Vermont Housing Market Analysis - July 2024
The Vermont housing market in July 2024 presents a dynamic landscape with notable shifts in various key metrics. The median sales price for homes in the state has risen to $455,200, reflecting a significant year-over-year (YoY) increase of 11.9%. This upward trend in sales prices indicates a robust demand for homes despite other contrasting indicators.
Conversely, the median list price has decreased by 5.6% YoY, now standing at $453,600. This decline suggests that sellers may be adjusting their expectations to align more closely with market conditions, potentially to attract more buyers in a competitive environment.
The median price per square foot has seen a substantial rise of 13.4% YoY, reaching $256. Similarly, the median list price per square foot has increased by 15.1% YoY to $255. These increases highlight a growing valuation of property on a per-square-foot basis, which could be indicative of higher quality or more desirable properties entering the market.
In terms of sales activity, the number of homes sold has surged by 34.0% YoY, totaling 860 units. Pending sales have also risen by 19.2% YoY, with 886 transactions currently in the pipeline. This heightened activity is further supported by a 38.9% YoY increase in new listings, which now number 1,029. The inventory of available homes has expanded by 40.4% YoY, reaching 2,398 units, providing buyers with more options and potentially easing some of the competitive pressures.
The months of supply, a critical indicator of market balance, has increased by 10.0% YoY to 2.8 months. This figure suggests that while the market remains relatively tight, there is a slight easing compared to the previous year. The median days on market have edged up by 3.0% YoY to 39 days, indicating that homes are selling at a slightly slower pace than last year.
The average sale to list ratio has decreased by 2.0% YoY to 99.5%, suggesting that homes are selling slightly below their list prices on average. Additionally, the percentage of homes sold above list price has dropped by 13.0% YoY to 35.0%, further indicating a shift towards a more balanced market where buyers may have more negotiating power.
Price drops have increased by 6.6% YoY, now at 22.8%, which could be a sign that sellers are becoming more flexible with their pricing strategies to close deals. The percentage of homes going off the market within two weeks has decreased by 6.7% YoY to 51.2%, suggesting that while the market remains active, the urgency seen in previous periods may be waning.
Overall, the Vermont housing market in July 2024 is characterized by rising sales prices and increased sales activity, coupled with a growing inventory and slight adjustments in seller expectations. These trends point towards a market that is gradually balancing, offering opportunities for both buyers and sellers.
