Central Mass. home prices continue drastic climb, up 9% in Worcester County
Photo | Timothy Doyle
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The median price of a single-family home in Worcester County rose to $417,000 in May, up 8.9% over May 2021, while the number of homes sold dropped over 7.6% over the same period, according to data released Tuesday by Peabody firm The Warren Group.
This compares with a 7.3% drop in sales and a 12.4% rise in median price statewide for the month.
“I might sound like a bit of a broken record announcing that the median single-family home price reached yet another new all-time high, but it’s truly indicative of current market conditions,” Tim Warren, CEO of The Warren Group, said via a press release.
The Warren Group’s Tuesday release for May data came less than a week after the Federal Reserve increased interest rates, which is expected to raise the cost of borrowing to buy a home and perhaps slow down the market.
In May, prices in the city of Worcester climbed 10.8% over last year while the number of homes sold increased 14% over the same period. This, after April’s sales decreased 21.9% compared with the previous April.
In the North County, Fitchburg and Gardner saw the median home price rise 24% and 17.7% to $341,000 and $353,000 respectively. Leominster saw the number of homes sold in May drop to 32 from last May’s 43, with prices still rising 7.4% over the same period.
The median home price in Sturbridge climbed to $488,500, a 35.7% increase, while the Southbridge median increased a whopping 41.5% to $346,000, though only seven homes were sold during that period.
To the east, the median home price in Shrewsbury increased 33.2% to $672,500, with the number of sales dropping slightly. In Westborough, the median price remained steady at $745,313, though the number of sales for May was down to 12 from 22 last year.
“The balance between supply and demand has been way out of sync for some time, and this is the manifestation of that imbalance. To cope, many buyers are setting their sights on markets further and further from major hubs – and even outside of Massachusetts,” said Warren.
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