Vermont Housing Market Analysis - August 2024
The Vermont housing market in August 2024 presents a dynamic landscape with notable shifts in key metrics. The Median Sales Price for homes in Vermont stands at $411,500, reflecting a significant year-over-year (YoY) decrease of 9.5%. This decline in sales prices is mirrored by the Median List Price, which is currently $424,200, down by 5.1% YoY.
Despite the drop in overall prices, the median Price Per Square Foot has increased by 4.5% YoY, reaching $233. Similarly, the Median List Price per square foot has seen a substantial rise of 12.0% YoY, now at $251. These figures suggest a nuanced market where price per unit area is appreciating even as overall property prices decline.
Sales activity has shown positive trends, with 729 Homes Sold in August 2024, marking a 5.0% increase YoY. Pending Sales also rose by 2.6% YoY, totaling 831. New Listings have surged by 9.0% YoY, reaching 1,018, indicating a growing supply of homes entering the market.
Inventory levels have seen a dramatic increase, with 2,578 homes available, up by 39.0% YoY. This rise in inventory has contributed to an increase in the Months of Supply, which now stands at 3.5 months, an 80.0% YoY increase. The Median Days on Market for homes is 42, reflecting a slight increase of 3.0% YoY, suggesting that homes are taking marginally longer to sell.
The average sale to list ratio has decreased to 99.1%, down by 2.3% YoY, indicating that homes are selling slightly below their list prices. The percentage of Homes Sold above list price has dropped to 36.4%, a decline of 11.3% YoY. Additionally, the percentage of Price Drops has increased to 23.4%, up by 5.0% YoY, highlighting a trend of sellers adjusting their expectations in response to market conditions.
Lastly, the percentage of homes going off the market within two weeks has decreased to 44.3%, down by 11.0% YoY, suggesting a slower pace in the market compared to the previous year.
Overall, the Vermont housing market in August 2024 is characterized by declining sales and list prices, increased inventory, and a slower pace of sales. However, the rise in Price Per Square Foot indicates that buyers are still willing to pay a premium for quality and location, even as broader market conditions soften.
