Home Sales Down 7.83% & Prices Up 15.17%
The Worcester market saw a 7.83% decrease in sales over the first half of 2021. Sales moved from 1,098 to 1,012.
Prices increased from $319,958 in the first half of 2021 to $368,484, up 15.17%.
These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic above.
Homes listed decreased 9.15% with the first half of 2022 at 1,172 compared to 1,290 this time last year.
The number of contracts accepted on homes decreased 13.09% year over year, now at 1,049 over 1,207 last year.
Overall, the Worcester market data is showing signs of a cool down, similar to the overall Massachusetts market. Sales are down year over year as more and more buyers exit the market due to rising mortgage rates. Even with a lessening of demand, prices are still expected to increase given that supply remains lower than in past years, but they are not expected to rise as steeply or as quickly as they have been. There are benefits for both buyers and sellers in a cooling market, and accepting the changing conditions will be essential as the year continues to be successful in it.
To learn more about Massachusetts performance and the predictions for the rest of the year, click here to read the 2022 Massachusetts Mid-Year Report.
Data provided by Warren Group & MLSPin and compared to the prior year.