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September 19, 2023

Worcester home prices jump nearly 10% in August, sales remain in a funk county-wide

Photo | Timothy Doyle Homes off Highland St., Worcester

Home sales in Worcester County and throughout Massachusetts continue to be sharply down from 2022, while prices remain consistently higher, sharply so in the city of Worcester.

The median price of a single family home sold in Worcester County in August was $450,000, the same as July and up 4.7% from August 2022. The median price is up 4.5% year over year, according to data released Tuesday by Peabody-based research firm The Warren Group.

Statewide the median price jumped 6.2% year over year in August to $600,000, but the year-to-date median is only up 2.7% statewide.

“The hits keep coming for prospective homebuyers in Massachusetts,” Cassidy Norton, associate publisher and media relations director of The Warren Group, said in the press release. “The shrinking single-family inventory continues to push prices to new highs. Couple this with the fact that interest rates are nearly double where they were a year ago, and the homebuying process is becoming more complicated – and expensive – for buyers.” 

On a local level, the city of Worcester saw a 9.5% year-over-year jump in the median single-family home sale price to $405,000 in August. The number of sales is down 30.3% year to date versus 2022.

In Leominster and Fitchburg, the number of sales dropped 38% in August year over year combined. Leominster was the only Worcester County city to see its median price drop in August year-over -year, down 3.9% versus August 2022 to $406,450.

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