Real Estate Market Recap

  • Worcester home sales decreased by 25.2% as there were 1,531 sales in 2023 compared to 2,046 in 2022. Average price increased by 7.3% going from $385,777 in 2022 to $414,045 in 2023. These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic to the right.
  • The number of homes listed in 2023 compared to 2022 decreased by 22.2%, moving from 2,138 to 1,663.
  • The number of pending sales decreased by 19.1% with 1,542 in 2023 compared to 1,906 in 2022.

2024 Outlook

Overall, the Worcester housing market performed as expected given that the market is adjusting from a frenzied state – home sales were down, and average prices were up. One of the biggest factors affecting inventory levels in 2023 was listings as they were the lowest in over two decades in Massachusetts. Worcester proved to be no different, with homes listed down substantially year over year. In 2024, we expect the Worcester housing market to improve but still at a slower than normal pace. As Anthony states in 2024 Predictions, “the worst is behind us, but we are not out of the woods.”  Home sales should increase, especially if mortgage rates continue to trend downward or stay as they are now. Buyer demand in the market is still strong, so the leveling of mortgage rates is excellent news for buyers battling with affordability concerns. This should also make want-to-be sellers more motivated to list their homes which should cause inventory to rise and in turn price growth should slow, level off, or even fall slightly (NOT crash).

To learn more about Massachusetts’s performance, click here to read the 2023 Massachusetts Year in Review Report.

Data provided by Warren Group & MLSPin and compared to the prior year.