.7% climb.

Millbury’s medium price was $307,950, up 10% compared to a year ago, while sales experienced a double digit dip of 14%.

In Gardner, Shrewsbury, and Westborough, it was a mixed bag.

Gardner home sales were flat while the median price rose by nearly 10% to $218,500. Shrewsbury sales were flat as well, while prices rose by 7.3% to $450,500. In Westborough, sales increased by 16% as the median home price remained at $524,000.

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