Northwest Vermont REALTOR® Association Releases March 2022 Market Statistics

March 2022
FOR IMMEDIATE RELEASE
Contact: Mike Berk, CEO

Northwest Vermont REALTOR® Association Releases March 2022 Market Statistics

Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of last measure, according to the National Association of REALTORS®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.

Changes for March over last year at this time include:

• New Listings decreased 12.7 percent for single-family homes and 12.5 percent for townhouse-condo properties.
• Pending Sales decreased 7.7 percent for single-family homes and 21.9 percent for townhouse-condo properties.
• Inventory decreased 38.2 percent for single-family homes and 33.3 percent for townhouse-condo properties.
• The Median Sales Price was up 20.7 percent to $420,000 for single-family homes and 21.0 percent to $337,500 for townhouse-condo properties.
• Days on Market decreased 26.3 percent for single-family homes but increased 14.8 percent for townhouse-condo properties.
• Months Supply of Inventory decreased 38.5 percent for single-family homes and 25.0 percent for townhouse-condo properties.

Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.

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.