Worcester Area Real Estate Continues to Improve

At the end of July we reported that Worcester Real Estate was on the up trend.  We are happy to report that the improvement in real estate prices is continuing for both Worcester and the surrounding towns.  The last report was updated with June data.  This report is based on information through the end of August 2009 in Zillow.

Worcester year over year change in home prices through June in the last report was a drop of 11.5%.  The annual drop is now only 6.7% and the zestimate increased by $7,100.  The zestimates improved even more in the other surrounding towns with Boylston, Shrewsbury and Grafton increasing $12,600, $10,700 and $11,300 respectively.  This is good news for the Worcester area since it implies that buyers are no longer discounting the Worcester area’s real estate as much.

There are reports that sales are slowing nationally and that has gotten real estate groups asking the Obama administration to extend the tax credit for new home buyers.  Real estate prices will only improve if the demand for houses in the particular area is there.  Increased employment opportunities need to be a part of the picture to sustain continued improvement in the real estate market.

Worcester recently was covered in an episode of Chronicle.  The show mentioned how affordable real estate is in the area.  That should help Worcester as more and more people discover the opportunities and the benefits of living in Central Massachusetts.  For now the Worcester area is holding it’s own in a tough economic climate.