Over the past year, many real estate investors paused as higher mortgage interest rates adversely affected the purchase opportunities in the market. These properties are a desirable property class in large part due to low vacancy rates, rising rents, steady appreciation and tax benefits therefore, owners seemed to be holding on to their properties longer than normal. We are starting to see a slight shift in this part of the market now with a significant increase in newly listed properties. The effect of more inventory available should be evident through the remainder of 2024.
| Single-Family January-June 2024 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $525,000 +3.5% | $572,285 +1.4% | 48 -4.0% | 107 +40.8% | 58 +20.8% |
| MULTI-FAMILY | MEDIAN SALE PRICE | VS 2023 | UNITS SOLD | VS 2023 | NEWLY LISTED | VS 2023 | DAYS ON MARKET | VS 2023 |
|---|---|---|---|---|---|---|---|---|
| Chittenden County | $576,000 | 0.20% | $33 | -5.7% | 79 | 51.90% | 44 | 25.7% |
| Addison County | $445,000 | 55.60% | $4 | -42.9% | 8 | 0.00% | 60 | -46.9% |
| Franklin County | $327,000 | 13.70% | 11 | 37.5% | 18 | 20.00% | 100 | 112.8% |
| Lamoille County | $255,000 | -29.70% | $5 | 25.0% | 8 | 0.00% | 58 | -32.6% |
| Washington County | $278,500 | -2.30% | $20 | -31.0% | 39 | 14.70% | 70 | 37.3% |
