Worcester named one of the hottest markets for the third straight month

by Liz Hughes

For the third month in a row, Worcester has been named one of the hottest markets in the country. 

Realtor.com’s latest report found buyers moving away from expensive coastal cities and looking at less-expensive homes in lesser-known communities further inland. 

The rankings were determined by metro areas where homes are selling the fastest, as well as where potential buyers are looking on the company’s websites and still find deals, according to the report.  

Less than an hour west of Boston, Worcester made the site’s top 20 list of Hottest U.S. Real Estate Markets in May, ranking No. 15, up six spots from last year. The median list price of a home in Worcester was $390,000, $5,000 less than the median price in March, when it ranked No. 14. 

“Most of the markets where we’re seeing a lot of interest are in the sweet spot,” Realtor.com senior economist George Ratiu said in a press release. “They’re mid-sized cities that are more affordable, yet still close to bigger urban areas with lots of jobs. These markets offer a lot more space with larger homes on bigger lots, which are much better suited due to what today’s buyers want.”

Two other Northeast cities close to Boston continue to hold their spots at the top of the rankings for May. 

Manchester and Concord, N.H., held onto their first and second spots once again in May. The median home prices in those cities were $415,000 and $379,000, respectively. There was a 3.8% increase in the median list price of Manchester homes compared to May 2020. Concord’s median list price rose 8.6% during the same timeframe. 

“They’re close to Boston,” Ratiu said. Each is about an hour’s drive (without heavy traffic) from the larger city, where homes cost significantly more at a median $699,900 in May. “They offer the combination of no state income tax, no state sales tax and more affordable homes.”

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