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Year-End Real Estate Market Update for Chittenden County, Vermont

Hey everyone, it's Julie Danaher. Today we are looking at the year-end real estate update, with statistics for 2023, in Chittenden County, Vermont – focusing on single-family and townhome properties. We'll cover the medium sales price, list of sale price ratio, months of supply of inventory, and touch on interest rates. Let's get started!

slide of median days on market for YTD 2023 with image of woman (Julie Danaher)
Median Days on Market YTD 2023

For the median sales price in single-family homes, we closed the year with an impressive 7.8% increase. This is a significant accomplishment considering the uncertainties surrounding the uptick in interest rates and already high prices in the market. Townhome condos also experienced growth, ending the year up 5.8% over the previous year, indicating a robust overall performance for Chittenden County with sustained sales price growth.

Slide of list to sale price ratio for YTD 2023 with image of woman (Julie Danaher)
List to Sale Price Ratio YTD 2023

Now, shifting to the list of sale price ratio, sellers received 103.1% over their asking price in both single-family and townhome condos. While this represents a slight decrease of 1.6% and 2.4% from the previous year, respectively, it's crucial to note that sellers are still commanding prices above the asking price. Various factors, including interest rates, play a role in shaping seller results.

Slide of Months of supply of inventory for YTD 2023 with image of woman (Julie Danaher)
Months of Supply of Inventory YTD 2023

Examining the months of supply of inventory, although we haven't reached the balanced market range of 5 to 6 months of supply, there's a positive trend. We are heading in the right direction, indicating an increase in supply for both single-family and townhome properties.

Slide of Median Sales Price for YTD 2023 with image of woman (Julie Danaher)
Median Sales Price YTD 2023

Looking at the median days on the market, we find consistency with the previous year. Single-family homes took 6 days, and townhome condos took 5 days to receive offers, reflecting efficiency in the selling process.

Slide of Interest Rates for YTD 2023 with image of woman (Julie Danaher)
Interest Rates YTD 2023

The unpredictable journey of interest rates in 2023 saw them climbing into the eights at the beginning of the year. This move aimed to curb the rapid growth in prices, influencing properties to stay on the market a bit longer, though they continued to sell at prices exceeding the asking price. Towards the end of 2023 and heading into 2024, rates are showing signs of coming back down, potentially opening up more inventory.

Slide of insights for 2024 with image of woman (Julie Danaher)
Insights for 2024

As we wrap up this Year-End Real Estate Market Update for Vermont, let's dive into predictions for 2024. Anticipating a continued increase in inventory, we expect more sellers to enter the market after waiting over the past year. This influx of inventory is poised to address the current buyer demand. Moreover, if interest rates continue to lower, we might witness a surge in refinancing and individuals making moves they had previously put on hold.

slide of contact information for Julie Danaher with image of woman (Julie Danaher)
Contact information

I'm happy to keep you updated on these market trends. If you have specific questions about your area or home style, feel free to reach out. Happy 2024, everyone!

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