LAMOILLE VT 2024 Q1 Market Report

In the first quarter of 2024, Lamoille County's real estate market underwent significant changes, reflective of both broader economic trends and local dynamics. The period saw a general downturn in activity, characterized by decreases in properties sold, average sold prices, and new listings across all property types. This adjustment phase presents a nuanced picture of the market, with variances across different segments and localities within the county. It is not atypical for markets outside of Stowe during the winter months as these areas tend to be more primary homeowners.

Across Lamoille County, properties sold decreased by 11.43%, accompanied by a 22.71% decline in the average sold price for all property types. The median sold price saw a modest decrease of 1.86%, suggesting a less dramatic shift in the midpoint of sale prices compared to average values. New listings also decreased by 15.56%, which is pretty indicative of a winter market in our area. Despite these decreases, the market remains stable, which is demonstrated by the unchanged median list price and only a 2.59% difference in the list-to-sold median price in Q1 of 2024.

Significant shifts were observed within specific areas and property types:

• Morristown revealed a 10% increase in properties sold with a notable 75% increase in the median sold price, highlighting an area of relative strength within the county.
• Johnson witnessed a 100% increase in new listings for single-family homes, paired with a stable sales volume and a slight 0.77% uptick in median sold prices, suggesting a market with growing inventory but consistent demand. This increase in inventory may be related to the flooding in 2023.
• Hyde Park remained steady in sales volume for single-family homes, with a 12% increase in median sold prices and a slight acceleration in market pace, indicating sustained demand and value appreciation.
• Cambridge experienced a 75% decrease in properties sold, with single-family homes and condos showing varied performance. Notably, single-family homes in Cambridge saw a 32% increase in median sold prices.
• Eden presented a contrasting picture, with a 150% increase in properties sold and a 35% increase in median sold prices for single-family homes.

The first quarter of 2024 in Lamoille County illustrated a market in transition, facing downward pressures on sales and prices but with pockets of resilience and growth. This period of adjustment may offer opportunities for buyers, particularly in areas where prices have softened. Sellers, meanwhile, may need to recalibrate their expectations and strategies to align with the current market conditions. As always, individual segments and localities within the county exhibit their unique trends, underscoring the importance of localized insights in navigating the market.

These shifts underscore the importance of strategic planning and market analysis for those considering entering or operating within the Lamoille County real estate market. Potential buyers and sellers are advised to consult with real estate professionals to navigate the complexities of the current market landscape effectively.

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