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November 29, 2018

Worcester County home prices hit $275K in October

Photo | Grant Welker Arboretum Village Estates in Worcester is currently under construction.

The median sale price of a Worcester County home sold in October decreased from September, but the price of $275,000 was a 6.7-percent increase over October 2017, according to Boston real estate data firm The Warren Group. 

The company’s monthly real estate report indicated the trend of rising prices with a limited stock was continuing.

In Worcester County, October sales were down to 744 from the 778 reported last year -- a 4.4-percent decrease. 

For the year, 7,244 homes have been sold compared to 7,312 through the first 10 months of 2017. Year-to-date prices of $275,000 are also 6.2-percent higher than at this point last year.

Statewide, home prices are hitting records. The median price of a single-family home increased 3.9 percent in October to $374,000. 

For the year, statewide prices are up 5.5 percent to $385,000.

“Despite the shrinking single-family home inventory across Massachusetts, sales are more or less on par with where they were in October 2017,” said The Warren Group’s CEO, Tim Warren, in a statement. “Demand continues to be strong, and there’s no doubt in my mind that if there were additional homes available on the market, we would have seen a spike in sales last month.”

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