Year in Review

After a rather tumultuous year, we head into 2023 with cautious anticipation. Anyone hoping to buy or sell a home in the new year likely has a lot of apprehension over what awaits in 2023. By and large, last year brought many abrupt changes to the real estate market - mortgage rates rose at a fast clip, bidding wars cooled, home inspections and seller concessions reappeared, and an overall market correction came into view.

How can we predict what awaits in the new year? As always, we must pay attention to the rate hikes from the Fed to anticipate what happens next. As we enter the new year, we can expect the market to find some solid footing once rate increases calm down. Anyone who feels a bit shell shocked after two years of unprecedented changes in the market should rest assured that no new changes are currently in view. Instead, we see the market continuing to stabilize and shift back into a normal condition. As far as the world of real estate is concerned, the country is about to return to ‘business as usual’ for the first time in nearly three years.

If you’re waiting to enter the real estate market, there are some promising signs that 2023 could be the year for you. For anyone who was scared off by the intense bidding wars that were a staple of the pandemic era, thankfully we are leaving those in our rearview. It will be a good year for buyers and those stretched thin - there will be less competition for homes in the upcoming year, which will in turn bring down listing prices to more realistic rates.

What awaits sellers in the new year? While we are undergoing a market correction, this is still a seller’s market. That means homeowners still hold most of the cards, however with the quantity of buyers still sitting on the sidelines, we may see sellers start to strategically sweeten the pot by offering concessions or buyer perks this year. There is still immense opportunity for sellers in this current market, however strategy and proper negotiations will be your keys to success. Considering selling this year? Learn more about the selling process.

Chittenden County:

Single-Family Home Statistics sourced from NEREN.com

Year in Review (Chittenden County)

Total # Sales: 1,132 | Highest Sale: $10.25m | Lowest Sale: $27K | Median Sale: $508,750

In Burlington, there were 4 new single family homes brought to market last month, while 11 sold. Despite the holiday season, the median days on market was a swift 9 days. The median sales price was $337K.

Lamoille County:

Year in Review (Lamoille County):

Total # Sales: 297 | Highest Sale: $5.75m | Lowest Sale: $40.5K | Median Sale: $440K

In Stowe, there were 5 single-family homes available with 6 sold in December. Last month saw a median market time of 37 days and a sales price of $1.782M. For the entirety of 2022, there were 76 homes sold in Stowe. The highest sale was $5.75M, the lowest was $395K, and median sales price was $1,004,500.

Washington County:

Year in Review (Washington County):

Total # Sales: 611 | Highest Sale: $2.45M | Lowest Sale: $38.5K | Median Sale: $319,587

The holiday season was in full effect in Washington County. In Montpelier and Waterbury, there were no single-family homes available last month, though Montpelier saw 5 homes sold. The median market time was 27 days in Montpelier. In Barre, the market was a bit more active with 4 homes available and 19 sold in December.