Worcester County home sales cratered in February
Photo | Timothy Doyle
Single-family homes in Millbury
Worcester County home sales dropped almost 26% in February year-over-year and 28% year-to-date.
In January and February, 676 single-family homes were sold in Worcester this year versus 939 in the first two months of 2022, according to Peabody research firm The Warren Group.
Statewide, sales dropped similarly with 28% fewer homes sold during the first two months of 2023 against the previous year.
“A lack of inventory, higher interest rates, and economic uncertainties continue to be the biggest barriers to entry for prospective homebuyers,” Warren Group Associate Publisher and Media Relations Director Cassidy Norton said in a Wednesday press release. “Speaking of the economy, the most recent bank failures may shake consumer confidence in the coming months, which could yield even further declines in transactions not associated with a lack of inventory.”
The rapid price increases seen in 2022 have slowed. The median home price in Worcester County was $390,000 up 8% year-over-year. In February 2022, the median price was $361,000, up 16% from 2021.
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