In the second quarter of 2023, there was a noticeable decrease in sales and new listings of single-family homes in Lamoille County, Vermont compared to the same period in 2022. It is likely that the lack of new listings caused the decrease in sales. Despite the decrease in transactions, there were some encouraging developments in average and median sales prices.
The land market in Lamoille County, outside of Stowe, saw reduced sales activity in Q2 2023, accompanied by an increase in the average days on the market, indicating a slower pace in land transactions. The decline in both the average and median sales prices suggests adjustments in property values as demand and market conditions evolved during this period.
*Note: The average and median sales prices for single-family homes and land in Lamoille County shown above exclude Stowe.
The single-family home market in Lamoille County faced a downturn in sales likely due to limited inventory. However, the average sales price continued to rise, indicating that well-priced properties attracted active buyers. Despite the decrease in land sales, the market saw lower prices and a longer time on the market, indicating a slower-paced market for land properties.
Outlook for Q3 2023
According to market analysts, the Lamoille County real estate sector is anticipated to encounter some hurdles in the third quarter of 2023. One of the significant challenges that homebuyers may encounter is a shortage of inventory for single-family homes. This scarcity may lead to increased competition for well-priced properties, which can make it more challenging for buyers to secure the home they desire. Additionally, slower land sales may also contribute to the difficulties faced by the real estate market in Lamoille County during this period. These factors may require potential buyers to be more strategic and patient in their search for their dream home.
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