Lamoille County Real Estate Report - Q3 2023
In the third quarter of 2023, Lamoille County's real estate market exhibited several significant trends. The overall landscape showed a decline in properties sold by 27.12% across all property types as compared to the same time last year. However, the average sold price and median sold price increased by 21.74% and 14.98%, respectively. New listings experienced a modest rise of 1.55%. The average and median list prices also surged by 19.29% and 22.11%, respectively. The duration properties spent on the market varied, with the average days increasing by 63.33% and the median days rising by 22.22%.
Morristown stood out with its real estate dynamics. New listings decreased slightly by 8%, settling at 23 properties. The number of properties sold saw a decline of 27%, amounting to 11. However, the median sold price in Morristown showed a positive trend, increasing by 4.96% to $402K. This suggests that while there might be fewer transactions, the value of properties in Morristown is appreciating, making it a potential hotspot for investors and homeowners looking for value appreciation.
Elmore had a 50% decrease in new listings, with only one property listed. Similarly, properties sold also decreased by 50% to just one. The median sold price for the single-family homes in Elmore increased by 25% to $620K, and properties took an average of 13 days to sell, which was a decrease of 58% from the previous year.
In Hyde Park, there was an 11% reduction in new listings, with a total of 8 properties. However, properties sold increased by 38% to 11. The median sold price more than doubled, marking a 125% increase to $427K. Properties in Hyde Park were sold faster, with the median days on the market decreasing by 59% to just 7 days.
Johnson witnessed a significant 225% increase in new listings, totaling 13. However, the number of properties sold decreased by 27% to 8. The median sold price slightly dipped by 2.18% to $293K. The time properties spent on the market before being sold increased considerably, with properties taking 118% longer, averaging 24 days.
Lastly, Cambridge maintained its pace with 15 new listings, showing no change from Q3 2022. The number of properties sold decreased by 40% to 12, but the median sold price jumped by 36% to $452K. The median days a property stayed on the market before being sold reduced by 45% to just 6 days.
In conclusion, Lamoille County's real estate market, while showing a decline in properties sold, indicates a potentially appreciating market in specific areas. The increase in sold prices across various towns suggests a robust and evolving market landscape. For those interested in more detailed data or insights into specific neighborhoods, it's recommended to consult with local real estate experts.
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