Is Worcester, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Worcester has remained a Seller's Market.
Key Takeaway
Worcester is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Worcester, MA
How much do homes in Worcester, MA cost?
Median Sold Price
$425,000
$251/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Worcester have sold for 7.6% more than they did a year ago.
Summary: The median home sold price in Worcester was $425,000 in May 2024, up 7.6% from last year, and the median price per square foot was $251.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $190.8K | $214K | +12.1% |
| 2 Bedrooms | $280K | $329.5K | +17.7% |
| 3 Bedrooms | $385K | $410K | +6.5% |
| 4 Bedrooms | $425K | $470K | +10.6% |
| 5+ Bedrooms | $554.5K | $630K | +13.6% |
Summary: Worcester housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.1%, 2 bedroom homes increased by 17.7%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 10.6%, and 5+ bedroom homes increased by 13.6%.
Median Sold Price Compared To Nearby Cities
| Millbury | $435K | $485K | +11.5% |
| Shrewsbury | $550K | $610.8K | +11.1% |
| Worcester | $395K | $425K | +7.6% |
| Cherry Valley | $363.5K | $385K | +5.9% |
| Auburn | $406K | $427.5K | +5.3% |
Housing Supply in Worcester, MA
How many homes are available in Worcester, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 361 | 410 | +13.6% |
Summary: The Worcester real estate market had 410 homes for sale in May 2024, a 13.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 8 | +14.3% |
| 2 Bedrooms | 89 | 98 | +10.1% |
| 3 Bedrooms | 109 | 132 | +21.1% |
| 4 Bedrooms | 61 | 77 | +26.2% |
| 5+ Bedrooms | 95 | 95 | 0.0% |
Summary: The Worcester housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 10.1%, 3 bedroom homes increased by 21.1%, 4 bedroom homes increased by 26.2%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 92 | 104 | +13.0% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
66 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Worcester, you could pay more than the asking price. 63.5% of homes here sold above asking price last month.
Summary: A total of 104 homes were sold or pending in Worcester in May 2024, up by 13.0% month-over-month. Of the 104 sold homes, 22% were sold under asking, 14% were sold at asking, and 63% were sold over asking.
Days on Market for Worcester, MA
How long does it take to sell a home in Worcester, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 23 Days | +4.1% |
Summary: Homes in Worcester had an average of 23 days on market in May 2024, up by 4.1% compared to last year.
Breakdown of Home Sale Times
82 Homes Were Sold
Under 30 Days
18 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Worcester are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 104 homes were sold in Worcester; 79% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
