Worcester, MA Housing Market Statistics Overview

 

Worcester has survived the seasonal low point of the market and is in great shape to really turn some heads this season. The statistics softened a little - but nothing like we've seen in past winter reports. Further, over 10% of the inventory is in early pending, suggesting that their will be a wave of sales stocking the reports going forward. Buyers have been aggressive already, so all that we're left wondering is if the purchases will continue and how many more sellers will come to market. We'll see!!  I expect buyers to continue, as rents are up sharply in Worcester, and the rent vs. own numbers are favoring ownership.

 

 

 

 

Regrettably, we're still not seeing any marked reduction in lender impacted inventory. Those numbers remain high, affecting over 30% of the market. But here's a heads up for buyers. A few more months of stable/increasing prices, and lenders will view Worcester as a less risky market - and they'll be far more likely to do short-sales and other lending. Lenders do NOT like to lend in "declining" markets, as they feel their lending is at risk. It takes some time for the data to be stable enough for the lenders - think a year and a half - but we're on our way to having them reach that conclusion.  If those numbers fall substantially, we'll see prices rise for sure. Lots of work to do there though, it'll probably still take a year and half to drop those numbers under10% in the most optimistic of scenarios.

 

 

 

 

A stable market will bring back lenders and increase potential buyers.  Rising rents may fuel a buying trend.

 

 

Worcester, MA Housing Market Statistics - Raw MLS Data

 

• There are 515 homes listed as For Sale.
• There have been 520 houses sold in the last 6 months, and 286 homes sold in the last 3 months.
• There was an Average Market Time of 169 days for just SOLD homes.
• There is an Average Market Time of 185 days of the homes For Sale.
• The Dollars paid per Square Foot in Worcester is $108 (vs. $112 )
• There was an Average Sold Price of $158,256 for sold homes.
• Worcester, MA has 41 properties (vs. 46) advertised as lender owned/foreclosure (typically foreclosure) .
• Worcester has 117 properties (vs. 107) advertised as short sale is required by lender .
• Worcester, MA “Hot Seller Index” (HSI): 74 Last Report: 77

 

 

*All statistics are for Single Family Houses and based on data in MLS.

 

Read my Explanation for Massachusetts Home Data Reports.

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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.

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*All information is posted in good faith and is assumed to be reliable, but may rely on third party information sources.