Local Residential Real Estate Market Report

According to statistics provided by the Northern Worcester County Board of Realtors, local residential real estate sales activity has remained steady for the past three years. More important for home buyers considering relocating to North Central Massachusetts, the average sales price for a single family home in this region in 2004 was 20 percent lower than the statewide average sales price in Massachusetts.

In 2003, a total of 1,856 single family housing units were sold in the 15 cities and towns served by the North Central Massachusetts Chamber of Commerce, compared with 1,648 units in 2000, and 1,698 units in 1999. When comparing sales in the region's three small Cities - Fitchburg, Gardner, and Leominster - a total of 845 units were sold in 2003, versus 730 in 2000.

With respect to residential sales prices, the North Central Massachusetts region has traditionally been far more affordable than cities and towns to the east. Located less than one-hour from Boston and 45-minutes from Route 128 and 495, the region offers those working to the east a convenient commute to and from work. In fact, more than 30 percent of the region's adult working population already commutes to work outside of the region.

Specifically, the Realtors' report shows that housing sales prices in Fitchburg, Leominster and Gardner averaged $221,146, up from the $141,985 average selling price in 2000. For these same three communities, the median sold price was reported to be $205.900 in 2003, $130,916 in 2000; and $119,740 in 1999.

Region wide, the average selling price ranges from a high of $570.922 in the Town of Harvard to $195,824 in Gardner. Overall, the average sold price of a home in the 15 cities and towns in North Central Massachusetts was $376,360 in 2003, $229,357 in 2000; $199,688 in 1999 and $180,065 in 1998. This compares favorably for home buyers with a statewide average sales price in Massachusetts of $376,360.