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Unlocking the Northwest Vermont Real Estate Market: Your Spring Update

Vermont Real Estate Market Update March 2024

Welcome, savvy homebuyers and sellers, to our latest update on the bustling real estate scene right here in Northwest Vermont! As we transition into the spring season, the market is abuzz with activity, promising a steady flow of listings and opportunities for both buyers and sellers alike.

Let's dive into some key statistics from March 2024 to get a clear picture of what's been happening in our neck of the woods:

1. Median Sales Price: $494,500

The median sales price for single-family homes has seen a remarkable 13.8% surge from the previous month and a substantial 17.7% increase compared to March 2023. This uptrend underscores the robust demand for properties in our region, indicating a healthy and thriving market.

2. Closed Sales: 81

Despite a slight dip of 1.2% compared to March last year, the number of closed sales has surged by an impressive 24.6% from the previous month. This uptick signals a growing appetite among buyers, eager to secure their dream homes in our picturesque corner of Vermont.

3. Median Days on Market: 7

With a median of just 7 days on the market, homes are selling swiftly, albeit showing a slight uptick of 7.7% from the previous month. This underscores the importance of acting decisively in today's competitive market environment, whether you're buying or selling.

4. List Price Received: 100.5%

Sellers rejoice! Home sellers are receiving, on average, slightly over their list price, reflecting a market where demand often outstrips supply. This figure, while a 1% decrease from March 2023, still indicates a strong seller's market, providing an excellent opportunity for those looking to make a lucrative sale.

5. New Listings: 132

The influx of 132 new listings represents a substantial 45.1% increase from the previous month and a 6.5% uptick from March last year. This surge in inventory bodes well for buyers, offering a wider selection of properties to choose from as they embark on their home-buying journey.

6. Active Inventory: 159

While there's been a modest 1.3% increase from the previous month, the active inventory has seen a notable 4.6% rise compared to March 2023. This expanding inventory presents both buyers and sellers with more opportunities and flexibility in their transactions.

Northwest Vermont Market Review By County:

Statistics are for single-family home sales.

Chittenden County:

  • Active Inventory = 73
  • Median Sales Price = $544,950
  • Median Days On Market = 7
  • Closed Sales = 46
  • List Price Received = 102.3%

Franklin County:

  • Active Inventory = 59
  • Median Sales Price = $334,000
  • Median Days On Market = 5
  • Closed Sales = 31
  • List Price Received = 98.7%

Grand Isle County:

  • Active Inventory = 27
  • Median Sales Price = $335,000
  • Median Days On Market = 164
  • Closed Sales = 4
  • List Price Received = 94.1%

Now, why are these statistics crucial for you, whether you're in the market to buy or sell?

For buyers, these numbers paint a picture of a dynamic and competitive market. The surge in new listings and steady rise in inventory provide you with more options to explore, but it also underscores the importance of acting swiftly. With homes selling rapidly and often above asking price, being prepared and working with a knowledgeable local real estate expert is key to securing your dream home at the best possible terms.

For sellers, these statistics highlight the opportune moment to capitalize on the robust demand for properties in our region. The increase in median sales price and the trend of homes selling above list price demonstrate a seller's market, but it's essential to navigate this landscape wisely. Partnering with a seasoned real estate professional who understands the nuances of our local market can help you position your property effectively and maximize your returns.

So, whether you're looking to buy or sell, now is the time to take advantage of the vibrant real estate market in Northwest Vermont. Don't navigate this journey alone—reach out to a local expert who can guide you every step of the way.

Ready to unlock the potential of the Northwest Vermont real estate market? Contact us today for a comprehensive market analysis tailored to your area of interest. Let's embark on this exciting journey together and turn your real estate goals into reality!

 

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