Worcester County home prices rose 12% in February
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A single-family home on West Hill Drive in Worcester
Single-family home sales in Worcester County have risen 11.8% in the last year to a median price of $370,000 in February. Meanwhile, the number of sales is continuing to decrease.
The median price of a home in Worcester County is about $50,000 higher than it was this time a year ago, according to the report released Tuesday by Peabody real estate data firm The Warren Group.
“February was the eighth month in a row where the number of homes sold declined while the median price continued to rise,” said Tim Warren, CEO of The Warren Group, in the press release. “It is a familiar trend, one that is likely to continue unless sellers flood the spring market with new homes.”
The number of sales in Worcester County fell to 413 in February, down 3.7% from 429 in February 2021. In the last 12 months total, the region has had 936 sales, which is 5.5% lower than the previous year.
In the city of Worcester, the number of sales grew 8.7% in February, bucking statewide trends. There were 75 sales last month, six more than in February 2021. Year-to-date, there has been a 0.6% decrease, with just one sale less this year than in the previous year.
The median price of a home in the city has jumped 12.9% since last February from $300,000 to $338,700.
Statewide, Massachusetts homes rose in price by 5.4% from February 2021 to 2022, increasing from $446,000 to $470,000. Compared with February 2020, the average single-family home in Massachusetts has spiked in price by about $100,000 in the last two years, a 23.7% increase.
The number of sales in the state have decreased 14.7% since last year, and 3.3% since February 2020.
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