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Your Town: Mid-Year Report of Worcester Real Estate Market

Want to know how the Worcester, Massachusetts real estate market is doing? In this Your Town report we’re looking at home sales in Worcester for the first half of 2015 versus the first half of 2014, how the market is currently doing and what’s to come for the rest of the year.

As of June 30th a total of 702 homes sold in Worcester at an average sale price of $175,155. (These numbers include single-family homes, condominiums, and multi-family sales). 702 sales is up from this same time period in 2014 when 668 homes were sold. There was also a slight increase in the overall average sale price which was $170,445 during this time period in 2014. Overall sales being up is a wonderful feat considering the excessive snowfall over the winter which delayed the entire real estate market.
Breaking down the numbers:

  • Single-Family Homes: 406 single-families sold in 2014 for an average price of $186,511 compared to 447 single-family sales this year for an average price of $192,348 so we’re looking at just over 40 more sales this year as well as a slight increase in the average sales price.
  • Condominiums: 121 condos sold in 2014 for an average price of $140,947, compared to 116 condo sales this year for an average price of $135,707. There’s been a slight decrease in both the number of sales and the average price of a condo in Worcester.
  • Multi-Family Homes: 141 multi-families sold in the first half of 2014 for an average price of $183,878. 139 sold this year for an average price of $197,411. Again, fewer sales, but we’re seeing an increase in the average sales price for a multi-family in 2015.

Worcester, Right Now:
As of today, there are 430 single-family homes on the market in Worcester compared to 414 a year ago. As for condos, there are 97 units for sale compared to 99 this time last year, and 148 multi-families are currently on the market compared to 125 this time in 2014. This is a total of 675 homes on the market, compared with 638 on the market one year ago.

Rest of the year?
From January 1st to June 30th pending homes sales were up with 1052 pending sales compared to 969 during the same time last year. Worcester was also consistent with the rest of the state in having an active June. There were 235 pending home sales, compared to 207 during the same time period in 2014. With numbers like these it is clear that 2015 will be a great year for Worcester home sales and it will certainly surpass 2014.

Town Profile

Worcester is a city in Worcester County, Massachusetts. As of the 2010 census, the population was 181,045. Worcester is in the heart of New England, 1 and 1/2 hours from Boston and 50 minutes from Providence, RI. The city also offers a variety of reliable public transportation options for residents and commuters. A five-time recipient of the All-American City Award, Worcester offers many five-star restaurants and dining options to suit every taste, from fine dining to quick bites to eat. There is also a vibrant arts community, plenty of shopping, a robust healthcare and biotechnology industry, and nationally recognized colleges and universities. Worcester is also a world-renowned center for research and development in biotechnology and the life sciences. There are nine colleges and universities including the University of Massachusetts Medical School, Worcester Polytechnic Institute, College of the Holy Cross, Clark University, MCPHS University, and Tufts Cummings School of Veterinary Medicine. You will also find quality public schools in the city of Worcester, as well as unique places to discover, outdoor adventures, children’s activities, and many historic spots to visit.