vermont housing market

Northwest Vermont Real Estate Market Update: November 2024

Graphic showing Real Estate Market Statistics for November 2024

As we head into the winter months, the real estate market in Northwest Vermont continues to shift. November brought some notable changes in single-family home sales that both homebuyers and sellers should pay attention to as they plan their next steps. Here’s a closer look at the latest trends and how they might impact you. Statistics are for single-family home sales in Grand Isle, Franklin, and Chittenden County.

Median Sales Price

The median sales price skyrocketed to $550,000, a significant 16.8% jump from October and a robust 14.6% increase compared to November 2023. For people considering selling, this increase highlights strong home value appreciation in the region, making it an excellent time to list. A higher price point could allow you to maximize your return, especially if your property is in great condition and priced competitively. Homebuyers, however, should plan carefully. While prices are higher, they reflect the strong demand and limited supply in the market, which means acting decisively when you find a home that fits your needs is crucial.

Closed Sales

Number of homes sold fell to 117, a 21.5% decrease from October and a 7.9% drop from last November. For home sellers, this decrease in sales volume signals a slower pace of transactions, which may require extra patience as home purchasers navigate the holiday season. Effective marketing and competitive pricing will help your property stand out. Homebuyers may benefit from the reduced pace as fewer sales could create opportunities to negotiate terms, especially if homes remain on the market longer.

Median Days on Market

The average home in Northwest Vermont spent 13 days on the market, up slightly by 8.3% from October and up 4% compared to November 2023. For sellers, this slight increase means you might need to invest more time in preparing your home to make a strong impression on buyers. However, homes are still selling quickly overall, indicating continued demand for well-maintained, appropriately priced properties. Buyers can use this extended timeframe to their advantage, allowing for a more thoughtful search while still staying alert to high-demand listings that might move quickly.

List Price Received

On average, home sellers received 100.1% of their asking price, a modest 0.2% decrease from October and a 1.1% decline from November 2023. Sellers should interpret this as a sign of a still competitive market where buyers are willing to pay close to the asking price for desirable homes. For homebuyers, the slight dip suggests a bit more room for negotiation, particularly on homes that have been on the market longer.

New Listings

New listings fell sharply to 103, a 42.1% drop from October and a 2.8% decline from last year. For sellers, this lower level of competition could work in your favor, as fewer homes on the market mean your property has a better chance of attracting attention. Buyers, on the other hand, will need to act quickly with fewer new options available. Planning your search carefully and partnering with a local expert can help you navigate this constrained supply.

Active Inventory

Active inventory decreased to 262 homes, a 25.1% drop from October, though it remains 20.7% higher than last November. Sellers should note that while there are fewer active listings compared to the previous month, the year-over-year increase in inventory suggests buyers have more choices than they did a year ago. Buyers benefit from this broader selection, giving them more opportunities to find a property that meets their needs, even in a market with fewer new listings.

Months Supply of Inventory

The months supply of inventory dipped to 2.2 months, down 4.7% from October but up 31.1% from November 2023. While this figure still indicates a seller’s market, the upward trend in inventory compared to last year signals a gradual shift toward more balanced conditions. Sellers should be prepared for longer selling times and potentially more negotiation as the market evolves. Buyers, however, can feel more confident knowing the market is becoming less competitive, offering them more leverage than in the past.

Why Local Expertise Matters

Market trends in Northwest Vermont vary significantly by town and neighborhood. A personalized market analysis tailored to your area can help you make informed decisions, whether you’re buying or selling. Understanding specific pricing trends, competition levels, and market dynamics ensures you’re fully prepared to navigate the process.

Partner with a Vermont Real Estate Expert

Navigating Vermont’s unique real estate landscape requires a trusted local advisor. Whether you’re buying or selling, a knowledgeable real estate expert can help you make sense of the data, anticipate market shifts, and achieve your goals. With insights into local trends and the experience to guide you, a Realtor is your key to success in this competitive and evolving market.

Take the Next Step

Curious about the value of your home or ready to explore your buying options? Contact us today for a customized market analysis and personalized guidance. Let us help you make the most of Vermont’s dynamic real estate market and achieve your goals with confidence.

 

May 2024 Real Estate Report: What's Shaping Northwest Vermont?

May 2024 Real Estate Market Review For Northwest Vermont

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.) 

  • 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.

  • 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.

  • 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.

  • 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.

  • 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:

  • Active Inventory = 130

  • Median Sales Price = $630,000

  • Median Days On Market = 5

  • Closed Sales = 88

  • List Price Received = 101.9%

Franklin County:

  • Active Inventory = 92

  • Median Sales Price = $391,500

  • Median Days On Market = 8

  • Closed Sales = 40

  • List Price Received = 100.9%

Grand Isle County:

  • Active Inventory = 38

  • Median Sales Price = $356,750

  • Median Days On Market = 11

  • Closed Sales = 12

  • 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.

