June Market Update Comparing 2023 to 2024
I looked at single family homes and condominiums together and compared year-to-date, 2023 to 2024 in Chittenden and Franklin counties. I compared the number of homes listed, the number of homes sold, the median sales price and the number of days on market until a seller signed an offer.
In Chittenden County, there are currently 189 active single family homes and condos for sale. The average list price on June 6th 2024 was… wait for it… $891,891! The median list price was $633,750. These are extraordinary figures that point to the reason why so many first-time home buyers cannot find homes to buy. Heck, there are lots of people who cannot afford these prices!
The total number of homes listed in Chittenden County in 2023 was 657 compared to 739 in 2024. In 2023, 476 homes sold compared to 506 in 2024. The median sales price in 2023 was $451,000 compared to $486,000 in 2024, for an increase of 7.7%. The average sales price rose from $527,092 in 2023 to $561,542 in 2024 for an increase of 6.5%. Once again, we wonder how many buyers are left behind who desperately want to buy a home but can’t afford one. Median days on market were almost identical and have not changed significantly in past months, 6 days in 2023 and 7 days in 2024.
In Franklin County, there are currently 97 single family homes and condos listed for sale in the MLS. The average list price is $444,436 and the median price is $389,000. Franklin County is still affordable. In 2023, 230 homes were listed and 143 sold. In 2024, 263 were listed and 167 sold. This is a significant increase for 2024.
The average sales price increased from $344,057 in 2023 to $369,721 in 2024 for an increase of 7.4%. The median sales price increased from $327,000 to $341,500 for an increase of 4.4%. Of significance was the number of days on the market: 9 in 2023 and 16 in 2024. On the surface, that does not seem like many days, but it took nearly double the number of days in 2024 for a seller to sign a contract.
What does all of this mean? The average and median prices are continuing to increase. They are not increasing at the two-digit percentages we have seen in past years, but we are seeing healthy increases. On the other hand, in Chittenden County, the median and average list prices lead me to wonder how much higher the sales prices will increase in 2024. I am surprised at the increases we are seeing given the mortgage interest rates. Lenders are anticipating lowered interest rates by the end of the year which will cause more homes to come on the market and more people buying. Ordinarily when the supply increases, the price decreases. But the inventory is not going to rise so much that it will switch to a buyer’s market. We anticipate the current Seller’s market will continue for some time.
