The real estate market in Vermont continues to be competitive due to the combination of buyer demand, limited inventory, price growth, and affordability concerns. Home prices have been increasing steadily, and multiple offers are still common. Despite this, some buyers are still including inspections and financing contingencies in their offers, indicating that they are taking a more measured approach to their purchases.
After mortgage rates have remained confined in the 6-7% range for 10 months, it appears the bulk of prospective buyers have adapted. The mindset has shifted from affordability to ‘how can I make the numbers work’? As a result, buyers are returning to the market in stronger buying positions - higher credit scores, more savings, and better flexibility to adapt to the current market climate. While seasonal buying trends have been noticed across both local and national markets, buyer demand and activity continues to far outpace inventory levels.
On the seller side, concessions and price reductions are far from the norm. While buyers may be able to position more leverage for themselves, especially for properties that have been sitting on the market for a while - it is a case-by-case, property-by-property basis. We are still firmly within a sellers’ market. Home prices continue to increase as a result of high demand and limited inventory. If your home is in great condition and priced competitively for your market, we are still seeing multiple offers and pandemic bidding wars arise.
Overall, the housing market in northwest Vermont is showing no signs of slowing down, and it will be interesting to see how the market continues to evolve throughout the rest of the year. For buyers, it is important to be prepared and act quickly. Consult with your local lender about various lending programs to assist you in your purchase strategy. For sellers, you must be strategic in your pricing and property marketing. Our local housing market will continue to evolve throughout the rest of 2023. Both buyers and sellers will need to be well-informed about local market conditions and economic factors in order to successfully navigate the market in the coming months.
Washington County:
Single-Family Home statistics sourced from NEREN.com
In Montpelier, there were 12 new homes brought to market and 9 sold last month. Median sales price was $475K for the month of August. Based on this month’s sample, there were 50% more homes available and median sales price is up 10.5%.
In Barre, there were 23 new listings and 13 closings for single-family homes. Last month saw a brief market time with 5 median days on market. The median sales price was $270K, a slight 3.6% dip year over year.
In Waterbury, there were 5 single family homes listed and 7 sales in August. The median sales price was $800k. Based on this small sample size, new listings are down 44.4% while sales are up 600% compared to last year.
Across Washington County, there were a total of 74 new single-family homes listed and 55 sold. Median sales price was $425K. Compared to this time last year, new listings are down 15.9% while sales prices are up 38.2%.
Lamoille County:
Single-Family Home statistics sourced from NEREN.com
In Stowe, there were 13 new single family homes listed with 5 sales last month. Homes sold in a median of 5 days while the median sales price was $795k. Compared to this time last year, there are 44.4% less homes sold.
Across Lamoille County, there were 32 new listings with 27 sales in August. Year over year, there were 27% less homes sold yet the median days on market experienced a 22.2% increase.
Chittenden County:
Single-Family Home statistics sourced from NEREN.com
In Burlington, last month saw 18 new single family homes brought to market. There were 12 homes sold with 6 median days on market and a median sales price of $466k. Year over year, sales were down 33.3% and sales prices took a slight 1.4% dip.
Across Chittenden County, there were 144 new listings and 104 sales for single family homes in August. The median days on market was 6 days while median sales price is down 2.9% compared to this time last year.
Franklin County:
Single-Family Home statistics sourced from NEREN.com
Across Franklin County, there were 66 new single family homes brought to market. August saw 52 homes sold with a competitive median 7 days on market. Year over year, the number of sales has declined 24.6% with a 11.2% increase in median sales price.
Grand Isle County:
Single-Family Home statistics sourced from NEREN.com
Across Grand Isle County, last month saw 19 new listings and 11 homes sold. The median market time was 10 days and sales price was $600K. Based on this month’s sample size, there were 5.5% more listings available and median sales price is up a whopping 100%.