Feb. 22, 2022 Worcester

Worcester Market Update - February 2022

(Multi-Family Data as of February 15th 2022)

2022 continues to be an extremely competitive environment for investors in Worcester. On average, the list price has increased from $604,000 in January 2022 to $664,000 in February 2022. This does not necessarily indicate a drastic spike in long-term price increases, especially since listing volumes are still low. The number of listings in Worcester has not yet picked up for the year, as we are seeing lower volumes than this time last year. The market supply takes into account the listing inventory as well as how quickly properties are leaving the market (demand), likewise showing very low volumes. This indicates that while prices have consistently climbed drastically over the past couple of years, the demand of the market continues. On average, investors are paying over 3% above the listing price on properties, indicating that bidding wars continue to be the norm for the market. A large spike in properties sold was seen this month, most likely due to inventory from January and December finally closing in February. This metric should level out as opposed to continuing to spike. However, if this continues, there might be activity that the other charts are not taking into account.