Worcester, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Worcester Neighborhoods Since 2000




Worcester, MA Real Estate Data


Worcester Housing Market Information

With 184,815 people, 68,000 houses or apartments, and a median cost of homes of $227,610, 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 33.83% of the city's housing units. Other types of housing that are prevalent in Worcester include single-family detached homes ( 32.00%), large apartment complexes or high rise apartments ( 27.44%), and a few row houses and other attached homes ( 6.36%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

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 ( 48.01%), making the housing stock in Worcester some of the oldest overall in America, although there is a range of ages of homes in Worcester. The next most important housing age is between 1940-1969 ( 24.45%), followed by between 1970-1999 ( 21.75%). There's also some housing in Worcester built between 2000 and later ( 5.78%).

Worcester Home Appreciation Rates

Homes have actually lost value in Worcester over the last then years, as home values have seen a decline of 19.27% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Worcester home appreciation rates at 1.83%, which equates to an annual appreciation rate of 7.50%.

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 4.19%, 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 1.83%, which equates to an annual appreciation rate of 7.50%.

Relative to Massachusetts, our data show that Worcester's latest annual appreciation rate is lower than 60% 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 2000, to assist you in making the best Worcester real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$227,610

Worcester, MA HOME PRICES

Value Range
> $1,108,000 0.5
$831,001 - $1,108,000 0.1
$554,001 - $831,000 0.8
$443,001 - $554,000 2.0
$332,001 - $443,000 9.5
$222,001 - $332,000 38.3
$111,001 - $222,000 40.2
$55,001 - $111,000 4.8
$0 - $55,000 3.7

Very Low for MA
High for Nation

Value Relative to Nation Value Relative to State
27.0656438484511 91.025641025641

Number Of Homes And Apartments:
68,000

Rent & Ownership

 

Average Market Rent:
$1,221 / per month

Homeownership Rate

Homeownership
Owners 41.26
Renters 58.74
Vacant 9.67

Housing Market Details

 

Age of Homes

AGE OF Worcester HOMES
2000 or Newer 5.8
1970 - 1999 21.8
1940 - 1969 24.5
1939 or Older 48.0

Types of Homes

TYPE OF Worcester HOMES
Single-Family 32.0
Townhomes 6.4
Small Apt. Buildings 33.8
Apt. Complexes 27.4
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Worcester HOMES
No Bedroom 2.64
1 Bedroom 15.96
2 Bedrooms 31.71
3 Bedrooms 38.12
4 Bedrooms 8.92
5 or more bedrooms 2.64

Worcester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
34.86% 1.77% 2 4
* 10 is highest