Spring has arrived in Northwest Vermont, and with it, a bustling real estate market that's picking up steam. If you're thinking about buying or selling a home, now is a great time to understand what's happening in our local market. This blog post will walk you through some key statistics and explain why these numbers matter to you. Let's dive in! Statistics are for single-family home sales in Grand Isle, Franklin, and Chittenden County in April 2024.
The real estate market in Northwest Vermont is known for being seasonal, with spring typically bringing more activity. This year is no exception. We're seeing a steady start to the spring market, with more listings becoming available. Whether you're a buyer or a seller, it's crucial to stay informed about the current trends and statistics.
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Median Sales Price = $507,500
The median sales price of $507,500 indicates that home values are on the rise. This is great news for sellers because it means you might get more money for your home compared to last year. For buyers, it's a sign that investing in property here could be a good long-term decision, as home values are appreciating.
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Closed Sales = 88
With 88 closed sales in April, there's been an 8.6% increase from the previous month. However, there's a 7.4% decrease compared to April 2023. This suggests that while more homes are selling this spring, the market is still catching up to last year's pace.
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Median Days on Market = 6
Homes are staying on the market for a median of 6 days, which is a 25% decrease from the previous month. However, this is a 20% increase from April 2023. If you're selling, this means your home is likely to sell quickly. Buyers, be ready to move fast when you find a home you love, as properties are still moving quickly.
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List Price Received = 99.5%
Sellers are getting 99.5% of their list price on average. While this is slightly down from the previous month, it's still very close to full asking price. This means that pricing your home correctly is essential to getting top dollar. Buyers, you can expect to pay near the asking price, so be prepared for negotiations to be competitive.
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New Listings = 166
With 166 new listings in April, there's a significant increase from both the previous month and April 2023. This is great news for buyers, as more options are coming onto the market. Sellers, more listings mean more competition, so make sure your home stands out.
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Active Inventory = 171
There are 171 active listings in our region, showing a small increase from the previous month and last year. This balanced increase helps keep the market dynamic and gives buyers more choices. Sellers, you'll need to make your home appealing to attract buyers in this growing inventory.
Northwest Vermont Market Review By County:
Statistics are for single-family home sales in April 2024.
Chittenden County:
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Active Inventory = 71
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Median Sales Price = $525,000
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Median Days On Market = 6
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Closed Sales = 59
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List Price Received = 99.7%
Franklin County:
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Active Inventory = 75
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Median Sales Price = $372,500
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Median Days On Market = 8
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Closed Sales = 24
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List Price Received = 99.1%
Grand Isle County:
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Active Inventory = 25
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Median Sales Price = $662,500
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Median Days On Market = 12
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Closed Sales = 5
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List Price Received = 98.8%
Partner with a Local Real Estate Expert
Navigating the Northwest Vermont real estate market can be competitive and complex. Market conditions can vary by county, town, and property type. That's why it's essential to partner with a local real estate expert. They can provide you with a detailed market analysis tailored to your area of interest, helping you make informed decisions whether you're buying or selling.
A market analysis gives you a comprehensive look at current market conditions, comparable home sales, and pricing strategies. This information is crucial for setting the right price for your home or making a competitive offer as a buyer.
The Benefits of Working with a Local Expert
Our Realtors work throughout Northwest Vermont and have in-depth knowledge of the Vermont market. They understand the seasonal trends, neighborhood specifics, and what buyers and sellers are looking for. With their expertise, you can navigate the market confidently and achieve your real estate goals.
If you're ready to take the next step in your real estate journey, contact us today for a personalized market analysis. Let's work together to make your home buying or selling experience in Northwest Vermont a success.
