Century 21 XSELL REALTY is a Partner of Home for Heroes
2023 Housing Trends in Central Massachusetts
Dated: July 11 2023
Views: 128
2023 Housing Trends in Central Massachusetts
80s and 90s fads are always coming back in and out of style because trends are always changing, evolving and returning. Especially in the real estate and housing market.
Nothing stays the same forever, and the market is constantly changing and evolving depending on a myriad of factors including the state of the economy, demand, and location. It’s important to stay up to date on 2023 housing trends, especially if you’re looking to buy or sell a house in the near future.
Below are current housing trends in Central Massachusetts as of June 2023:
New Housing Developments: More and more people are moving to Central Massachusetts, leading to the need for more housing. Because of this, new homes, condominiums, and apartments are being built to make room for the influx of residents.
While the demand has yet to be met, according to The Boston Globe, new housing developments are in the works for the Worcester area with a goal of affordable housing units becoming available.
Seller’s Market: Currently, the housing market is categorized as being a seller’s market. This means that because there aren’t many houses on the market and the demand is high, sellers can keep prices high because people will be willing to pay more.
According to Rocket Homes, the city of Worcester is a seller’s market as of June 2023. Rocket Homes reported that 78% of homes last month were sold above asking price.
This time last year, Worcester was also categorized as a seller’s market, indicating that this trend hasn’t changed in the past 12 months. Homes in Central Massachusetts are currently selling at a quick rate with high prices, due to the high demand of people who are looking to purchase a home.
Rising Prices: Prices of homes are currently on the rise in Central Massachusetts, as well as many other places in the country. Per Rocket Homes, the average selling price of a home in Worcester as of June 2023 was $399,900. In neighboring cities like Auburn and Shrewsbury, the median selling price was $420,000 and $555,000, respectively.
For Auburn, the median selling price of a home is up 12 percent versus this time last year. Worcester home prices are approximately 6.7 percent higher than in June 2022.
There is always the opportunity to negotiate a lower price on a house, and if you really love a home and picture yourself in it forever, the price tag may be worth it.
While these trends are popular in Central Massachusetts right now, they may not be forever, so it’s equally beneficial to keep an eye on trends as they change over time. If you’re looking to buy or sell a house, reach out to one of our Relentless Century 21 XSELL REALTY agents for assistance today and browse our current listings.
Article resources:
Derrick Asante
Derrick has worked with Century 21 XSELL REALTY since 2022. He loves that at XSELL, you are treated as an individual instead of one of many. When you work with Derrick, he will make sure to get the jo....
Latest Blog Posts
How to Prepare Your Credit Prior to Buying a House
Massachusetts MLS Property Info Network (MLSPIN) - The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and
