Worcester County median home price rises to $410K as sales continue slide
Photo | Timothy Doyle
Homes off Highland St., Worcester
Sales of single-family homes in Worcester County continued to be weak in October, down 13% year-over-year, according to Peabody research firm The Warren Group.
Across Massachusetts, sales dropped almost 22% year-over-year in October, which is a sign the housing market is finally slowing after moving at a breakneck speed for the past two years.
“This is the fewest number of single-family home sales for the month of October since 2012,” said Tim Warren, CEO of The Warren Group in a Wednesday press release. “A dwindling inventory, rising interest rates, and the high cost of consumer goods continued to have an impact on homebuying activity across Massachusetts in October.”
Prices remain high across Worcester County, rising 9% year-over-year to $410,000, compared to prices statewide which rose 4% to $520,000. The 9% increase year-over-year is on par with prices throughout the summer, showing that prices are remaining steady at the higher rate year-over-year.
In the city of Worcester, the number of sales of single-family homes dropped 20% to 118, compared to October 2021. The median sale price rose 10%, to $375,000.
Year-to-date, the number of sales have now dropped below 2021 levels. In Worcester County, 6,666 single-family homes have been sold, a decrease of 8% from 2021. In Massachusetts, the year-to-date drop is steeper at 13%, while the city of Worcester has had an 8% drop.
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