Worcester home prices soar 17% in April as sales continue to drop

Photo | Google Maps A single-family home on West Hill Drive in Worcester

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By Katherine Hamilton

Single-family home prices in Worcester increased 16.9% in April, compared with April 2021, reaching $380,000 in the city, according to Peabody-based research firm The Warren Group.

Worcester’s median sale price has risen 10.6% year-to-date, from $316,500 to $350,000.

The city of Worcester had a significant drop in home sales in April, with 89 sales compared to 114 in April 2021, marking a 21.9% dip. In the last 12 months, sales in the city have fallen 4.2% compared to the previous 12 months.

In Worcester County, median prices continued to soar to $407,000 in a 12.4% increase from a year ago. The year-to-date median sale price in the county rose 10.8% from $343,000 to $380,000 this year.

There were 575 homes sold in April, which is 4% fewer than in April 2021. Year-to-date, there have been 2,021 total sales, 4.8% fewer than the previous year.

Both the city and county’s median sale prices are increasing at slightly higher rates than the state as a whole, but prices are still lower than average. Massachusetts’ median single-family home price was $560,000 in April, a 9.8% increase from April 2021 and a 30.2% increase from April 2020.

The number of statewide sales is dropping at a faster rate than in the Worcester area, moving back towards the rate of 2020. With 3,862 sales in 2022, Massachusetts had a 14.8% decrease in sales from 2021, but a 3.6% increase compared with 2020. Year-to-date, the number of sales has fallen 11.1% since last year and 0.8% since 2020.