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July 2023 Market Update

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Time and time again, we are inspired by the unwavering spirit of our fellow Vermonters, and reminded of why we love our beloved state. This month, we experienced heavy rainfall and devastating floods, but through it all, we’ve witnessed the true strength and character that defines Vermont. We want to take this moment to extend our deepest sympathies to those affected by the floods. Our thoughts and support are with you during this challenging time. 

Amidst the hardship, it has been incredible to witness the community support efforts materialize across the state. From neighbors lending a helping hand, providing shelter, or volunteers clearing debris from shops and homes; Vermonters have come together in the true essence of community. We are heartbroken by the tragedy and loss, but we have never been more proud to be a part of this community.

Your market update for this month follows a similar pattern of resiliency. While pending home sales are on the decline, the housing market is showing signs of being in recovery mode. Inventory continues to be the leading concern for our local marketplace. Despite mortgage rates hovering near 7%, demand for homes remains strong, especially in desirable urban and resort areas. While mortgage rates have become a major consideration, the true driving issue behind this stagnant market remains the lack of available properties as homeowners hold out on selling. On one hand, there is considerable pent-up demand from buyers who have accepted the new normal of high interest rates. On the other hand, potential home sellers are becoming locked by this ‘golden handcuff’ scenario in their reluctance to sell their homes and relinquish their rare pandemic-era ultra low mortgage rates. This unique situation has created a challenging dynamic in the market. 

Where do we go from here? Despite home sales fluctuating month over month, the housing market is a far cry from a crisis - it is actually in recovery mode. Despite sluggish contract signings, the housing market remains resilient with approximately 3 offers per listing, according to NAR Chief Economist, Lawrence Yun. 

The Vermont real estate market is currently experiencing an imbalance between supply and demand. The inventory shortage has become so dire, it has pushed pending sales down nationwide this spring, which historically has been the peak season for home-buying. Unless there is a significant rise in mortgage rates to deter eager home buyers, or a substantial decrease that incentivizes existing homeowners to sell, this peculiar imbalance is likely to persist.

If you are looking to buy in today’s market, there are still opportunities to be had. Current homeowners seeking a new property do have the advantage of considerable equity - especially if they’ve owned for 2+ years. Whether you are already in the marketplace or a first-time buyer, your best strategy is to be prepared and flexible in today’s market. Discuss buyer programs with your lender, and keep active watch on available homes that suit your needs.

Was your home impacted by the floods? Here is how to file a flood insurance claim

Looking to help? Here are some resources on how to get involved.


Washington County:

Washington County June 2023 Market Statistics

Single-Family Home Statistics sourced from

In Montpelier, there were 10 new homes brought to market and 8 sold last month. Median sales price was $520K for the month of June. Based on this month’s sample, new listings are down 17% and median sales price is up 26%.

In Barre, there were 16 new listings and 24 closings for single-family homes. Last month saw quick sales with 6 median days on market. The median sales price was $325K, a 35.5% increase year over year.

In Waterbury, there were 6 single family homes listed and 0 sales in June. Based on this month’s sample, there are no comparative statistics to report.

Across Washington County, there were a total of 85 new single-family homes listed and 54 sold. Median sales price was $375K. Compared to this time last year, new listings are down 10% while all other metrics are consistent.


Lamoille County:

Lamoille COunty June 2023 Market Statistics

Single-Family Home Statistics sourced from

In Stowe, there were 13 new single family homes listed with 5 sales last month. Homes sold in a median of 4 days while the median sales price was $1.84m. Stowe is still awaiting more inventory to combat its demand. Compared to this time last year, there are 38% less homes available and selling 60% faster. 

Across Lamoille County, there were 46 new listings with 20 sales in June. Year over year, there were 28.1% less homes available yet the median sales price experienced a 10.8% increase.


Chittenden County:

Chittenden County June 2023 Market Statistics

Single-Family Home Statistics sourced from

In Burlington, last month saw 15 new single family homes brought to market. There were 16 homes sold at a fast clip - 5 median days on market with a median sales price of $507.5K. Year over year, sales were down 48.4% with sales prices down 13.7%.

Across Chittenden County, there were 135 new listings and 109 sales for single family homes in June. The median days on market increased to 6 days while median sales price took a slight 3% dip compared to this time last year.


Franklin County:

Franklin County June 2023 Market Statistics

Single-Family Home Statistics sourced from

Across Franklin County, there were 66 new single family homes brought to market. June saw 47 homes sold with a competitive median 5 days on market. Year over year, the number of new listings has declined 15.4% with a 6.9% increase in median sales price.


Grand Isle County:

Grand Isle County June 2023 Market Statistics

Single-Family Home Statistics sourced from

Across Grand Isle County, last month saw 20 new listings and 13 homes sold. The median days on market was a swift 5 days and sales price was $410K. Compared to this time last year, there are 18% more homes for sale and median sales price is up 6.5%.

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

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