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Median single-family home price in Worcester County nears $500K

Eric Casey 3 hours ago

While the median price of a single-family home in Central Massachusetts dropped in August after the traditional peak of the homesale season in mid-summer, the month saw higher prices and fewer sales than August 2024. 

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Today's Poll

Should Massachusetts significantly reduce the environmental review time for new housing projects?
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In an effort to increase the pace of new housing development in Massachusetts, Gov. Maura Healey has proposed streamlining the environmental review process for certain new housing projects, with the goal of reducing the time spent on the process from about one year to 30 days. Environmental reviews are a hallmark of community planning, to ensure new development doesn't negatively impact surrounding properties or natural resources, even though the process does add significant time and often cost to projects. Healey's proposal comes after Massachusetts fell behind the national average in new housing production, despite adding 90,000 new units since she became governor in 2023.

New England already averages the longest timeline in the nation to build a single-family home once the developer has been giving the authorization to move forward with construction, according to U.S. Census statistics compiled by the National Association of Home Builders. In 2023, single-family homes in New England averaged 13.9 months from permit to completion. The South Atlantic states have the lowest average of 8.9 months while the region that includes Texas, Oklahoma, Arkansas, and Louisiana is the second quickest at 9.4 months. The second-longest average after New England is the New York, New Jersey, and Pennsylvania region, which takes 13.2 months.

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Book of Lists 2024

Worcester Business Journal's annual Book of Lists is filled cover-to-cover with pure market intelligence on significant businesses and players in the Central Massachusetts economy and community. The 45 lists in this 2024 edition highlight the top companies and professionals in sectors including banking & finance, real estate, manufacturing, health care, education, nonprofits, hospitality, and professionals services. This year's edition even includes three lists never previously published.
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