Home Sales Down 16.7% & Prices Up 11.3%
As of December 31, 2022, Worcester home sales decreased by 16.7%, as there were 2,021 sales in 2022 compared to 2,427 in 2021.
Average prices increased by 11.3%, going from $333,987 in 2021 to $371,759 in 2022.
These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic above.
The number of listed homes decreased by 14.5%, moving from 2,502 in 2021 to 2,138 in 2022.
The number of pending sales decreased by 18.8% in Worcester, moving from 2,347 in 2021 to 1,906 in 2022.
As we look ahead to 2023, we expect the Worcester real estate market to continue to adjust down. Overall, sales are expected to be lowered when compared to 2022. This is caused by a lack of both sellers and buyers – one unable to buy due to increased mortgage rates and the other unwilling to list to keep their current low mortgage rate. Looking at prices, they are expected to continue to rise, but not nearly as dramatically as in years past. Anthony’s 2023 Predictions explore these factors further and provide valuable insight into what lies ahead for this ever-adjusting market.
To learn more about Massachusetts performance, click here to read the 2022 Massachusetts Year in Review Report.
Data provided by Warren Group & MLSPin and compared to the prior year.