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March 2024 Market Update

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As the spring home-buying season approaches, we are patiently awaiting the influx of new homes to the market. Historically, this time periodVermont farmhouse in early spring is noted by increased market activity. While buyers are returning to the marketplace, the demand for new homes far exceeds the supply.  We did witness some flurries of activity last month, though current inventory levels still remain constrained across Vermont with buyers still outpacing the number of homes available. 

According to Governor Phil Scott, Vermont has a housing deficit of roughly 6,800 units. This means our demand far outweighs our supply - and home builders can’t bridge the gap. Construction challenges such as high interest rates, material costs, labor shortages, and complex permit processes actively impede their progress. While this issue is not one to be fixed overnight, we are hopeful in seeing this issue at the top of legislative discussions for this year.

Over the past four years, there has been a staggering 40% surge in median home prices, with projections suggesting continued moderate increases over the next three to five years. This emphasizes the urgency for potential buyers to take action rather than await potential price adjustments or declines in mortgage rates. Buyers, if you’ve been sitting on the sidelines waiting for spring - now is the time jump back in. You may be facing multiple offer scenarios, especially on turn-key condition properties. Be prepared and be sure to have an agent in your corner who will help negotiate competitively on your behalf. 

Browse New Listings Here.

While there are no perfect times to buy a house, there are optimal times to sell. Right now, demand is high, with more buyers likely to return to the marketplace for the spring season. Sellers, if you are considering making a move, there is a great opportunity to sell while inventory levels are at historic lows. While price increases have recently slowed across local markets, home prices have appreciated substantially. If you’ve owned your home for over 3 years, chances are good you have gained considerable amounts of equity.  If you’re looking to make a move, the equity in your home can make a substantial impact.

Get your Free Market Analysis.

Both buyers and sellers are urged to stay informed about market trends and adapt their strategies accordingly to thrive in this dynamic environment. As the market continues to evolve, flexibility and strategic decision-making will be essential for success. 

 

Washington County:

Market Stats for Washington County

Single-Family Home statistics sourced from NEREN.com

In Montpelier, only 3 new homes were brought to the market last month, with 2 sold. The median sales price was $429.5K. Based on last month’s smaller sample size, there appears to be a 17.3% increase in the median sales price.

In Barre, there were 20 new listings and 10 closings for single-family homes. Last month saw a swift 5 median days on market, with a median sales price of $258K. Year over year, sales are up 66.7%, and available homes are up 233%. 

In Waterbury, there were 5 single-family homes available, while 0 sold in February. This month’s sample size did not allow for comparative analysis.

Across Washington County, there were a total of 51 new single-family homes listed and 21 sold. Compared to this time last year, Washington County saw a startling 132% increase in available homes, while median sales price increased 14.5%.

 

Lamoille County:

Market Stats for Lamoille County

Single-Family Home statistics sourced from NEREN.com

In Stowe, there were 3 new single-family homes listed with 6 sales last month. Homes have been moving lightning quick with the median days on market at 0 days, and the median sales price at $907.5K. Compared to this time last year, there were 50% more homes sold yet 57% fewer homes available.

Across Lamoille County, there were 20 new listings with 18 sales in February. Year over year, there were 28.6% more homes sold while the median sales price dipped 20.8%.

 

Chittenden County:

Market Stats for Chittenden County

Single-Family Home statistics sourced from NEREN.com

In Burlington, last month saw a surprising uptick, with 10 new single-family homes brought to market and 5 homes sold. This was a 25% boost in available homes compared to this time last year. The median sales price of $410K, a 25.5% decline based on this month’s sample size.

Across Chittenden County, there were 55 new listings and 37 sales for single-family homes in February. The median days on market was 6 days, while median sales price has climbed 3% compared to this time last year.

 

Franklin County:

Market Stats for Franklin County

Single-Family Home statistics sourced from NEREN.com

Across Franklin County, there were 31 new single-family homes brought to market. February saw 24 homes sold with 7 median days on market. Year over year, closed sales are up 14.3% while median sales price experienced a 8.1% dip.

 

Grand Isle County:

Market Stats for Grand Isle County

Single-Family Home statistics sourced from NEREN.com

Across Grand Isle County, last month saw 5 new listings and 4 homes sold. The median market time was an unusual 64 days, and sales price was $305K. Based on this month’s sample, there were 25% more homes available, while time on market was 482% longer than last year. 

 

Have questions about what this means for you or your home? Contact us today!

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