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Chittenden County, Vermont Real Estate Market Update October 2023




Hello, everyone! I'm Julie Danaher, and I'm here to provide you with the Chittenden County, Vermont real estate Market update for October 2023. In this post, we'll dive into the latest statistics and trends in the Chittenden County real estate market. Let's take a closer look at what's been happening in October.


Median Sales Price


In October, the median sales price for single-family homes in Chittenden County was $574,500. This figure reflects an increase from both the previous month and the previous year. Specifically, it rose by 2% compared to the previous month and 7% compared to the same period last year. These numbers indicate that the market is still experiencing healthy appreciation.



List-to-Sale Price Ratio


The list-to-sale price ratio for October stood at 102.3%. This ratio indicates that sellers are, on average, receiving slightly more than their asking price. However, it's important to note that this ratio is slightly down from the previous month and the same period last year. This suggests that sellers are not getting as much over their asking price, possibly due to a decrease in the number of offers in the market.



Inventory


The inventory of available homes in Chittenden County was slightly less in October compared to the previous month. This decrease in inventory levels shows that buyers were more active, and homes were going under contract a bit faster than they were in the prior month. However, inventory levels were up from the same period last year, indicating a generally improved market situation. This improvement can be attributed in part to fluctuations in interest rates, which have influenced buyer activity.



Median Days on Market


The median days on the market is another important metric to consider. It aligns with the months of supply of inventory and provides insight into how quickly homes are selling. In October, the median days on the market dropped from the previous month and the previous year. Homes were spending an average of 6 days on the market, down from 8 days in the prior month. This decrease signifies that homes were selling at a faster pace. October was particularly notable, as it started with a median days on market closer to 7% and ended with a median days on market closer to 8%.



Looking Ahead to 2024


As we look ahead to 2024, one of the key factors we are closely watching is interest rates. We hope that interest rates will decrease, attracting more buyers to the market. Additionally, I recently had the opportunity to showcase a one-bedroom house in Milton over the weekend. It highlighted the continued demand for homes at that sweet spot price point. There are still plenty of buyers actively seeking properties in this range.



In summary, the Chittenden County real estate market for October 2023 showed positive signs of appreciation, although the list-to-sale price ratio hinted at a slight decrease in offers over asking prices. Inventory levels fluctuated, influenced by buyer activity and interest rates. The median days on market decreased, indicating homes were selling faster. As we look to the future, we hope for favorable changes in interest rates to attract more buyers to the market.


Thank you for joining me in this Chittenden County market update for October 2023. Stay tuned for more updates and insights as we continue to monitor the real estate trends in our area.



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