The Ultimate 2024 Market Recap: Chittenden County Real Estate Explained

Chittenden County Real Estate Market

Today, we're discussing the 2024 year-end recap for single-family homes and condo townhomes in Chittenden County, Vermont.

This year brought its share of highs and lows, with many still waiting for interest rates to drop. While the anticipated reduction is still predicted, let’s dive into the details of how we ended the year. We’ll cover key metrics, including median sales prices, list-to-sale price ratios, and days on market, to understand the current market trends.

Market Performance Metrics

Median home sales prices continue to rise, with single-family homes at $415,000 and condos at $365,000. Market growth reflects strong demand.

Median Sales Price Trends

For single-family homes, the year 2024 closed with a 7% increase in median sales prices. Meanwhile, condo townhomes saw a 3% increase.

While this appreciation is not as dramatic as what we witnessed during 2020 and 2021, it remains a decent level of growth. The market has shifted to a more stable pace, as shown by the year-over-year trends.

The list-to-sale price ratio has dipped slightly but remains strong, with condos at 99% and single-family homes at 98.8%.

List-to-Sale Price Ratio

The list-to-sale price ratio measures how closely homes sell to their asking price.

In 2024, single-family homes achieved just under 99% of their asking prices, while condo townhomes hit exactly 99%. While sellers are still receiving nearly full asking prices, this is slightly lower than the ratios seen in previous years.

Homes are selling quickly—single-family homes in 14 days and condos in 11 days. Market activity remains brisk despite increases from last year.

Days on Market

Days on market, which indicates how long a property takes to go pending, trended upward in 2024.

• Single-family homes: Averaged 14 days, marking a 35% increase from last year.

• Condo townhomes: Averaged 11 days, reflecting a more significant 50% increase from 2023.

This upward trend means homes are sitting on the market longer. Factors like changing buyer preferences and property conditions play a role in this shift.

Insights and Projections for 2025

As we move into 2025, market trends indicate high buyer interest and low inventory, making it a great time to list your property

Early Signs of Seller Activity

The 2025 real estate market is already stirring. Several sellers have initiated conversations and consultations about listing their homes. Early signs suggest that the market will remain active as we move into the new year.

What Makes a Home Competitive in 2025

Certain listings continue to sell quickly—these are properties that are well-marketed, priced correctly, in great condition, and meet buyers’ needs. Homes fitting this description are already being scooped up.

For sellers with desirable properties, it’s a great time to enter the market. For buyers, strategizing with a real estate professional is essential to secure these competitive listings.

Advice for Buyers and Sellers

Buyers: If you're looking for your dream home, it's crucial to act strategically and efficiently in 2025. The right approach can make all the difference in a competitive market.

Sellers: If your home aligns with what buyers are seeking, now is the time to take action. Consulting a real estate professional can connect you with ready buyers.

Next Steps

2024 was a year of steady appreciation and shifting trends in the Chittenden County real estate market. While homes are sitting on the market slightly longer, the demand for well-prepared and strategically priced listings remains strong.

Questions about the real estate market? Contact Julie Danaher at Julie@ridgelinerealestate.com or call (802) 310-5823.

If you have questions about your specific area, price range, or anything else related to real estate, don’t hesitate to reach out. Let’s make 2025 a successful year for your real estate journey!