Worcester Real Estate Climbs Steadily Amid Neighboring Cities’ Market Surge in May 2024

Throughout the past year, the real estate market in Worcester, Massachusetts, has seen a notable upward trajectory in property values. From June 2023, the average property value has increased from $335,000 to $339,900 by May 2024. This represents a steady growth, highlighting Worcester as an area of increasing real estate appeal. In addition to the house price growth, the sale price per square foot has seen a consistent rise from $249 in June 2023 to $275 by May 2024, underpinning the increasing value of real estate in the region.

However, the sale prices have experienced some fluctuations, with January 2024 marking a peak at $383k, and a slight drop in February 2024 to around $365k. Despite these month-to-month variations, the overall trend remains positive, emphasizing a growing market.

In contrast, neighboring cities such as Shrewsbury and Holden have shown even higher property values and sale prices. For instance, Shrewsbury reported an average value of $562,450 and an average sale price of $582,146 in May 2024; significantly higher than Worcester’s figures for the same period.

Comparative Analysis of Nearby Cities

Adjacent cities to Worcester present a varied landscape in terms of real estate values and market activity. Holden, for instance, recorded a considerable average value of $378,000 in May 2024, complemented by a higher average sale price of $535,927. This suggests a robust demand relative to its supply. Shrewsbury, with an average value reaching $562,450 and commanding an average sale price of $582,146, stands out as having one of the highest property values in the region.

West Boylston saw an average value of $459,000 and an average sale price of $475,000 in May 2024, whereas Auburn had a lower average value of $329,950 but a higher sale price that approximates $425,006. This points to varying buyer preferences and market dynamics across these adjacent areas.

In Leicester average house values set high at $550,000, yet the average sale price was recorded at $430,430, suggesting that properties might be selling below the listed prices.

Volume and Market Activity

In May this year, there were 722 homes were sold, underscoring a vibrant market, with significant buyer interest. Comparatively, Shrewsbury and Holden saw lower volumes of 183 and 78 properties sold, respectively, which aligns with their higher property values and possibly more exclusive market segments.

In smaller markets like Auburn and Leicester, the sales volumes were 98 and 34, respectively, indicating less activity which could be due to various factors including the availability of properties and local market conditions.

West Boylston, despite its higher property values, had a relatively low count of 37 properties sold, possibly highlighting a niche market with specific buyer interests.

Overall, the data from Worcester and its neighboring cities provide a comprehensive picture of an active and diverse real estate landscape in this part of Massachusetts. The steady growth in property values across the board, despite some fluctuations in sale prices, points to a healthy, upward-moving market heading into the latter part of 2024.