In this 2023 Mid-Year in Review Housing Report, we are looking at Worcester, Massachusetts in the first half of 2023 compared to the first half of 2022 to see how the market performed in the area.
Mid-Year Data Highlights
- Worcester home sales decreased by 33.1% as there were 694 sales in the first half of 2023 compared to 1,037 in the first half of 2022. Average price increased by 5.1% going from $380,373 in the first half of 2022 to $399,909 in the first half of 2023. These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic above.
- The number of homes listed in the first half of 2023 compared to the 1st half of 2022 decreased by 32.1%, moving from 1,170 to 794.
- The number of pending sales decreased by 27.6% with 759 in the first half of 2023 compared to 1,048 in the first half of 2022.
2023 Outlook
The Worcester market has performed as projected in the first half of the year, with a decline in sales and a small increase in average price when compared to the first half of 2022. It’s important to remember that the difference between 2023 and 2022 will be more pronounced than usual, as we’re adjusting from a hyperactive Covid-era market to a more balanced one. Not only have sales dropped, but also listings in Worcester have dropped as well. This is in line with overall Massachusetts data as the number of homes listed in the first half of the year statewide hit a record low. Sellers are hesitating to list their homes in an effort to retain their favorable 2-3% mortgage rate, leading to a squeeze on inventory levels. This, combined with strong buyer demand (despite ongoing affordability concerns), is keeping the market competitive. As a result, we’re unlikely to see any significant plunges in prices as long as the inventory remains depleted.
To learn more about Massachusetts’s performance, click here to read the 2023 Massachusetts Mid-Year in Review Report.
Data provided by Warren Group & MLSPin and compared to the prior year.
Additional Resources
