Median Worcester home value hits $340K as Mass. reaches new all-time high

Photo | Grant Welker Shays Lane, a small subdivision off Salisbury Street in Holden, opened in 2019 as one of a series of new home developments between the town center and the Worcester line.

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By Katherine Hamilton

Massachusetts’ single-home median sale price reached a new all-time high in July, marking the fourth consecutive month average prices have surpassed $500,000, according to a report from Peabody real estate data firm the Warren Group.

The housing market in the city of Worcester continues to grow exponentially.

In July, there was a 28.4% increase in sales from 116 to 149 in Worcester, and the median price of single-family homes jumped 22.7% from $227,000 to $340,000.

Year-to-date numbers were similar in the city, with 752 sales this year, a 25.8% surge from last year’s 598. The year-to-date sale price grew 22.1% from $270,250 to $330,000.

In Worcester County, there were 909 sales in July, a 3.8% decrease from last year, when 945 single-families sold. Despite the decrease, the year-to-date sales in the county has risen 8.5% from 4,360 last year to 4,731.

The median sale price in Worcester county climbed from $344,000 to $390,000, a 13.4% increase. The year-to-date price went up 17.4% from $310,000 to $365,000.

The median sale price for a single-family statewide in Massachusetts spiked 17.4% from last July, from $460,000 to $540,000, and 27.1% from July 2019 when the median price was $425,000.

Single-family home sales in Massachusetts decreased to 6,327, a 7.6% decrease from last year’s 6,849 transactions and a 1.5% fall from the 6,424 sales in July 2019.

“Since the start of the third quarter of 2020, it was apparent that based on the flurry of sales, paired with the ever-shrinking inventory of single-family homes across the state, that it was only a matter of time before we saw sales start to slide on a year-over-year basis,” The Warren Group’s CEO, Tim Warren, said in a statement.