Vermont Real Estate Market Report - September 2023
As the cooler weather arrives and the seasons change, let's recap the September 2023 real estate market in Chittenden, Franklin, and Grand Isle Counties compared to where we were in September 2022. Here's a snapshot of the market's performance over the past year:
Changing Property Preferences and Market Dynamics
While comparing September 2022 to September 2023 the past year has brought significant shifts in property preferences. Single-family homes have seen a 24.1% decrease in new listings, while townhouses and condos have surged with a remarkable 36.9% increase. This shift reflects evolving preferences among buyers, with a growing interest in the convenience and affordability of townhouses and condos. Property values in the region have displayed interesting dynamics. Single-family homes have witnessed an increase in median sold price per square foot, indicating their resilience and value appreciation. Meanwhile, townhouses and condos have experienced a slight dip in price per square foot, creating more choices for potential homebuyers.
Inventory and Price Trends
In terms of inventory, the housing market shows mixed results. Single-family homes experienced a modest 0.4% decrease in available properties, suggesting sustained demand. On the other hand, townhouses and condos saw a significant 18.2% increase in available options, expanding the choices for buyers looking to make a move!
When it comes to price trends, both single-family homes and townhouses/condos have seen considerable growth. Single-family homes have seen a robust 10.3% increase, reaching a median price of $480,000. Townhouses and condos are not far behind, with a healthy 10.8% growth, bringing the median price to $414,000. These trends highlight the importance of working with your trusted lender or bank.
Quick Sales and Market Agility
Statistics on the number of days properties spend on the market shows that properties are selling rapidly. Single-family homes take an average of 9 days to sell, while townhouses and condos are even quicker at 5 days. This swift pace underscores the need for fast and effective legal guidance in real estate transactions.
Market Fluctuations and Market Changes
While closed sales have decreased for both single-family homes and townhouses/condos, this can be attributed to the evolving market conditions. Real estate is dynamic, and market trends can change rapidly. It's important to remain informed and seek the guidance of experts during these fluctuations.
The Broader Economic Landscape
Beyond the local market, it's crucial to consider the broader economic context. Recently, the Federal Reserve decided to hold the Federal Funds Rate steady, taking a break from an aggressive rate-hiking campaign to curb rising inflation. After experiencing 11 consecutive increases, interest rates have surged to their highest point since 2001. The next steps of the Federal Reserve remain uncertain, as experts have varying opinions.
The Vermont real estate market continues to evolve, influenced by changing property preferences, economic factors, and consumer behavior. It is essential to stay informed and consult professionals on real estate transactions and estate planning in navigating this ever-changing housing landscape.
For individuals actively searching the Vermont real estate market, having expert guidance is invaluable. LMC Law is here to provide experienced legal support for your various real estate needs, offering comprehensive services to ensure that your real estate endeavors are successful and secure.
In this dynamic real estate environment, legal expertise can make all the difference. Contact us today to learn how LMC Law can be your trusted legal partner on your real estate journey.
These statistics are based on data provided from the NVRA Real Estate Market Report September 2023.