Worcester on track to see significant drop in total single-family home sales for 2023
Photo | Grant Welker
New houses on Westview Avenue in Millbury.
The price of a single-family home increased nearly 12% in Worcester in November compared to the same month in 2022, as the total amount of sales so far in 2023 remain 24.5% lower.
Year to date, 835 homes have been sold in the city, a significant decrease from last year’s 1,106 sales that had occurred from January through November 2022, according to data released on Tuesday by The Warren Group, a Peabody-based research firm.
The medium sale price of a single-family home sold in Worcester was $413,500, an 11.8% increase compared to monthly data from November 2022.
Other prominent cities in Central Massachusetts saw similar trends, a continuation of October’s data.
Fitchburg has seen 269 sales so far in 2023, a 25.9% decrease from last year’s sales from January to November. The average sale cost in Fitchburg was $370,000, a 13.8% increase from November 2022.
Leominster saw a 34.3% decrease in sales, with 220 sales occurring through November.The average sale cost in the city was $472,500, a 22.7% increase compared to the same month in 2022.
Across all of Worcester County, 2023 year-to-date sales have decreased by 23.1%, while the year-to-date median sales price has increased 5.5% to $432,500. This is compared to statewide figures, where year-to-date sales dropped 22.9% as the year-to-date median price rose 4% to $572,000.
“Market conditions and trends remained relatively unchanged in November as limited inventory in Massachusetts pushed single-family prices to a new all-time high for the month and sales fell by more than 10% on a year-over-year basis,” Cassidy Norton, associate publisher and media relations director of The Warren Group, said in a Monday statement. “I don’t expect the pressure building behind this pent-up demand to be relieved this year; I think we can expect to see more of the same in the coming months due to elevated interest rates.”
While there’s no signs of a decrease in demand, it’s possible federal intervention could bring some relief.
“The Federal Reserve has indicated it intends to reduce interest rates in 2024, which may help relieve some of that pressure,” Norton said.
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