January 2024 Vermont Market Update

With the new year, we've elected to expand our monthly market update to include some additional counties and ensure we're giving you the most accurate and widespread view of the real estate market in Vermont. The data will now reflect all of our service areas including Chittenden, Franklin, Lamoille and Washington counties!

Noteworthy Highlights:

• Year over year, there has been a pretty sizable increase in homes for sale - there were just above 24% more listings this January than last.

• The median days on the market increased substantially year-over-year, almost doubling! Homes are now staying on the market a bit longer, especially if the pricing strategy wasn't in line with the current market to begin with.

• Listings picked up compared to last January by almost 12%, an expected consequence of decreasing mortgage rates.

• Looking at our Month's Supply of Inventory (which is the number of months it would take for the current inventory of homes on the market to sell given the current rate of sales), across the entire state, last January we had 3.83 months of inventory and this January we have 4.48 months. This is also up from 3.58 where it sat for both December and November. This is a good sign since between 5-7 months of supply or inventory signifies a balanced market. Anything below 5 months means we are in a seller's market with heightened prices like we've been seeing, and conversely, anything above 7 months supply is a buyer's market with lots of homes on the market and ultimately lower home prices.

• Pending home sales also increased substantially - by just over 148% year-over-year!

• The average sales price increased year-over-year by just over 6%, however the list-to-sale ratio went from 99.6% in January of last year to 98.9% this January, which was also down month-over-month from the average of 99.3% paid in December. So in just one month, the average buyer paid .4% less for their home than they would have the month before!

Want to know more about the current market, where it's headed, and what your options are? Or just want to chat about real estate in general? Reach out, we'd love to talk further!

Curious about how much your home is worth in the current market? Find out using our free home value tool.