Worcester real estate market called one of the nation’s 10 hottest 021622XAN (WFXT)
WORCESTER, Masss. — The local real estate market continues to surge, putting prices out of reach for many buyers.
That’s why Boston 25 News is getting real about the housing crisis looking at its impact and possible solutions.
Throughout the pandemic, real estate in Boston’s suburbs and Cape Cod led with the way with quick turnover, spiking prices, and bidding wars.
Now it’s Worcester’s turn.
“Right now I’m looking for a multi-family property. Something I could owner occupy in one unit and rent out the other,” said Abdul Javad, a young high-tech worker looking to buy his first property in Worcester.
“It’s significantly less than a bigger market like Boston in terms of price, but it’s still booming.”
Worcester is one of the country’s top ten hottest markets for 2022 according to www.realtor.com.
“Our top housing markets list is based on projected home sales growth and home price growth year to year,” explained Danielle Hail, the website’s chief economist.
They estimate sales will be up 8.4% and prices will climb another 8.2%.
“In Worcester, you’ve got much more affordability than you do in the Boston market. The median home price in 2021 was just under $400,000 so it’s a much better deal,” Hail said. “Cities like Worcester that are not too far away that have their own budding economies in their own right, and really are attracting outsiders and their own locals.”
Polar Park, good colleges, a growing scientific community, a diverse population, and cultural institutions are all magnets for young people.
“I’ve just seen a lot of bidding wars,” said Jay Coe of the Legacy Group, a Worcester real estate agency. “A property could start at $350,000 and end up selling for $425,000.
Coe says although Worcester is known for its iconic triple deckers, the city of seven hills has all kinds of housing options, including starter homes and stately colonials.
Getting more space for your money is more appealing than ever. “A lot of workers aren’t going back to Boston, or major metropolitan cities. They’re stating home because they can work remotely,” said Coe.
Worcester has added 25,000 residents since 2010 according to Tim Murray, President and CEO of the Regional Worcester Chamber of Commerce. “You want to be a city that’s growing. You want values of homes to go up, but it also presents challenges.”
“How do you make sure the city continues to be affordable? How do you make sure the people who lived here, grew up here, can continue to stay here?” asked Murray.
The chamber is encouraging the city to work with developers to increase the supply of housing, including units that are affordable.
“It’s always a good opportunity have a challenge of managing growing rather than decline,” added Murray.
Growth that’s now soaring, because of the dreams of people like Abul Javad. “I think Worcester is a great place to start out. It’s something I can afford. It’s something I feel like I could excel in, here in the Worcester community.”
Realtor.com also cited Worcester’s easy access to Boston via the Mass Pike and Commuter rail as additional reasons for it’s top ten designation.
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