Northwest Vermont REALTOR® Association Releases January 2023 Market Statistics

January 2023
FOR IMMEDIATE RELEASE
Contact: Mike Berk, CEO

Northwest Vermont REALTOR® Association Releases January 2023 Market Statistics

The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.

Changes for January over last year at this time include:

• New Listings increased 9.1 percent for single-family homes but remained flat for townhouse-condo properties.
• Pending Sales decreased 7.8 percent for single family homes and 19.4 percent for townhouse-condo properties.
• Inventory increased 1.8 percent for single-family homes but decreased 3.4 percent for townhouse-condo properties.
• The Median Sales Price was up 6.3 percent to $420,000 for single-family homes and 31.3 percent to $362,000 for townhouse-condo properties.
• Days on Market decreased 10.5 percent for single-family homes but remained flat for townhouse-condo properties.
• Months Supply of Inventory increased 22.2 percent for detached homes but remained flat for townhouse-condo properties

As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.

Click the links for a complete Summary Report and the Town by Town Statistics. 

*The Northwest Vermont REALTOR® Association (NVRA) is the “Voice for Real Estate” in northwestern Vermont representing over 650 members involved in all aspects of the residential and commercial real estate industries. The monthly market statistics report is sponsored by NorthCountry Federal Credit Union.