Worcester County home sales drop 13%, as Mass. prices set another monthly record
Photo | Christine Peterson
Cheryl Eidinger-Taylor, president of ERA Key Realty Services, puts a for-sale sign on the front lawn of a client's home.
September home sales figures in Massachusetts largely mirrored the trends of increasing prices and limited inventory seen in previous months, although a flattening in climbing prices has suggested shifts in the state’s tight housing market may be on the horizon.
The state saw 3,482 single-family home sales in September, down 3.7% from 3,617 seen in September 2023. The median September price climbed to $600,000, a new record for the month and a 6.2% increase from $565,000 seen last year, according to data released Tuesday by The Warren Group, a Peabody-based real estate research firm.
“Elevated interest rates and limited inventory are likely key factors slowing the pace of transactions, despite continued demand,” Cassidy Norton, associate publisher and media relations director of The Warren Group, said in a Oct. 16 press release accompanying the data. “At the same time, prices remain robust, with the median home price reaching $600,000, a 6.2% increase year-over-year and a record for September. However, the rapid rise in prices appears to be flattening compared to previous years, signaling a potential shift in market dynamics.”
Worcester County saw 503 home sales in September, down 13.4% from the 581 sales seen last September. Middlesex County saw a decrease with total sales dropping from 649 to 614, a 5.4% drop.
The median price rose in Worcester County over that time period, from $445,000 in September 2023 to $467,500 this year, a 5.1% increase. Middlesex County’s median price dipped slightly, from $769,000 to $750,000, representing a 2.5% decrease.
The city of Worcester saw 62 sales in September, compared to 84 sales in September 2023. The median price continued to rise, climbing from $406,500 last year to $430,000, a 5.8% increase.
Fitchburg witnessed 23 sales, a decrease from 33 sales last year, with a median price of $370,000, an increase of 2.8% from $360,000. Meanwhile, Leominster saw a slight climb in sales, from 24 to 26, with a median price of $511,000, a 13.7% increase from the $450,000 seen in September 2023.
Slight sales declines were also seen in prominent Middlesex County communities; Framingham saw 30 sales compared to 36, while Natick saw 15 compared to 16. Medium prices in both cities increased, with Framingham’s inching up 1% from $615,000 to $621,000 and Natick’s climbing 3.3%, from $852,000 to $879,900.
Statewide in 2024 so far, home sales are up 0.5%, while the median price has increased 8.3% to $617,500.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
WBJ Web Partners
Most Recent
Most Recent
0 Comments