Like all markets, real estate moves in cycles and trends. While most housing markets tend to trend upward with only occasional seasonal dips, other markets can be much more volatile, and some simply trend downwards.
Learning about the current market climate in your target area is one of the most (if not the most) important preparatory steps you can take before buying, selling, or investing in a property. The balance between supply and demand will greatly determine the price you can expect to buy or sell at, and knowing the growth outlook will help you evaluate whether you can expect the home value to appreciate or depreciate over time.
If you're looking into buying or selling a property in Vermont, read on to get the inside scoop on Vermont real estate trends in 2019.
2019 Real Estate Market Forecast for Vermont
While the verdant Green Mountain State may be known for its frigid temperatures and frequent snowstorms, Vermont's real estate market is anything but cold. The market is red hot, and sellers are dominating, meaning buyers looking to get into this highly desirable market will be faced with lots of competition.
The median home value in the state is currently $202,300, but the median listing price is $275,000. This indicates that sellers are aware they are in control of the market and are artificially raising their home prices in order to take advantage of the high demand in the region.
Killington, located in Rutland County, is one town that has seen explosive growth: the median sales price increased 27% in the last 24 months. Meanwhile, Rutland County in general has been seeing impressive growth due its highly affordable costs of living: a couple with one half working full time and the other working part time only need to make $16.80 an hour on average to be able to afford a home there.
When Is the Best Time to Sell a House in Vermont in 2019?
If you're planning to sell your Vermont house in 2019, you're in luck: the market is heavily skewed in your favor. High demand and low supply means that you'll likely have a fairly easy time getting a great price for your home.
That said, part of getting the ideal sale will come down to timing the market well. Just like the leaves change with the seasons, so do sales prices. In general, the best time to sell a house in Vermont is between late spring and summer. In 2018, houses listed in July and August only stayed on the market 91 and 87 days, while homes sold in March stayed on the market for 191 days on average.
The reason for this is twofold: it's more pleasant to go house hunting in warmer weather, and families like to move into their home in the summer months in order to avoid taking their kids out of school early to move. A summer sale means that children can finish up the school year, move in the summer, and be ready to go back to school by September.
When Is the Best Time to Buy a House in Vermont in 2019?
As a general rule, market prices are higher in the spring, and lower in the winter. This holds true in Vermont as well: if you want to get the best price on a house, look to buy in winter.
Why is winter such a prime time to buy? It really comes down to weather: when buying a home, you'll need to go to open houses, walk or drive around neighborhoods, and generally spend a good amount of time outside. Few buyers want to do all that in the cold Vermont winter, so they wait until spring to make their search more pleasant.
This means that there's less competition among buyers in the winter months, so sellers are more likely to lower their prices due to decreased demand. Considering that sellers are also usually aware that they'll fetch a better price for their home if they sell in spring, the fact that they're deciding to sell in winter anyway may indicate that they're more desperate to sell for personal or financial reasons and will be more willing to work with you on a price.
So, if you're capable of braving the elements in search of a great deal, winter is the time to buy. However, if that sounds unappealing, spring home shopping isn't too shabby either. While prices are higher, there's often more inventory to choose from, so you may have a better chance at finding something that you really love, good deal or not.
Real estate markets are complex, ever-changing beasts. If you're thinking of either buying or selling in Vermont (or both), the first thing you need to do is get in touch with an experienced real estate agent who can help you navigate these murky waters.
The support and guidance a qualified real estate agent can give you during the home buying/selling process can be truly invaluable, be it advice on how to time the market, what areas to house hunt in, or simply answering any of the many other questions you're bound to have during the process. What's more: as a buyer working with a Clever Partner Agent, you'll be eligible for a $1,000 home buyer rebate to cover closing costs.
If you want to buy or sell your home, Clever can help. Just fill out our simple form and we'll be in touch to answer any questions you may have about buying or selling your home. We'll also connect you with one of our local Partner Agents who will be happy to speak with you and setup a no-obligation consultation.