Worcester’s real estate market has been named one of the 10 hottest in the country 021622XAN (WFXT)
WORCESTER, Mass. — The local real estate market continues to boom, putting prices out of reach for many buyers.
For this reason, Boston 25 News takes a look at the real estate crisis and examines its effects and possible solutions.
Throughout the pandemic, real estate in the Boston and Cape Cod suburbs has led the way, with rapid sales, rising prices and bidding wars.
Now it’s Worcester’s turn.
“At the moment I’m looking for an apartment building. Something I could live in in one unit and rent out the other,” said Abdul Javad, a young high-tech worker looking to buy his first property in Worcester.
“The price is well below that of a larger market like Boston, but it’s still booming.”
Worcester is one of the top ten hottest markets in the country for 2022 according to www.realtor.com.
“Our top housing market list is based on projected year-over-year growth in home sales and home price growth,” explained Danielle Hail, the site’s chief economist.
They estimate that sales will increase by 8.4% and prices by another 8.2%.
“You have a lot more affordability in Worcester than in the Boston market. The average home price in 2021 was just under $400,000, so it’s a much better deal,” Hail said. “Cities like Worcester, which aren’t too far away, have their own emerging economies and really attract outsiders and their own locals.”
The polar park, good universities, a growing scientific community, a diverse population and cultural institutions are magnets for young people.
“I’ve just seen a lot of bidding wars,” said Jay Coe of Legacy Group, a Worcester real estate agency. “A property could start at $350,000 and end up selling for $425,000.
Coe says that although Worcester is known for its iconic three-deckers, the city of seven hills offers all kinds of housing options, including starter homes and stately colonial buildings.
Getting more space for your money is more appealing than ever. “A lot of workers aren’t going back to Boston or the big cities. They go home because they can work remotely,” Coe said.
Worcester has gained 25,000 residents since 2010, according to Tim Murray, President and CEO of the Worcester Regional Chamber of Commerce. “They want to be a city that grows. They want houses to go up in value, but that also comes with challenges.”
“How do you ensure that the city remains affordable? How do you ensure that the people who lived here, who grew up here, can continue to stay here?” Murray asked.
The Chamber encourages the city to work with developers to increase the supply of housing, including affordable units.
“It’s always a good opportunity to take on the challenge of managing growth rather than decline,” Murray added.
A growth that is now skyrocketing due to the dreams of people like Abul Javad. “I think Worcester is a great place to start. It’s something I can afford. Here in the Worcester community, I feel like I can excel.”
Realtor.com also cited Worcester’s easy access to Boston via the Mass Pike and Commuter Rail as additional reasons for its top ten award.
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