Northwestern Vermont REALTOR® Association Releases December 2021 Market Statistics

December 2021
FOR IMMEDIATE RELEASE
Contact: Mike Berk, CEO

Northwestern Vermont REALTOR® Association Releases December 2021 Market Statistics

The Northwestern Vermont REALTOR® (NVRA) released its market statistics for December 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

The 2021 housing market was one for the history books. After three consecutive months of increases recently, existing home sales are on pace to hit their highest level in 15 years, with an estimated 6 million homes sold in 2021 according to the National Association of REALTORS®. Sales prices reached new heights, inventory hit rock bottom, and homes sold in record time, often for well above asking price. Mortgage rates, which began the year at historic lows, remain attractive, and homeowners who choose to sell in the coming months can expect to see plenty of buyer activity due to pent-up demand during the pandemic.

Changes for December over last year at this time include:

• New Listings decreased 2.2 percent for single-family homes and 10.5 percent for townhouse-condo properties.

• Pending Sales remained flat for single-family homes and increased 9.8 percent for townhouse-condo properties.

• Inventory decreased 46.2 percent for single-family homes and 54.2 percent for townhouse-condo properties.

• The Median Sales Price was up 14.3 percent to $400,000 for single-family homes and 29.9 percent to $315,000 for townhouse-condo properties.

• Days on Market remained flat for single-family homes and increased 2.8 percent for townhouse-condo properties.

• Months Supply of Inventory decreased 47.1 percent for single-family homes and 55.6 percent for townhouse-condo properties.

Looking ahead, experts anticipate many of the housing market trends of 2021 will continue in 2022, albeit at a more moderate level. Strong buyer demand and inventory shortages are likely to persist over the next year. Home sales are projected to remain strong but will be tempered by the limited supply of homes, higher sales prices, and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year. Price growth is expected to slow somewhat as a result, but affordability will likely remain a top constraint for some homebuyers.

For more details on the market statistics go to NVRA market reports.

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The Northwestern 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.