The Vermont housing market has been experiencing several trends in the recent months, but the most consistent—low inventory. The scarcity of available homes for sale continues to influence the market dynamics, leading to increased competition among buyers and rising property prices. As the colder months approach, the market tends to experience a slight slowdown in activity, but the ongoing low inventory issue maintains its stronghold.
Is this a seasonal-low or a trend? This chart depicts the number of single-family homes available across Vermont on a monthly basis from 2013 to 2023. Last month, there were a total of 1,182 homes available across Vermont. Compared to this time last year, there are 4.5% fewer homes available now than in 2022.
As depicted in the chart, you can see inventory levels have been on a steady downward trend since 2019. It’s no surprise that when coupled with the steadfast buyer demand the consistent trend of low inventory has contributed to the competitive nature of our local market.
For homeowners considering selling their property, low inventory can be an advantage. The limited supply often means higher demand and increased attention on available listings. This situation becomes compounded towards the end of the year when many sellers hold off until the spring to showcase their homes. If you’re considering selling, we would recommend you consider listing during these historically slower months. Don’t forget - you can use your equity to fuel your next move!
For home buyers, this season historically sees a slowdown in buyer activity as many decide to postpone their plans until after the holidays. Especially if you are a first-time buyer, do not fall into this trap. Homes are still coming on the market. With reduced competition, this is an opportune time to remain active in the marketplace.
While the upcoming months may present more favorable conditions for your home search, keep in mind, it is best to be prepared when navigating a market with low inventory. Get pre-approved before touring homes - that way you can act fast when the right one comes along. For best results, work with an experienced local agent who can provide insurmountable value when navigating this competitive marketplace.
Washington County:
Single-Family Home statistics sourced from NEREN.com
In Montpelier, only 3 new homes were brought to the market last month however there were 10 sold in October. The median sales price stood at $553.5K. Based on this month’s sample size, there appears to be a 25% reduction in the number of available homes, while the median sales price has surged by 75.7%.
In Barre, there were 11 new listings and 17 closings for single-family homes. Last month saw a slightly extended market time with 25 median days on market. The median sales price was $290K, a 16% increase year over year.
In Waterbury, there were 3 single family homes available while 9 sold in October. The median sales price was $535k. Compared to this time last year, new listings are down 25% while median market time decreased 45.5% to a swift 3 days.
Across Washington County, there were a total of 57 new single-family homes listed and 66 sold. Contrary to patterns seen across Vermont, the number of available homes had actually increased 39% compared to this time last year.
Lamoille County:
Single-Family Home statistics sourced from NEREN.com
In Stowe, there were 8 new single family homes listed with 8 sales last month. The market seems to have resumed to a more typical 10 days market time, with the median sales price at $857.5K. Compared to this time last year, there are 33.3% more homes sold.
Across Lamoille County, there were 22 new listings with 25 sales in October. Year over year, there were 21.4% fewer homes available while the median sales price increased 35.3%.
Chittenden County:
Single-Family Home statistics sourced from NEREN.com
In Burlington, last month saw only 7 new single family homes brought to market. There were 14 homes sold with 5 median days on market at a median sales price of $563,250. Comparing this data to the same period last year, there was a remarkable 58.8% decline in homes available, while the median sales price showed a notable increase of 9.6%.
Across Chittenden County, there were 86 new listings and 97 sales for single family homes in October. The median days on market was a swift 6 days while median sales price has climbed 7.5% compared to this time last year.
Franklin County:
Single-Family Home statistics sourced from NEREN.com
Across Franklin County, there were 47 new single family homes brought to market. October saw 44 homes sold with a slightly longer 13 days on market. Year over year, the number of sales has declined 17% with a 14.5% decline in available homes.
Grand Isle County:
Single-Family Home statistics sourced from NEREN.com
Across Grand Isle County, last month saw 20 new listings and 10 homes sold. The median market time was a swift 12 days and sales price was $690K. Based on this month’s sample, there were a startling 300% more homes available and median sales price experienced an increase of 77.4%.