Worcester, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Worcester Neighborhoods Since 2000




Worcester, MA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Worcester Housing Market Information

With 184,815 people, 68,576 houses or apartments, and a median cost of homes of $220,662, 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 34.23% of the city's housing units. Other types of housing that are prevalent in Worcester include single-family detached homes ( 31.84%), large apartment complexes or high rise apartments ( 27.33%), and a few row houses and other attached homes ( 6.20%). 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 ( 47.71%), 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 ( 24.58%), followed by between 1970-1999 ( 21.70%). There's also some housing in Worcester built between 2000 and later ( 6.01%).

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 -2.04%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Worcester's appreciation rate, at 4.14%, has been at or slightly above the national average. In the latest quarter, Worcester's appreciation rate has been 0.33%, which annualizes to a rate of 1.33%.

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:
$220,662

Worcester, MA HOME PRICES

Value Range
> $1,116,000 0.3
$837,001 - $1,116,000 0.1
$558,001 - $837,000 1.0
$446,001 - $558,000 2.2
$335,001 - $446,000 7.9
$223,001 - $335,000 36.2
$112,001 - $223,000 42.1
$56,001 - $112,000 5.4
$0 - $56,000 4.8

Very Low for MA
High for Nation

Value Relative to Nation Value Relative to State
27.5987343255596 92.3076923076923

Number Of Homes And Apartments:
68,576

Worcester Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
34.92% 1.75% 2 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,277 / per month

Homeownership Rate

Homeownership
Owners 40.25
Renters 59.75
Vacant 9.44

Housing Market Details

 

Age of Homes

AGE OF Worcester HOMES
2000 or Newer 6.0
1970 - 1999 21.7
1940 - 1969 24.6
1939 or Older 47.7

Types of Homes

TYPE OF Worcester HOMES
Single-Family 31.8
Townhomes 6.2
Small Apt. Buildings 34.2
Apt. Complexes 27.3
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Worcester HOMES
No Bedroom 2.72
1 Bedroom 15.70
2 Bedrooms 32.98
3 Bedrooms 37.77
4 Bedrooms 8.51
5 or more bedrooms 2.33