Greater Worcester home prices spiked 19% in April

Photo | Grant Welker A home for sale in Worcester

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By Sam Bonacci

Single-family home prices continued their steady march higher in and around Worcester in April, according to a monthly report from Peabody real estate data firm The Warren Group.

In the city of Worcester, median single-family home prices were up 18.2%, increasing from $275,000 to $325,000 in April, compared to the same month in 2020. Year-to-date, that figure is up 19.4%, increasing from $265,000 to $316,500, according to the report.

The number of sales was also up by 18%, with 114 transactions recorded for April, compared to 96 transactions a year prior. Year-to-date figures were up 11.5%, in turn, with 358 sales recorded compared to 321 a year earlier.

Across Worcester County, median single-family home sale prices were up 19.1% for the month of April, compared to the same period a year earlier, increasing from $303,000 to $361,000. Year-to-date was similarly up, with the median single-family home price coming in at $343,00, compared to $290,00 by this time last year, an increase of 18.3%.

The number of homes sold in Worcester County was also up, if at a less intense rate, with 596 sales recorded in April compared to 567 during the same time period last year, an increase of 5.1%. That’s in line with a slight year-to-date increase of 3.8%, with 2,119 sales recorded so far in 2021 compared to 2,042 during the same time period a year prior.

Statewide, sales and prices for single-family homes continued to rise. Across Massachusetts, the median single-family home sale price increased 21.1% to $508,000, up from $430,000 in April 2020. That figure marks the first time the state has surpassed a median home price of $500,000, according to The Warren Group.

“On a year-over-year basis, the data indicates that single-family sales activity went gangbusters in April, but it’s important to consider the impact COVID-19, last year’s lockdown, and economic uncertainties had on activity in the second quarter,” said Tim Warren, CEO of The Warren Group, in a press release. “To get a more apples-to-apples comparison, we took a look at activity to 2019. Sales were up 5.2% from April 2019.”