July Market Update Comparing 2023 to 2024
I looked at year-to-date statistics in both Chittenden and Franklin counties, single family and condominiums together. I considered January through June and compared 2023 to 2024.
The important statistics I looked at were how many homes were listed and how many sold; what the median sales price was; and what were the median days on market, comparing year-over-year.
In Chittenden County, 851 condos and single-family homes were listed in 2023 compared to 992 in 2024 for an increase of 16.5%. 642 sold in 2023 compared to 659 in 2024 which represents an increase of only 2.6%. The median sales price in 2023 was $480,000 and the median price in 2024 was $500,000 for an increase of 4% year-over-year. The median number of days it took for sellers to accept an offer were nearly identical, 6 days in 2023 and 7 days in 2024.
In Franklin County, 307 properties were listed in 2023 compared to 344 in 2024 for an increase of 12%. 195 sold in 2023 compared to 224 in 2024 for an increase of nearly 15%. These are quite different statistics than what we saw in Chittenden County where the percentage increase in listed properties was high in 2024 but the number of sales sold was low as a percentage of the total.
The median sales price in Franklin County in 2023 was $340,000 compared to $350,000 in 2024 for an increase of 3%, like what we saw in Chittenden County. Interestingly, the number of days it took for sellers to accept an offer was 7 in 2023 and doubled to 14 in 2024.
In Chittenden County, while the market still strongly favors sellers because of low inventory, it would appear with the increase in number of homes for sale and the small percentage increase in the number of homes sold, that there is a bit of a slowdown. I would attribute this to interest rates, which have fluctuated slightly but remain high compared to years past. I think many buyers are waiting for the rates to go down before purchasing. Interestingly though, home prices continue to increase. If buyers wait for the rates to go down, houses will be more expensive. We feel buyers should buy now and refinance when the rates go down. We are seeing a similar situation in Franklin County and advise the same strategy of buy now, refinance later.
