Worcester County home prices rose 6.6% in December as statewide prices stall
Photo/Grant Welker
Hickory Hills development in Millis
The average price of a single-family home in December in Worcester County rose by 6.6% year over year to $390,000.
Statewide, median single-family home prices rose 2% year over year in December to $550,000. The number of home sales dropped approximately 32% statewide and in Worcester County, according to data released Tuesday by the Peabody research firm The Warren Group.
The statewide price of $550,000 is an all-time high for the month of December, even though year-over-year single-family home price increases have been slowing for the past three months, according to the Warren Group.
“The Massachusetts single-family market finally hit that wall we’ve all been anticipating,” Tim Warren, CEO of The Warren Group, said in a Tuesday press release. “For the last few years, housing market activity has been so hot that inventory was unable to keep up – and our numbers reflect that. Add in economic uncertainties and the fact that mortgage rates are nearly double what they were a year ago, and you have the making for a cooling housing market.”
Compared to the 6.6% price increase in December, Worcester County had a 1.3% gain in median home prices year-over-year in November, 9% in October, and 6.6% in September.
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