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As we look back on the year that was 2023, the Vermont real estate market has experienced some noteworthy shifts and trends. The annual market report provides us with valuable insights into the state of real estate in different Vermont markets, shedding light on key factors that influenced the market. In this blog, we'll delve into the findings of the report, giving you a glimpse of what you can expect to discover within its pages.
Median Sale Prices: One of the most eye-catching aspects of the report is the significant increase in median sale prices across various Vermont markets. From Barre City to Chittenden County, median sale prices have seen substantial growth. This increase ranged from 4.57% in the Harwood towns to nearly 20% in Montpelier.
What's even more striking is the long-term perspective. Since 2017, median sale prices have been on a steady upward trajectory, with annualized increases ranging from 10.01% in Barre Town to a remarkable 14.29% in Barre City. These numbers far exceed the historical average annual price increase of around 3%.
Market Analysis Pre, During, and Post-Covid: The report breaks down the market into three periods: pre-Covid (2017-2019), Covid (2020-2022), and post-Covid (2023). While the pre-Covid years saw prices following economists' predictions, the Covid years brought about unprecedented housing market volatility, with annualized increases exceeding 10% statewide. Interestingly, the trends in 2023 more closely resemble the Covid years than the pre-Covid period.
Number of Sales: While property prices have been surging, the number of sales has been on a downward slope. From the peak in 2021, the number of sales has consistently declined, with 2023 seeing the lowest sales figures since 2012. This drop in sales has been a consistent trend, indicating a challenge for both buyers and sellers in Vermont's real estate market.
Foreclosures: The report also touches upon foreclosures, although they represent a small portion of Vermont's real estate market. The number of foreclosure sales dropped drastically in 2021-2022 and remained low in 2023, with just 114 single-family foreclosure sales statewide. This is a stark contrast to the pre-pandemic years when foreclosure sales were more common.
Green Light Real Estate Success: The report highlights the success of Green Light Real Estate, a standout in the challenging market conditions of the past few years. While many experienced a decline in successful real estate transactions, Green Light Real Estate managed to increase its clients' success rates by a significant margin, showcasing their commitment to their clients' goals.
The 2023 Vermont Real Estate Market Report paints a picture of a dynamic and evolving market. Rising prices, declining sales, and the impact of external factors like Covid and interest rates make it clear that predicting market behavior is not a straightforward task. The report reminds us that the right time to buy or sell real estate is when it aligns with your personal circumstances and goals.
For those seeking a comprehensive understanding of Vermont's real estate landscape, the annual market report provides valuable insights. Whether you're a buyer, seller, or simply curious about the state of real estate, this report offers valuable data to inform your decisions. Contact Green Light Real Estate for thoughtful answers to your real estate questions and guidance in navigating this ever-changing market.