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Real Estate Market Update, January 2024, for Chittenden County, Vermont


Real Estate Market Update for Chittenden County, Vermont


Hi Everyone, it's Julie Danaher, and today we're diving into the Real Estate Market Update for the month of January 2024, in Chittenden County, Vermont. Let's take a closer look at the latest trends in Vermont's real estate market.


photo of Julie Danaher (Realtor) and image depicting in Chittenden County Vermont January 2024
Median sales price in Chittenden County Vermont January 2024

Median Sales Price in Chittenden County, Vermont

For median sales price, single-family homes were down from last month but still up from January 2023. On the other hand, condo townhomes saw an increase from both last month and January 2023. When it comes to the list-to-sale price ratio, we observed a decrease from last month and last year. This means that sellers are still receiving over 100% of their asking price, but the market isn't moving as aggressively as it was last year, especially in January.


Photo of Julie Danaher (Realtor) and image depicting Median Sales price in Chittenden County Vermont January 2024
Median Sales Price in Chittenden County Vermont January 2024

Median days on market in Chittenden County, Vermont

In terms of median days on the market, single-family homes experienced a decrease from both last month and last year. Conversely, condo townhomes, although down from last month, saw an increase from last year. Median days on the market is a crucial indicator of how long it takes for a home to go under, and it's important to keep an eye on these trends.


Photo of Julie Danaher (Realtor) and image depicting median days on market in Chittenden County Vermont January 2024
Median Days on market in Chittenden County Vermont January 2024

Interest Rates

Now, let's talk about interest rates. While there has been improvement over the last couple of months, interest rates are still not where we'd like them to be. The Federal Reserve continues to monitor inflation closely, as an increase in inflation could lead to adjustments in interest rates to stabilize the housing market and prevent excessive price fluctuations.


Photo of Julie Danaher (Realtor) and image depicting interest rates in Chittenden County Vermont January 2024
Interest rates in Chittenden County Vermont January 2024

Insights and observations

Finally, let me share some insights and observations about the market. January 2024 seems to be off to a better start compared to the previous year. I recently secured one client under contract off-market, highlighting the importance of strong agent relationships. Additionally, I've submitted offers on two separate properties over the last weekend, both properties had 7 offers. One was rejected and the other was accepted. The outcome depends on various factors such as location, home features, and market demand.



Photo of Julie Danaher (Realtor) with image of contact information and catalyst logo in purple and orange
Questions?

Do you have questions?

If you have any questions about buying or selling a home, don't hesitate to reach out to me. I'm here to provide personalized advice and help you achieve your real estate goals. Whether it's a call, text, or email, I'm happy to Help.



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