$231,321 is the house value median in the city of Worcester, Massachusetts. This is a super hot market because in the last year, the value of houses has risen 13.0 percent. To give you an idea of how much of an increase this is, if house values increased 13.0 percent each year over the next 5.54 years, home values would double. But, this is extremely unlikely. It is predicted that in the next year, the value of homes in Worcester will increase 4.4 percent.
The per square foot median list cost is $161 in Worcester. This is a lower amount that the Metro area of Worcester which has a per square foot median list cost of $166.
$229,900 is the cost median of houses listed presently in Worcester. $219,500 is the cost median of houses that have sold.
Worcester has $1,400 as the rent cost median. This is less when compared to the median rent price in the Metro area of Worcester, which is $1,500.
A factor that will have an impact on the worth of homes for the next few years is foreclosures. Worcester has a high rate of foreclosures. It's 11.5 houses foreclosed for every 10,000 houses. The metro area of Worcester has a lower foreclosure rate of 8.3. The national foreclosure rate is much lower. It's 1.6 houses foreclosed for every 10,000 houses.
When a homeowner experiences their home being foreclosed, the first step in the process is mortgage delinquency. How is mortgage delinquency defined? It's the act of a homeowner failing to make a payment on their mortgage.
2.7 percent of Worcester homeowners have mortgage delinquency. This is quite a bit higher than the 1.6 percent national mortgage delinquency rate.
As a result of the 2008 recession, houses in the United States dropped more than 20 percent. And regarding their mortgages, quite a few homeowners are currently experiencing being underwater. Being underwater means that the homeowner owes more on their house than the value of their house.
Worcester has 14.0 percent of its homes experiencing being underwater regarding their mortgages. The metro area of Worcester has a lower percentage of houses being underwater, which is 9.8 percent.
The household median income in Worcester is $46,105.
Going on to commercial real estate, in recent years, nonprofit organizations and developers spent greater than $2.6 billion in Worcester in construction projects. In the pipeline, there is an additional $375 million.
The largest piece of that money is the CitySquare project of $565 million, underway currently at the previous location of the downtown Galleria Mall. For this 22 acre project, there is $90 million included in public funding. Included in the project are offices, apartments, and new city streets. 365 luxury apartments will be opened along with a Marriot Hotel, bank, spa, and restaurant.
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