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Worcester Real Estate

Created in 1672, Worcester was officially established in 1722. Currently, the city has a population of 181,045 individuals, and its metro area contains more than 923,000 residents. Located approximately 40 miles from the borders of Boston, Worcester is the second biggest city in the state.

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The City's Optimal Location

The town is situated within 35 miles of Boston's city center, and Worcester's residents can easily drive to Providence and to Springfield. The city is also surrounded by towns that have especially valuable real estate, and some of these include Northborough, Rutland and Holden.

Properties

The average value of houses in Worcester is $229,297, and between 2000 and 2014, this figure almost doubled. The median price for a residence in 2000 was approximately $118,000. In the last year, the values of homes have been boosted by 1.6 percent, and a recent analysis suggested that the median price of houses will rise by 1.3 percent during 2015.

In the city, the market value of detached houses is slightly more than $241,000, yet the average price for townhouses is $198,000. Residential buildings with two full units have an average cost of $217,100. Many houses in Worcester were constructed before 1910, and these historical homes have a higher market value than most newer residences on average.

A study showed that many of the relatively inexpensive homes are situated in the southwestern section of the city. In general, the most valuable real estate is positioned in the northern section of Worcester.

The Residents

During the last 15 years, the population of Worcester has increased by 5.8 percent. Moreover, the number of people who live in Worcester County was augmented by 6.3 percent between 2000 and 2010. According to one analysis, the increase in population has boosted the average price of properties in the region.

Rentals in Worcester

On average, the monthly price for leasing a residence was $900 in 2012, and currently, the cost of renting a home is more than $1,090. This change in price indicates the elevated values of the city's houses. Furthermore, some experts have speculated that the increase in population has directly caused the augmentation of the average rent.

In general, the median rent is slightly lower in the southern part of Worcester than the price of leasing a residence in the northern section. The cost of leasing a house in the city's eastern sector is rising more rapidly than the median rent in the western districts of Worcester.

The Number of Sales

Between December 2013 and November 2014, the amount of housing units that were sold increased by approximately 18 percent, but during the last month, the number of sales dropped significantly. Currently, there are 1,523 homes on the market in Worcester, and the amount of available houses is steadily decreasing.

Analyzing the Demand for Homes

In the city, houses are on the market for 155 days on average. In March 2013, homes generally remained available for 230 days, and in January 2014, residences were on the market for 165 days. This drop in the amount of time that is required to sell a house in Worcester is indicative of a steady rise in demand.

New Apartments

Worcester contains numerous apartment complexes that have received excellent ratings. Some of these include the Wexford Village Apartment Homes, Princeton Place Apartments, Sutton Apartments, Whittier Terrace, Hadley Apartments, Plumley Village East and the Fairways.

The Earnings of Residents

The per capita income in the city is $24,255, and on average, households generated $45,846. In general, the median income in Worcester is lower than that of most cities in Massachusetts, yet the average earnings have been augmented by 2.1 percent in the last year.

Schools

Worcester contains numerous universities, such as Assumption College, Clark University, Worcester State University, Becker College and Rob Roy Academy. According to one analysis, the influx of college students raises the values of homes, condominiums and apartments. Every year, thousands of young adults from other schools visit the city in order to attend sporting events, conferences and tours of the universities.

The city has 33 elementary schools, four middle schools and five secondary schools. At the high schools, each class contains less than 17 students on average. Located on Highland Stand, Doherty Memorial High School has the highest ratings in the city.

Medical Centers

Saint Vincent Hospital is situated near the city center. The facility has an especially large emergency room, and every year, more than 65,000 patients visit the hospital. Furthermore, many residents are treated at the UMass Memorial Medical Center. This hospital receives approximately 135,000 patients every year.

If a senior citizen is injured, the resident usually stays at the Fairlawn Rehabilitation Hospital. This facility has been given numerous accreditations from the Department of Public Health, and the Fairlawn Rehabilitation Hospital provides physical therapy and manages numerous support groups.

Roads

Several major highways pass through Worcester, and Interstate 90 is utilized by more inhabitants of the city than any other freeways in the region. When traveling southward, residents usually use Interstate 290, which is linked to Interstate 395. Drivers who are going northward commonly travel on Interstate 190, and this highway provides easy access to Route 2. When driving to New Hampshire and to Maine, residents generally utilize Interstate 495 and Interstate 95.

Other Types of Transportation

Positioned to the west of the city center, the Worcester Regional Airport welcomes more than 100,000 passengers annually, and 65 aircraft are based at the facility. The airport is preparing to expand its runways, its accommodations and its terminals during the next 10 years. By 2027, Worcester Regional Airport should be able to handle 500,000 passengers per year.

The city has several rails, and the main hubs of the Worcester Regional Transit Authority are situated on Front Street. Moreover, Greyhound's bus stations are positioned in close proximity to the railway's major stops.

