Worcester home sales decline continues as prices rise further
Photo | Grant Welker
Newly built homes in Northborough
The total amount of single-family homes sold in Worcester declined in October, as the median sale price for homes in Massachusetts continues to climb, a continuation of trends seen in September and August.
Worcester saw 86 homes sold during October, a decline from 95 sales in October 2022, according to a Monday press release from Peabody-based research firm The Warren Group. The average median sales price was $422,500, a 12.7% increase from last October’s median price of $375,000.
These numbers reflected larger trends across Worcester County. A total of 549 homes were sold in October across the county, a 20.4% decline from this time last year, where 690 homes were sold. The average median price was $450,000, a 9.8% increase, according to The Warren Group’s data.
“Home sale prices in October climbed to the highest they've ever been during this time of year,” Cassidy Norton, associate publisher and media relations director of The Warren Group, said in a Monday statement. “However,the number of homes sold was the lowest it's been in 11 years. Inventory is far below historical norms, and limited choices make it more difficult to find a home. And record high prices paired with rising interest rates make the task of buying a home that much more formidable.”
Other cities in Central Massachusetts saw similar trends. October home sales in Fitchburg declined 27%, while the median price rose 12.4%, compared to October 2022. Sales in Leominster declined 18.5%, while the median price increased 11.8%.
The median sales price for a home in Massachusetts was $575,140, a 10.6% increase from October 2022.
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