Island Insights: Navigating the 2023 Vermont Housing Market

Island Insights Graphic - Navigating the 2023 Vermont Housing market

Get the inside scoop from our local real estate experts, who have answered the most pressing questions about buying and selling in Northwest Vermont. From insider tips to expert advice, this Q&A will help keep you informed so that you can make the best decisions for your next move.

Vermont Housing Market Question #1

What’s the current state of the local real estate market?

The Vermont real estate market remains strong. We are still seeing historically low inventory levels in Northwest Vermont and strong demand from prospective buyers. As the warmer weather comes, we expect inventory to increase giving homebuyers more options. 

 

Vermont Housing Market Question #2What will happen to home values in 2023? 

Home values in Northwest Vermont are holding steady. Nationally, there has been a slight dip in home values but our market remains strong due to high buyer demand and low inventory levels. If you are thinking of selling your home you can still cash in on this robust market. 

 

Vermont Housing Market Question #3What challenges are facing homebuyers right now?
Homebuyers who are entering the market for the first time and/or moving into a highly desirable area, like the Burlington area, are experiencing a competitive market. Homebuyers searching in the $300k - $500k price range can still win in today's market with the right partners. It is imperative to be represented by an experienced real estate agent who can help you strategize and submit a competitive offer.

 

Vermont Housing Market Question #4What do you think will happen with interest rates?
Mortgage rates have been fluctuating between 5% - 7%. As a buyer, it is important to know how changing interest rates can affect your purchasing power. A 0.5% change can have a big impact on your monthly payment, and we (and your lender) can help you navigate this. Lenders have a variety of programs to help buyers combat higher rates like adjustable rate mortgages and/or refinancing in a couple of years. Our agents can recommend local lenders who understand our market and will work with you to find the best option for your situation and goals.

 

Vermont Housing Market Question #5Are home sellers seeing a lot of showing activity and multiple offers?
Properties priced competitively and in desirable locations are seeing a lot of showing activity and sometimes multiple offers. Recently, Coldwell Banker Islands Realty listed a property in Chittenden County in the mid $300k’s that had over 70 showings and was under contract within 5 days. Your home will stand out with strategic pricing and a stellar marketing plan.

 

Vermont Housing Market Question #6

What are your predictions for the spring/summer season? Is now a good time to move?

Overall, we predict that the upcoming spring selling season will be busy and remain competitive. Generally, more inventory will come on the market as we enter the spring and summer seasons, giving more options for buyers and sellers. Homebuyers will continue to enter the market and loan officers have programs to help find a solution that works for each situation. All of these factors make it a good time for buyers and sellers to make a move and start working with a knowledgeable real estate professional.

If you're considering a move this year, let's work together and make a plan to meet your goals. Get started and connect with a local real estate expert today.

Explore Discover Experience Lake Champlain Vermont Real Estate

Vermont Real Estate Market Update: January 2023

January 2023 Vermont Real Estate Market Report

The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.

New Listings increased 9.1 percent for single-family homes but remained flat for townhouse-condo properties. Pending Sales decreased 7.8 percent for singlefamily homes and 19.4 percent for townhouse-condo properties. Inventory increased 1.8 percent for single-family homes but decreased 3.4 percent for townhouse-condo properties. The Median Sales Price was up 6.3 percent to $420,000 for single-family homes and 31.3 percent to $362,000 for townhouse-condo properties. Days on Market decreased 10.5 percent for single-family homes but remained flat for townhouse-condo properties. Months Supply of Inventory increased 22.2 percent for detached homes but remained flat for townhouse-condo properties.

As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.

Considering a move and wondering what your options are in this market? We're here to help. Contact us today.

 

 

 

Vermont Real Estate Market Update: December 2022

Vermont Real Estate Market Report December 2022

2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.

New Listings decreased 26.7 percent for single-family homes and 29.4 percent for townhouse-condo properties. Pending Sales decreased 13.4 percent for single-family homes and 40.5 percent for townhouse-condo properties. Inventory decreased 5.4 percent for single-family homes and 22.2 percent for townhouse-condo properties.

The Median Sales Price was down 3.4 percent to $386,250 for single-family homes but increased 12.9 percent to $355,550 for townhouse-condo properties. Days on Market decreased 23.7 percent for single-family homes and 45.7 percent for townhouse-condo properties. Months Supply of Inventory increased 20.0 percent for single-family homes but increased 16.7 percent for townhouse-condo properties.

Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas. However, national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited at 3.3 months, according to NAR. Even if prices fall, many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments

Considering a move and wondering what your options are in this market? We're here to help. Contact us today.

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