real estate market update

Vermont Real Estate Market Update: July 2022

Vermont Real Estate Market Update July 2022

The Northwest Vermont REALTOR® Association (NVRA) has released its market statistics for July 2022. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

New Listings decreased 32.5 percent for single-family homes and 41.7 percent for townhouse-condo properties. Pending Sales decreased 30.0 percent for single-family homes and 30.1 percent for townhouse-condo properties. Inventory decreased 22.4 percent for single-family homes and 49.3 percent for townhouse-condo properties.

The Median Sales Price was up 9.3 percent to $437,000 for single-family homes and 24.3 percent to $360,500 for townhouse-condo properties. Days on Market decreased 48.0 percent for single-family homes but increased 69.2 percent for townhouse-condo properties. Months Supply of Inventory decreased 11.1 percent for single-family homes and 36.4 percent for townhouse-condo properties.

At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.

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Vermont Real Estate Market Update: September 2022

Vermont Real Estate Market Report September 2022 Graphic
 
The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of abating, the Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month.
 
New Listings increased 3.7 percent for single-family homes but decreased 18.6percent for townhouse-condo properties. Pending Sales decreased 3.4 percent or single-family homes and 8.3 percent for townhouse-condo properties. Inventory decreased 16.6 percent for single-family homes and 23.6 percent for townhouse-condo properties.
 
The Median Sales Price was up 8.9 percent to $430,000 for single-family homes and 21.6 percent to $348,000 for townhouse-condo properties. Days on Market decreased 25.0 percent for single-family homes but increased 23.5 percent for townhouse-condo properties. Months Supply of Inventory decreased 5.9 percent for single-family homes and 22.2 percent for townhouse-condo properties.
 
Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continue to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead.
 
Do you have questions about the current market? We're here to help. Contact us today.
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