Market Update, 1st Quarter 2023
As spring arrives in Vermont, along with the historical start of the busy real estate market, we’re taking a close look at the 1st quarter results to provide buyers and sellers with valuable insights to make informed decisions. The housing market in northwest Vermont continues to be robust with strong demand and low inventory. Home prices have been increasing steadily, and multiple offers are still common. The median sale price for a single-family home in the region has increased by 8% to $400,000 compared to the same period last year. The number of homes sold declined by 20%, a result of the 15% decrease in new homes listed during the period – not a lack of demand.
In Chittenden County, one of the most populous areas in northwest Vermont, the first quarter of 2023 saw a slight decrease in closed sales for single-family homes, with a decline of around 7.5% compared to the same period last year. This is due to the shortage of available inventory, as the number of new listings… Read More
The first quarter of 2023 saw a decline of approximately 27% in closed sales for single-family homes in Franklin County, compared to the same period last year. Additionally, new listings for single-family homes in the county dropped by around 12% year-over-year, contributing to the limited inventory and increased competition among buyers… Read more
The first quarter of 2023 was challenging for the housing market in Addison County, Vermont. The county saw a significant drop in the number of new listings, with a decline of around 33% compared to the same period last year. This limited the options available to potential buyers and contributed to an overall decline… Read more
The Grand Isle real estate market saw a significant decline of approximately 56.5% in new listings for all types of homes in the first quarter of 2023, compared to the same period last year. This limited the inventory available for buyers and contributed to an overall decline in sales volume. Despite the limited inventory… Read more