Mass. home prices hit $600K as Worcester County climbs to $465K
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A new home under construction in Natick in September 2023
The median price of a single-family home in Massachusetts has reached $600,000, as prices continue their upward trajectory in the central region of the state.
The state saw 3,545 home sales during the month of November, a 2.7% increase, as the median sales price for the month hit $600,000, up 3.4% from the same time last year, according to data released Tuesday by The Warren Group, a Peabody-based real estate research firm.
"The Massachusetts single-family housing market continues to demonstrate strong demand, with the median sale price hitting $600,000 in November — a record for the month and the eighth consecutive month at or above this threshold,” Cassidy Norton, associate publisher and media relations director of The Warren Group, said in the press release. “The recent data suggests that mortgage rates are likely to remain relatively high, perpetuating the issue of potential sellers with lower interest rates reluctant to enter the market, contributing to the state’s supply issue.”
Worcester County saw 521 home sales in November, a climb from the 505 sales seen in November 2023. Middlesex County saw a decrease with total sales dropping from 674 to 642, a 4.7% drop.
Worcester County saw its median price rise from $440,000 in November 2023 to $464,500 this year, a 5.6% increase. Middlesex County’s median price also climbed, from $740,626 to $770,000, representing a 4% increase.
The city of Worcester saw 75 sales in November compared to 82 sales in November 2023. The median price continued to rise, climbing from $413,500 last year to $420,000, a 1.6% increase.
Fitchburg was the site of 27 sales, an increase from 17 sales last year, with a median price of $415,000, an increase of 12.2% from $370,000. Meanwhile, Leominster saw a slight climb in sales, from 14 to 28, with a median price of $456,000, a 3.5% decline from the $472,500 seen in November 2023.
Slight sales declines were seen in prominent Middlesex County communities; Framingham saw 33 sales compared to 38, while Natick saw 22 compared to 21. Medium prices in both cities increased, with Framingham’s increasing 4.1% from $639,000 to $665,000 and Natick’s climbing 2.8%, from $861,250 to $885,000.
Statewide in 2024 so far, home sales are up 1.7%, while the median price has increased 7.3% to $615,000.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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