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Q2 2024 Real Estate Market Report: Stowe, Lamoille County, and Waterbury, VT

In the second quarter of 2024, the real estate markets in Stowe, Lamoille County, and Waterbury, Vermont, exhibited diverse yet interconnected trends. Each area displayed unique patterns of activity, reflecting broader economic conditions and local market adjustments.

Stowe:

Single-Family Homes: The single-family home market in Stowe saw a decrease in properties sold by 17.65%, reflecting tempered market activity. Despite the decline in sales volume, the average sold price increased by 37.24% and the median sold price rose by 10.33%, showcasing that valuations on properties are remaining relatively stable, compared to last year. New listings in this segment increased significantly by 66.67%, pointing to a shift among sellers back to a more traditional ownership cycle. The average days on market decreased by 20%, highlighting quick closures for appropriately priced properties, while the median days on market increased by 83%, showing that homes priced over market value were taking longer to sell and often required price adjustments. The majority of these were properties listed over $2M.

Condos: The condo market in Stowe experienced significant dynamics. The volume of condo sales decreased by 53%, indicating a slower market for condos. New listings surged by 108%, suggesting more condo owners are attempting to capitalize on current market conditions. However, the average sold price and median sold price both decreased by 18% and 46%, respectively, highlighting downward pressure on prices, likely due to increased supply. Additionally, the median days on market for condos increased dramatically by 326%, indicating that condos are taking significantly longer to sell. This prolonged market time suggests that buyers are becoming more selective, and properties may need more competitive pricing or improvements to attract interest.

Key Statistics:

  • Single-Family Homes:
    • Properties Sold: -17.65%
    • Average Sold Price: +37.24%
    • Median Sold Price: +10.33%
    • New Listings: +66.67%
    • Average Days on Market: -20%
    • Median Days on Market: +83%
  • Condos:
    • Properties Sold: -53%
    • New Listings: +108%
    • Average Sold Price: -18%
    • Median Sold Price: -46%
    • Median Days on Market: +326%

Click here to see the Stowe stats!

Lamoille County:

The single-family home market in Lamoille County saw a decrease in properties sold by 5%, reflecting a tempered market activity. Despite the decline in sales volume, the average sold price increased by 29% and the median sold price rose by 7%, indicating that the properties being sold were of higher value. New listings in this segment increased significantly by 37%, pointing to an optimistic outlook among sellers who are likely adjusting to market demands. The average days on market increased by 52%. The median days on market increased by 142%, indicating that homes priced above market value required more time and often price adjustments to sell.

Key Statistics:

  • Single-Family Homes:
    • Properties Sold: -5%
    • Average Sold Price: +29%
    • Median Sold Price: +7%
    • New Listings: +37%
    • Average Days on Market: +52%
    • Median Days on Market: +142%

Click to see the Lamoille County stats!

Waterbury:

The single-family home market in Waterbury saw an increase in properties sold by 25%. Both the average and median sold prices rose significantly, by 39% and 52%, respectively. New listings in this segment decreased by 5%. The average days on market decreased by 65%, highlighting quicker closures for appropriately priced properties. The median days on market saw a notable decrease of 33%, indicating that Waterbury continues to have a lack of inventory, keeping the market in positive territory. 

Key Statistics:

  • Single-Family Homes:
    • Properties Sold: +25%
    • Average Sold Price: +39%
    • Median Sold Price: +52%
    • New Listings: -5%
    • Average Days on Market: -65%
    • Median Days on Market: -33%

Click to see the Waterbury stats!

Overall Market Insights:

The second quarter of 2024 in the Stowe area real estate market was characterized by fewer transactions but continued stability in property values for certain segments, reflecting a market adjusting to economic conditions and buyer preferences. The rapid sales pace for single-family homes indicates robust demand for well-priced properties, while the increase in days on market for some segments of single family and condos suggests a need for strategic pricing to attract buyers. Overall, the trends indicate a shift towards faster transactions for properly priced properties and a more competitive environment for sellers, with buyers focusing on value and quick closures.

Looking ahead to Q3, the combination of multiple tax increases and the rise in inventory is likely to exert downward pressure on the market. The potential for interest rate decreases could counter the tax pressures. Sellers may need to adjust their pricing strategies to attract buyers in a more competitive landscape. Consulting with local real estate experts will be crucial for both buyers and sellers to navigate these evolving market conditions and make informed decisions.

CHECK THE STATS

Current Market Report

Q2 2024 CBCRE Market Report

Current Market Report

Stowe VT 2024 Q1 Market Report

Current Market Report

Lamoille VT 2024 Q1 Market Report

Current Market Report

Waterbury VT 2024 Q1 Market Report

Current Market Report

Stowe VT 2023 Q4 Market Report

Current Market Report

Lamoille VT 2023 Q4 Market Report

Current Market Report

Waterbury VT 2023 Q4 Market Report

Current Market Report

Stowe VT 2023 Q3 Market Report

Current Market Report

Lamoille VT 2023 Q3 Market Report

Current Market Report

Waterbury VT 2023 Q3 Market Report

Current Market Report

Stowe VT 2023 Q2 Market Report

Current Market Report

Lamoille VT 2023 Q2 Market Report

Current Market Report

Waterbury VT 2023 Q2 Market Report

Current Market Report

Stowe VT 2023 Q1 Market Report

Buyer demand helped to keep overall values fairly even in Q1 2023 compared to a year ago, with properties trading on average within 97% of their final list price.

Current Market Report

Lamoille VT 2023 Q1 Market Report

As we expand into all of Lamoille County, an area comprising 9 towns, in addition to Stowe, we see similar trends in reduction of sales volume and new inventory.

Current Market Report

Waterbury VT 2023 Q1 Market Report

Waterbury saw a burst of activity in Q1 2023 compared to Q1 2022, with 9 homes trading compared to 4 last year.

Current Market Report

WATERBURY VT Q4 2022 Real Estate Market Report

Waterbury saw a decrease in terms of the number of sales, by 23% compared to a year ago.

Current Market Report

LAMOILLE VT 2022 Q4 Real Estate Market Report

In Lamoille County, an area comprising 9 towns, in addition to Stowe, there was a decrease in overall sales by 22%, which was reflected in the market as a whole.

Current Market Report

Stowe VT Q4 2022 Real Estate Market Report

Stowe saw a decrease in overall sales volume compared to Q4 2021, with a 29% decrease in Q4 2022.

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