Vermont Housing Market Analysis - September 2024
The Vermont housing market in September 2024 presents a complex landscape characterized by varying trends across different metrics. The Median Sales Price for homes in Vermont stands at $406,800, reflecting a slight decrease of 1.0% year-over-year (YoY). This decline in sales price contrasts with the Median List Price, which has risen by 9.6% YoY to $461,500, indicating a potential gap between seller expectations and buyer willingness.
In terms of Price Per Square Foot, the median price has increased by 4.2% YoY to $237, while the Median List Price per square foot has surged by 13.2% YoY to $263. This suggests that while sellers are optimistic about the value of their properties, buyers are more cautious, as reflected in the lower sales Price Per Square Foot.
The number of Homes Sold in Vermont has decreased by 9.5% YoY, with 637 Homes Sold in September 2024. However, Pending Sales have seen a modest increase of 2.8% YoY, totaling 836. This indicates a potential uptick in future sales activity, despite the current decline in closed transactions.
New Listings have increased significantly by 15.4% YoY, reaching 975. This influx of new properties has contributed to a substantial rise in inventory, which is up by 45.8% YoY to 2,779. Consequently, the Months of Supply have surged by 170.0% YoY to 4.40 months, suggesting a shift towards a more balanced market, or even a buyer's market, as inventory levels rise.
The Median Days on Market have increased by 10.0% YoY to 47 days, indicating that homes are taking longer to sell. This is further supported by the average sale to list ratio, which has decreased by 2.0% YoY to 98.3%, and the sold above list ratio, which has dropped by 11.1% YoY to 29.8%. These metrics suggest that buyers are gaining more negotiating power, leading to fewer homes selling above the list price.
Price Drops have become more common, with a 3.2% YoY increase, affecting 21.8% of listings. Additionally, the percentage of homes going off the market in two weeks has decreased by 8.6% YoY to 44.2%, indicating a slower pace in the market.
Overall, the Vermont housing market in September 2024 is experiencing a shift towards increased inventory and longer selling times, with sellers adjusting their expectations in response to changing buyer dynamics. While the market remains active, the balance of power appears to be shifting slightly towards buyers, as evidenced by the trends in sales prices, inventory, and market dynamics.
