As the warmer weather gradually unfolds, so does the Vermont housing market, albeit with some unique dynamics. Traditionally, spring heralds an increase in real estate activity. While there is indeed a rise in new listings, it's more subdued compared to previous years. As we delve deeper into May, the spring homebuying season is yet to fully materialize, prompting speculation about its potential delay. The persistent challenge remains the scarcity of inventory, which has kept prices elevated, presenting significant affordability hurdles, especially for first-time buyers.

This season finds the housing market in an unconventional state. Despite some improvement in the number of homes available, inventory remains historically low. High mortgage rates have dissuaded many prospective buyers, while existing homeowners are reluctant to sell, further constricting the market. These dynamics pose both challenges and opportunities for buyers and sellers alike.

Statewide, the median sale price for single-family homes in Vermont rose to $395,000, marking an 8.2% increase from the same period last year. Although prices continue to rise, the pace of appreciation has tempered compared to previous years. April witnessed a 12% increase in new listings compared to the previous year, providing buyers with more options, while pending sales surged by 17%, signaling heightened buyer demand. The median days on market remain low, indicating sustained buyer interest, yet inventory remains tight, with Chittenden County reporting a mere 1.2 months of supply. Vermont continues to be a popular destination for relocation, suggesting that buyer demand is unlikely to ebb in the near term.

Advice for Buyers and Sellers…

Buyers: Securing pre-approval for a mortgage is crucial, along with maintaining financial readiness. Rather than waiting to 'time the market,' it's advisable to make decisions based on your individual needs and budget. To improve your chances of success, get pre-approved, discuss options with your lender, and work closely with your real estate agent to act quickly when a desirable property becomes available.

Sellers: Your pricing strategy is critical. Setting the right listing price from the outset as opposed to lowering it later is shown to attract more interest and conditions for success. Additionally, if you are looking to relocate, you may be considering whether to sell or buy first. Given high mortgage rates, selling first and temporarily renting before purchasing your next home can be a prudent strategy. This could also help position you competitively as your purchase would not be contingent on a sale.

Chittenden County:

Single-Family Home statistics sourced from NEREN.com

In Burlington, last month saw 18 new single-family homes brought to market and 10 homes sold. The median market time was a swift 9 days and the median sales price was $511K. Compared to this time last year, there were 50% more homes available. Inventory remains at a competitive 1.1 month supply, yet this is an increase of 104% compared to last year.

Across Chittenden County, there were 95 new listings and 58 sales for single-family homes in April. The median days on market was 6 days, while median sales price has experienced a slight 13.9% dip in this month’s sample size.

Lamoille County:

In Stowe, there were 4 new single-family homes brought to market, with 4 sold in April. This resort market is certainly still awaiting for its injection of spring inventory. Buyers are moving quickly with the median days on market being a swift 7 days. Compared to this time last year, there is a 33.3% decline in available homes while median sales price jumped 18.4% to $1,112,500.

Across Lamoille County, there were 18 new listings with 20 sales in April. Year over year, there were 10% fewer homes available yet the number of closed sales increased 53.8%. Inventory is still well within a seller’s market at 2.8 month supply, though we saw a 63.9% increase compared to March 2024.

Washington County:

In Barre, last month saw 16 new listings and 14 closings for single-family homes. April saw a swift 6 median days on market, with a median sales price of $368,750K. Year over year, available homes are down 24% and median price is up 30%.

In Montpelier, there were 4 homes brought to the market last month, with 2 sold. The median sales price was $447K with a swift 4 median days on market. Based on last month’s smaller sample size, there appears to be 60% fewer sales with median days on market 50% quicker in year over year comparisons.

In Waterbury, there were 5 single-family homes available, while only 3 sold in April. Median days on market was an unusual 36 days. In last month’s smaller sample size, median sales price of $675K was a 14.3% decrease compared to this time last year.

Across Washington County, there were a total of 42 new single-family homes listed and 31 homes sold. It appears spring inventory is finally improving in this area with inventory levels rising to a 2 month supply, a 39% increase compared to March 2024. With buyer demand still holding firm, the median days on market was a swift 6 days and median sales price experienced a 27.4% bump compared to this time last year.

Franklin County:

Across Franklin County, there were 54 new single-family homes brought to market. April saw 24 homes sold with 8 median days on market. Inventory levels have risen to 56.4% since this time last year to 3.1 month supply; while still competitive, this is a far more accessible market compared to most of Vermont. Year over year, new listings are up 20% while median sales price experienced a 22.1% boost.

Grand Isle County:

Across Grand Isle County, last month saw 16 new listings and 5 homes sold. The median market time was 11 days, and sales price was $662.5K. Based on this month’s sample, there were 60% more homes available while median sales price jumped 76.7%. Inventory levels have climbed considerably, with a 5 month supply reported for April. Compared to this time last year, this is a 75% increase in available homes.