Mary Tryhorne - Ridgeline Real Estate

Here is your year-end real estate market summary for Vermont

Courtesy of our local realtor- Mary Tryhorne

Sales prices of year round homes:

The median sales price of primary homes in Vermont rose 5% in early 2024 to $340,000, a 50% increase since 2019, according to VHFA data from property transfer tax records.

Vacation home sales:

In 2023, Vermont saw 2,226 vacation home sales with a median price of $392,250, making up 28% of all sales. Sales peaked in 2021 at 4,055, representing 33% of the market.

Total home sales:

Vermont had 7,950 home sales in 2023 (5,724 primary and 2,226 secondary), down 23% from 2019 and 41% from the 2021 peak. High interest rates and rising prices likely contributed to the decline. From 2019–2023, 40,000 homes, about 15% of the state's housing stock, were sold.

Days on market:

Vermont's median days-on-market dropped from 137 in 2016 to 62 in 2023, reflecting strong buyer demand despite fewer sales (due to low inventory). Homes sold as quickly in 2023 as during the market peaks of 2021–2022, suggesting demand remains high homeowners may be less likely to sell now because they do not wish to lose their pre-inflation mortgage rates when they move.

Conversions Between Primary and Secondary Use:

Each year, 1,800–2,400 Vermont homes shift between primary and secondary use. Since 2019, a net 1,044 homes have been converted from secondary use to primary use, averaging 200 per year. These conversions, captured only at the time of sale (homes may be converted to secondary homes after time of sale)

What Does This Mean for Vermonters Looking to Buy or Sell a Home?

The housing market offers buyers slightly more breathing room with increasing inventory and longer days on market, allowing for more negotiation and less competition. However, home prices remain high and are not expected to drop, while elevated interest rates continue to drive up monthly mortgage payments. If you plan to buy in 2025, start working with a realtor and lender early to assess your buying power and prepare for the competitive spring market.

For sellers, home values have risen significantly in recent years, providing opportunities for strong returns. However, many Boomers, previously the largest group of sellers, are hesitant to give up their low-interest-rate mortgages. Sellers downsizing or purchasing another home must carefully evaluate whether their net proceeds will cover the cost of a new property given current inflated prices and high interest rates.
All these factors make for a tricky market!

A few Franklin County stats:

The Median Sales price for 2024 was $340,000. This was up 4.6% from the previous year.
The Median Days on Market was 14. This was up 55.6% from the previous year.

Want to chat about the market or discuss your real estate goals?

Reach out- Mary Tryhorne 802-309-5593 ~ Mary@ridgelinerealestate.com.
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