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June 2023 Market Update

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dirt road in open fieldThe housing market continues to be dynamic. While inventory levels remained low, the remote work trend had enabled greater mobility in the marketplace as buyers were able to relocate from more populous urban areas. Our market in Vermont has observed an increase in out-of-state buyers, which jumped 38% in 2020. Today, the buyer demand remains, which has had an effect on the economic balance of supply and demand. As a result, home values in Vermont and across the nation have risen at an unprecedented rate, and bidding wars became commonplace among buyers. 

As the proverbial dust settles from the Pandemic, and we adapt to the conditions of today’s housing market, many seem to be posing the question - what lies ahead for 2023? 

Home values are at a record high; the result of a highly constricted marketplace due to steady buyer demand (regardless of rate environment), and ongoing inventory crunch, which creates a strong foundational support for these elevated prices. We have already seen the rate of value increases start to level out, and even some softening in rural markets. This observation is aligned with the prediction by many economists who say the market is more likely to correct itself from the double-digit percentage jumps in home prices we’ve seen over the past few years. A far cry from a ”crash” and appreciation growth is projected to continue to be positive.

Nonetheless, experts say whether home prices rise or fall in the coming months will likely remain region-specific. The only regions expected to experience declines would be in areas that were on the higher end of the pandemic price booms, such as Austin, Texas; Phoenix; and West Coast metro areas, and where development at scale has been able to take place. According to the FHFA, Vermont experienced an average degree of appreciation compared to other national markets, with a 55.2% appreciation statewide in the last 5 years. If you’ve been in your Vermont home for over one year, chances are you have more equity than you realize. 

It’s worth noting that today’s homeowners stand on far more secure footing than those coming out of the 2008 crisis. Homeowner equity is currently at the highest level it’s been in the past several decades. Between current mortgage securities and with many borrowers having positive equity in their homes, the result is a very low risk of a market crash. If buyers are sidelining themselves in wait for a crash - they will be disappointed. We recommend connecting with an agent or meeting with a local lender to discuss the various buying programs available. Buyers that are adaptable and resourceful will have the upper hand this summer.


Washington County:

May 2023 Market Stats for Washington County

Single-Family Statistics sourced from

In Montpelier, there were 11 new homes brought to market and 8 sold last month. Median sales price was $380K for the month of May. Year over year, new listings are up 10% and median sales price is up 1.2%.

In Barre, there were 18 new listings and 8 closings for single-family homes. Last month saw quick sales with 4 median days on market. The median sales price was $265K, a 20.9% decrease year over year.

In Waterbury, there were 7 single family homes listed and 6 sales in May. Homes were moving quick in 6 median days with a $465.5K median sales price. Compared to this time last year, sales are up 50% with prices up 13.5%.

Across Washington County, there were a total of 62 new single-family homes listed and 33 sold. Median sales price was $399K. Compared to this time last year, new listings are down 16.2% while sales price has increased 7.1%.


Lamoille County:

May 2023 Market Stats for Lamoille County

Single-Family Statistics sourced from

In Stowe, there were 8 new single family homes listed with 6 sales last month. Homes sold in a median of 8 days while the median sales price was $1.23m. Stowe is still patiently awaiting for more inventory to kick off the summer buying season. Compared to this time last year, there are 47% less homes available and 33.3% less homes sold.

Across Lamoille County, there were 26 new listings with 17 sales in May. Compared to this time last year, there were 50.9% less homes available yet the median sales price experienced a 14.5% decrease.


Chittenden County:

May 2023 Market Stats for Chittenden County

Single-Family Statistics sourced from

In Burlington, last month saw 24 new single family homes brought to market. There were 14 homes sold at a fast clip - down to 5 median days on market with a median sales price of $659K. Year over year, sales were down 17.6% with sales prices up 6.3%.

Across Chittenden County, there were 153 new listings and 85 sales for single family homes in May. The median days on market remained at 5 days while median sales price took a slight bump to 11.9% compared to this time last year.


Franklin County:

May 2023 Market Stats for Franklin County

Single-Family Statistics sourced from

Across Franklin County, there were 67 new single family homes brought to market. May saw 26 homes sold with a competitive median 9 days on market. Year over year, the number of new listings has declined 16.25% with a 21.4% increase in median sales price.


Grand Isle County:

May 2023 Market Stats for Grand Isle County

Single-Family Statistics sourced from

Across Grand Isle County, last month saw 16 new listings and 8 homes sold. The median days on market was a swift 6 days and sales price was $410.5K. Compared to this time last year, there are 36% less homes for sale and median sales price is up 19%.


Have questions about what this could mean for your home? Contact us today!

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