Vermont Housing Market Analysis: November 2024
The Vermont housing market in November 2024 presents a dynamic landscape with notable shifts in pricing, sales activity, and inventory levels. The Median Sales Price has risen to $425,300, marking a 5.1% increase year-over-year (YoY). This upward trend in sales prices is complemented by a more modest 2.2% YoY increase in the Median List Price, now at $415,200. The disparity between sales and list price growth suggests a competitive market where buyers are willing to pay more than the initial asking prices.
Price Per Square Foot has seen a significant rise, with the median Price Per Square Foot reaching $251, a 7.1% increase YoY. The Median List Price per square foot has surged even more dramatically by 12.5% YoY, now standing at $249. This indicates a strong demand for housing space, driving up the cost per unit area.
Sales activity has been robust, with 658 Homes Sold, reflecting a 7.3% increase YoY. Pending Sales have surged by 25.9% YoY, totaling 670, which suggests continued strong demand and potential future sales growth. However, New Listings have decreased by 13.1% YoY to 425, indicating a tightening supply of new homes entering the market.
Inventory levels have increased significantly, with a 33.8% YoY rise to 2,251 homes. This increase in inventory, coupled with a 70.0% YoY rise in Months of Supply to 3.40, suggests that while demand remains strong, the market is gradually moving towards a more balanced state between buyers and sellers.
The Median Days on Market have increased by 13.0% YoY to 57 days, indicating that homes are taking longer to sell compared to the previous year. This could be a result of the increased inventory and higher prices, which may be causing buyers to take more time in making purchasing decisions.
The average sale to list ratio has slightly decreased by 0.8% YoY to 98.2%, suggesting that homes are selling closer to their list prices than in the previous year. The percentage of Homes Sold above list price has dropped by 8.8% YoY to 26.0%, indicating a decrease in bidding wars and competitive offers.
Price Drops have increased slightly by 1.1% YoY to 16.7%, reflecting some sellers' willingness to adjust prices to meet market demand. Additionally, the percentage of homes going off the market within two weeks has decreased by 8.2% YoY to 31.3%, further indicating a cooling in the rapid pace of sales seen in previous periods.
Overall, the Vermont housing market in November 2024 is characterized by rising prices and strong sales activity, despite a decrease in New Listings and a longer time on the market. The increase in inventory and Months of Supply suggests a shift towards a more balanced market, providing opportunities for both buyers and sellers to navigate the evolving landscape.
