{"id":4720,"date":"2024-07-24T10:55:56","date_gmt":"2024-07-24T14:55:56","guid":{"rendered":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/?p=4720"},"modified":"2024-07-26T11:26:49","modified_gmt":"2024-07-26T15:26:49","slug":"mid-year-2024-market-report","status":"publish","type":"post","link":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/2024\/07\/mid-year-2024-market-report\/","title":{"rendered":"Mid-Year 2024 Market Report"},"content":{"rendered":"
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531 Kimball Dock Road, Ferrisburgh, VT<\/a> ~ This enchanting Vermont estate on the shores of Lake Champlain is sited on 5 acres of landscaped woodlands, rock gardens, lawns, stone paths & ledges just minutes from the renowned Basin Harbor Resort.<\/figcaption><\/figure>\n

After nearly five years of declining inventory, the number of single-family homes<\/a>, condos<\/a>, and multi-family homes<\/a> rose during the first half of 2024. The first six months of 2024 saw a healthy increase in newly listed properties. Most of the increase in new listings came from April \u2013 June. The additional inventory did not temper the increase in the median sale price of single-family homes, which rose nearly 10% during the period. The impact of higher inventory will result in increased sales as the year progresses. However, 2024 (like 2023) will likely be one of the lowest sales years in history as the market continues to rebalance post-pandemic.<\/strong><\/p>\n\n\n\n\n\t\n\n\t\n\t
Single-Family January-June 2024<\/th><\/th><\/th>\n<\/tr>\n<\/thead>\n
Median Sale Price:<\/td>Average Sale Price:<\/td>Units Sold:<\/td>Newly Listed:<\/td>Days on Market:<\/td>\n<\/tr>\n
$459,776 \t+6.9%<\/td>$569,738\t+10.6%<\/td>728\t-2.4%<\/td>1150\t+7.7%<\/td>39\t+18.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\t\n\n\t\n\t
Condos January-June 2024<\/th><\/th><\/th>\n<\/tr>\n<\/thead>\n
Median Sale Price:<\/td>Average Sale Price:<\/td>Units Sold:<\/td>Newly Listed:<\/td>Days on Market:<\/td>\n<\/tr>\n
$350,000 \t-1.4%<\/td> $403,755 \t-1.8%<\/td>286\t+11.3%<\/td>427\t+26.0%<\/td>23\t+43.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\t\n\n\t\n\t
MULTI-FAMILY January-JUNE 2024<\/th><\/th><\/th>\n<\/tr>\n<\/thead>\n
Median Sale Price:<\/td>Average Sale Price:<\/td>Units Sold:<\/td>Newly Listed:<\/td>Days on Market:<\/td>\n<\/tr>\n
$525,000 \t+3.5%<\/td> $572,285 \t+1.4%<\/td>48\t-4.0%<\/td>107\t+40.8%<\/td>58\t+20.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\t\n\n\t\n\t
Land January-June 2024<\/th><\/th><\/th>\n<\/tr>\n<\/thead>\n
Median Sale Price:<\/td>Average Sale Price:<\/td>Units Sold:<\/td>Newly Listed:<\/td>Days on Market:<\/td>\n<\/tr>\n
$150,000 \t+3.8%<\/td> $204,693 \t+0.2%<\/td>79\t-14.1%<\/td>153\t-5.6%<\/td>134\t+3.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

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Properties that were listed and went pending in May and June are scheduled to close in July and August. The additional inventory provides more options for buyers<\/a>, slows the pace of the market, and eases the upward pressure on home prices. Home buyers who have stayed in the market have benefitted. The shift in inventory has enabled buyers to include inspection contingencies and request seller<\/a> concessions, including help with closing costs and repairs.<\/p>\n

\"\"It is unclear if there will be a Fed rate cut in 2024 \u2013 which many experts were hoping for. If mortgage rates<\/a> finally decline, more buyers may move off the sideline \u2013 resulting in a surge in demand that will absorb the gain in inventory. We continue to see many homeowners \u201clocked\u201d into historically low mortgage rates, and they are challenged to move in exchange for a higher rate and possibly a higher-priced home. Mortgage rates fell just under 7% in June. Various experts predict the rates to end the year between 6.5% and 7.0%.<\/p>\n

Despite the continuing upward trend in home prices, there is unlikely to be a \u201chousing crash\u201d in 2024. Over the past few decades, new home construction<\/a> in Vermont has not provided enough new housing to fill the need. \u201cEntry-level\u201d homes are particularly scarce; the low level of inventory, coupled with the financial stability (equity in their homes) of most homeowners, is much different than during the Great Recession.<\/p>\n

Millennials will continue entering the home-buying market<\/a>, maintaining demand this year. Current demographics support continued strong demand through the next several years. Nationally and locally, there needs to be more homes to meet demand. In Vermont, 5,000-6,000 new homes are needed to improve supply over the next five-plus years. Land use regulations and a limited labor force are two challenges in achieving that goal.<\/p>\n

Nationally, the median price for existing homes in May rose 5.8% from a year ago to a new record high of $419,300. \u201cHome prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers,\u201d said Lawrence Yun, chief economist at NAR.\u00a0We continue to advocate for more new construction at all price points in Vermont.<\/p>\n

<\/a>Remainder of 2024<\/h2>\n

For Buyers:<\/h3>\n