The Worcester Homes For Sale Market Report
Ah, the Worcester Report! When I first started gathering the numbers, I was horrified at the jump in the number of homes for sale - over 400 currently. There haven't been this many homes for sale in Worcester since September of 2012, and so I expected a grim report. But it's not. It's a great report, with maybe a little warning attached.
Can’t see the chart? You can find it Here .
As you can see in the chart, the HSI didn't really move. Also note that the total number of transaction is at an all time high - that's good too. Lastly, down below, you'll see that home sellers are raising prices, they are asking the same thing they were last time. What is interesting is that buyers are paying much, much more. 12% more to be exact. That's a huge jump in prices in a very short period of time. When that happens, it means that a lot of houses are selling quickly, multiple offers, and sellers are getting more optimistic - and that's why there's so many more of them. So that is where we are. What's next?
What should active home buyers do in Worcester?
Home buyers should probably be pretty careful. I actually think prices are higher than this report indicates, but I think they'll be coming down soon. 12% (or more) is a huge jump, and that's hard to sustain. So be picky! And be patient. Don't let the recent buying frenzy influence you.
Find Your Next Home or Check out the Competition!
What should potential home sellers do in Worcester?
I think you may have missed the best market in years, but things are still pretty rosy. If you didn't like the prices the last time you asked, it sure makes sense to ask again. If the last time you got an estimate, they told you $250, they'll probably tell you $275-285. That kinda difference makes people move, and that's why there are so many signs in the ground. Price carefully though, there's more competition than there has been in years.
Worcester Houses For Sale and Sold Market Statistics - Raw MLS Data
- Worcester ‘s “Home Seller Index” (HSI):110 Last Report: 114
- There are 423 homes listed as For Sale.
- There have been 743 houses sold in the last 6 months, and 557 homes sold in the last 3 months in Worcester.
Home owners in Worcester have made some serious
coin this year.
- The Average number of Days on Market was 49 days for just SOLD homes.
- There is an Average Market Time of 101 days of the Worcester homes For Sale (currently for sale).
- The amount that was paid in Dollars per Square Foot averaged $140 (vs. $125 in the last report)
- Current sellers are looking for $ 143 /sq foot
- There was an Average Sold Price of $203,787 for sold homes.
- Worcester, MA, has 17 properties advertised as lender owned or foreclosure (typically foreclosure) .
- There are 25 properties advertised as a short-sale is going to be needed by the lender.
All raw data are for Single Family Houses and based on data in MLS. Matt’s HSI is proprietary*, and is designed to offer town-by-town information, instead of large scale trends.
*That means you won’t find it anywhere else. Take that, Case-Schilling!.
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About Matt Heisler
Matt Heisler is a real-estate professional and owner of this website. He has been selling homes in MA for buyers and sellers for over 20 years. He is an expert in foreclosure purchases, short-sale purchases, short-sale sales, buy and hold investing, fix and flip investing, and of course traditional residential home sales. He is happy to take questions as they pertain to real estate on Title V, Radon, Termites, Sump Pumps, Roofs, Foundations, Wells, Septic Systems, Cash-Flow, Staging, and a host of other housing issues. As a Vanderbilt University alumnus, he is proud to serve his local community.
*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.