Worcester appreciation rates and housing market information

Worcester housing market information

With 172,648 people, 70,723 houses or apartments, and a median cost of homes of $223,028, Worcester real estate values are some of the lowest in Massachusetts, although compared to real estate around the nation, Worcester homes are still considered rather expensive.

duplexes, homes converted to apartments, or other small apartment buildings are the single most common housing type in Worcester, accounting for 36.93% of the city's housing units. Other types of housing that are prevalent in Worcester include single-family detached homes (32.66%), large apartment complexes or high rise apartments (26.08%), and a few row houses and other attached homes (4.01%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

People in Worcester primarily live in small (one, two, or no bedroom) units, chiefly found in duplexes, homes converted to apartments, or other small apartment buildings. Worcester has a mixture of owner-occupied and renter-occupied housing.

The housing in Worcester was primarily built before 1939 (43.26%), making the housing stock in Worcester some of the older overall in America, although there is a range of ages of homes in Worcester. The next most important Worcester housing age is 1940-1969 (32.43%), followed by 1970-1994 (22.23%). There's also some housing in Worcester built between 1995 and later (2.08%).

Worcester home appreciation rates

Worcester's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Worcester during the period has been just 5.88%, which is lower than % of US communities.

Over the last year, Worcester appreciation rates have trailed the rest of the nation. In the last twelve months, Worcester's appreciation rate has been -7.94%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Worcester were at -0.72%, which equates to an annual appreciation rate of -2.88%.

Notably, Worcester's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Massachusetts, our data show that Worcester's latest annual appreciation rate is higher than 2% of the other cities and towns in Massachusetts.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Worcester differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Worcester - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Worcester real estate investment or home purchase decisions.