Finding a House or a Condo

The experts at Boston City Properties can provide an extensive list of available residences in Worcester. The company offers 24/7 services, and the business is able to provide detailed information about the real estate market in Worcester. To schedule a free consultation, you can complete the form on the company's site. Additionally, you may check out some of the enterprise's outstanding reviews by visiting the company's page on Facebook.

Worcester is now experiencing an exciting real estate boom. In many cases, the people who are putting their homes on the market are being inundated with offers. Bids are frequently exceeding ― sometimes far exceeding ― the initial asking prices, and open houses are bustling events.

The Great Turnaround

It's been years since this city's housing market has performed at these levels. From 2005 to 2011, the median home price fell about 37 percent, and the overall number of home sales went down approximately 44 percent.

What accounts for this success? For one thing, mortgage rates have generally been falling while rents have been going up in many places. Thus, buying homes in the region has become more attractive than renting for many people.

Local real estate suffered through especially hard times due to the recession that began in 2007 and its financial aftermath. In recent months, though, the unemployment rate has been falling, and other leading economic indicators are looking brighter, which has been giving many consumers the confidence to start purchasing properties once again.

In this region, home prices and the total number of home sales began to go up in 2011. However, unlike what ultimately happened with the housing bubble of the 2000s, this growth shouldn't come crashing down in the near future. That's because lending institutions are screening their borrowers more effectively these days, which means that people who secure home loans are much more likely to pay them back in full.

Therefore, foreclosures should be kept to a minimum in the years to come. That's terrific news. After all, even years after the housing crisis of the late 2000s took place, hundreds of area homes are still going through the foreclosure process.

Be aware that if you'd like to buy a home in this city, you'll probably face some competition. Demand is high, and relatively few houses are under construction right now. Thus, if you find a seller who's interested in your bid, you might have to act fast. However, when you obtain the help of an expert in realty, you'll have an easier time. Not to mention, the process of house hunting can be lots of fun.

Types of Housing

What's it like to live in this metropolis? The city features various kinds of housing, including townhomes, condominiums, apartments, single-family houses, multi-family houses, and lofts. It offers plenty of affordable options as well.

There are lovely neighborhoods with quiet avenues and leafy trees. Living in one of those places feels like living in a small, cozy suburb. At the same time, their residents are close to all of the attractions of a large city.

In addition, there are busier city streets with apartments and condos, some of which are located inside former factories. Those residences frequently sport beautiful wood flooring and stately brick walls. Many of the community's older mill buildings are elaborate in their design; they're breathtaking examples of Victorian architecture

In short, in this city, you should be able to locate just about any sort of housing that you have in mind.

A City on the Move

Worcester, which was incorporated in 1848, is a dynamic and ever-evolving midsize city. It has more than 181,000 residents, and it's New England's second largest city. So far, it has won the All-America City Award, which the National Civic League presents each year, five times.

The community, which is about 38 square miles in area, is famous for its seven rolling hills, which provide stunning views of their surroundings. The two major bodies of water there are Lake Quinsigamond in the eastern part of town and the graceful Blackstone River. The waterfront homes are particularly scenic and attractive.

The city is home to nine colleges and universities, and more institutions of higher learning are located nearby. It's an unusually large number of schools for a community of this size. Those colleges include a public medical school, a veterinary school, and an institute of technology. Therefore, whenever residents want to catch a college ball game, a theatrical production, or an academic lecture, they have plenty of options.

All over town, you'll find fine restaurants, both casual and upscale, as well as outstanding performing arts centers. You can always stroll around and visit a library, an art gallery, or a concert venue. There are many unusual, eclectic, and charming independent shops in and around the city, and vibrant music and cultural festivals for the entire family are fairly common events.

The museums in town are especially noteworthy. The Higgins Armory Museum, to name one, will transport you back to the medieval days of knights on steeds. For its part, the city's main art museum, which debuted in 1898, is full of grand treasures. You can explore a Renaissance-era courtyard, a room from a French monastery that dates back to the 1100s, and a wide range of masterpieces from various nations and centuries.

About 6 million people live within 50 miles of this city. Therefore, if you plan to open a business there, you'll have a large base of potential customers. Indeed, companies of all sizes are able to thrive in this metropolis. The city is especially known for its medical research facilities, and the healthcare industry employs many of its residents. Further, it's still one of the top manufacturing centers in the U.S., a distinction that it's held for a couple of centuries. On top of that, information technology has become a major economic force in the region.

The city offers an extensive system of public transportation. Its commuter rail is undergoing expansion and improvement, and construction crews are rebuilding some of the roads in the region. Note that it takes about an hour to drive to Boston and even less time to make it to Providence.

Finally, it's easy for your friends and family members to visit you when you live in Worcester. The metropolitan area boasts an airport and about 1,000 hotel rooms, which suit a wide range of tastes and budgets.