Home sales continue downturn in Worcester County, as Mass. prices fall
Photo | Timothy Doyle
Single-family homes in Worcester
The number of single-family homes sold in Worcester County in April dropped nearly 31% compared with April 2022. Prices continue to climb slowly county-wide while prices statewide in April dropped for the first time since 2018, by 1.2%.
"In the ever-evolving landscape of the Massachusetts housing market, April saw a notable decline in sale prices, the first time the median sale price decreased in five years,” Cassidy Norton, associate publisher and media relations director of Peabody research firm The Warren Group, said in a Tuesday press release.
In Worcester County, April’s slide in sales comes after March’s 24% drop year over year. The number of sales is down nearly 28% year-to-date compared to 2022, according to data released Tuesday by The Warren Group.
The average price of a single-family home in Worcester County in April was $416,000, up 2.2% over April 2022 and up 5.3% year-to-date over 2022. Those increases come after Worcester County saw an 8% increase in the median sale price of a single-family home in 2022 over 2021.
“Limited housing inventory was a persistent hurdle, constraining buyer options and intensifying competition. The scarcity of available properties may have prompted hesitant homeowners to delay listing their homes, further exacerbating the supply-demand imbalance,” Norton said. “Economic factors also contributed to the declining market performance. Historically higher mortgage interest and inflation rates added an element of caution among prospective buyers. The upward pressure on borrowing costs dampened affordability and consequently tempered demand.”
WBJ Web Partners
Most Recent
Most Recent
0 Comments