Worcester area home sales continue to increase in frequency, cost as statewide figures rise
Photo | Grant Welker
A home for sale in Northbridge
Single-family home sales continued to increase in both sale price and number of sales in the City of Worcester and Worcester County in May, according to a monthly report from Peabody real estate data firm The Warren Group.
In Worcester County, sales were up 12.3% in May, with 720 sales recorded compared to 641 a year prior. The median sale price, in turn, was up 16.9%, coming in at $380,000 in May compared to $325,000 in May 2020.
Year-to-date sales were also up, with 2,839 sales recorded so far in 2021, compared to 2,683 by this time in 2020, an increase of 5.8%.
The year-to-date median sale price was up 16.7%, on par with year over trends, coming in at $350,000, compared to $300,000 at this time last year, according to The Warren Group.
City trends followed suit.
In May, the city of Worcester recorded 107 single-family home sales, up 39% from the 77 sales recorded a year prior. Median sale prices, meanwhile, were up 18.6% in May, coming in at $338,000 compared to $285,000 year over.
Year-to-date figures continued to rise, with 465 sales recorded so far this year, a 16.8% increase from this period last year, when 398 were recorded. Sale prices are up 20.5% year-to-date, with the median price logged at $320,000, compared to $265,000 by this time last year.
The Warren Group report highlighted the median single-family home price statewide has remained above $500,000 for the second consecutive month, as demand for new homes remains high. This is so much the case that the median single-family home price is up 28% from 2019 -- increasing from $410,000 in May two years ago to $525,000 in 2021.
However, single-family home sale numbers across Massachusetts were down in 2021 compared to 2019, with 5,139 sales recorded in May 2021 compared to 5,688 two years ago, a difference of 9.7%, according to The Warren Group.
“I’ve been saying for quite a while that it’s only a matter of time before demand wouldn’t be able to keep up with supply, and this could be the first time we have a concrete data point indicating its coming to fruition,” said Tim Warren, CEO of The Warren Group, in a statement. “As inventory continues to dwindle, we’ll continue to see declining sales and inflated prices in the coming months.”
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