Spring is in full swing here in Northwest Vermont, and with the warmer weather comes a bustling real estate market. Whether you're thinking of buying your dream home or selling your current one, understanding the market trends can help you make the best decisions.
The Vermont real estate market is known for its seasonal changes. This spring, we're seeing a steady start, with more listings becoming available and increased activity. For both buyers and sellers, this is an exciting time to explore opportunities and make informed choices.
Let's take a closer look at the current state of our real estate market using the latest data from May 2024. (Data is for single-family home sales in Grand Isle, Franklin, and Chittenden County.)
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Median Sales Price = $508k
The median sales price of $508,000 reflects a slight rise from last month and a notable increase from last year. For sellers, this means that home values are continuing to appreciate, potentially leading to a profitable sale. For buyers, it's a sign that the market is healthy, and investing in property could offer good returns in the future. Keeping an eye on price trends can help you make a well-informed decision about timing your purchase or sale.
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Closed Sales = 140
With 140 closed sales in May, there was a big jump from April with a 57% change and a 17% increase compared to last year. This indicates a busy market where more homes are successfully selling. For sellers, this could mean a greater chance of finding a buyer quickly. For buyers, it shows there's active competition, so being ready to act fast when you find the right home is important.
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Median Days on Market = 6
Homes are typically staying on the market for just 6 days, which is a 14.3% decrease from the previous month and consistent with last year. This quick turnover is great news for sellers, as it means your home might sell rapidly if priced correctly and in good condition. For buyers, it highlights the need to be decisive and prepared, as desirable homes are not staying available for long.
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List Price Received = 101.4%
Sellers are getting an average of 101.4% of their list price, which is up from the previous month but slightly down from last year. This suggests that many homes are selling for above the asking price. For sellers, this means there’s potential to get even more than your asking price if the demand is strong. For buyers, it’s a reminder that offering close to or above the list price could be necessary to secure your desired property in a competitive market.
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New Listings = 272
With 272 new listings, there's a significant 63% increase from the previous month and a 14% increase from last year. This is positive for buyers, as more new homes are coming onto the market, providing a wider selection. For sellers, it means more competition, so making sure your home is well-presented and priced competitively is essential to attract buyers.
Northwest Vermont Market Review By County:
Statistics are for single-family home sales in May 2024.
Chittenden County:
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Active Inventory = 130
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Median Sales Price = $630,000
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Median Days On Market = 5
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Closed Sales = 88
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List Price Received = 101.9%
Franklin County:
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Active Inventory = 92
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Median Sales Price = $391,500
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Median Days On Market = 8
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Closed Sales = 40
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List Price Received = 100.9%
Grand Isle County:
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Active Inventory = 38
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Median Sales Price = $356,750
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Median Days On Market = 11
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Closed Sales = 12
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List Price Received = 99.6%
Partner with a Local Real Estate Expert
Understanding these market trends can be challenging, especially with the competitive nature of the Northwest Vermont real estate market. That's why partnering with a local real estate expert is crucial. They can provide you with a detailed market analysis tailored to your area of interest, helping you navigate the complexities of buying or selling a home.
A market analysis offers a deep dive into the current conditions, including comparable home sales, pricing strategies, and buyer demand. This information is essential for setting the right price for your home or making a competitive offer.
Ready to make your move in the Northwest Vermont real estate market? Contact us today for a personalized market analysis. Let’s work together to turn your real estate dreams into reality.
