Q4 2024 Real Estate Market Report: Stowe, Lamoille County, and Waterbury, VT
The fourth quarter of 2024 revealed varied trends across the real estate markets in Stowe, Lamoille County, and Waterbury, Vermont. Each area exhibited unique dynamics influenced by shifts in inventory, pricing, and buyer activity.
Stowe:
The real estate market in Stowe showed a mix of trends in Q4 2024. The single-family home segment experienced a modest 4% increase in properties sold, as compared to Q3 2023, but both the average and median sold prices declined by 5.51% and 10.73%, respectively. New listings decreased by 44%, suggesting a tightening inventory. Days on market surged, with average days on market increasing by 67.44% and median days on market by 150%, reflecting slower movement and a need for repositioning of properties that have been lagging on the market.
In the condo market, sales surged by 83.33%, driven by a sharp 30.30% increase in new listings. However, pricing faced slight pressure, with the average and median sold prices decreasing by 8.34% and 7.30%, respectively. This is likely due to the consolidation of the timeshares and selling off of units at Mountainside. Days on market declined, with average days dropping by 20%, indicating quicker sales for competitively priced condos.
In both housing categories, we observed that properties priced appropriately were selling well. Sellers who set high sale prices had to make adjustments to sell their properties. However, when priced correctly for the market, properties were selling for about 97% of the list price. Sales increased compared to 2023, leading to a decrease in inventory. This resulted in the months of supply falling below 5 months in Q4, marking the first time this occurred in 2024. As a result, we will begin the year with lower inventory levels.
Key Statistics:
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Single-Family Homes:
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Properties Sold: 26 units, +4%
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Average Sold Price: $1,408,589, -5.51%
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Median Sold Price: $1,035,918, -10.73%
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New Listings: 11 units, -44%
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Average Days on Market: 70 days, +67.44%
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Median Days on Market: 21 days, +150%
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Condos:
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Properties Sold: 44 units, +83.33%
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Average Sold Price: $773,613, -8.34%
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Median Sold Price: $540,000, -7.30%
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New Listings: 41 units, +30.30%
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Average Days on Market: 30 days, +22.22%
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Median Days on Market: 6 days, -20%
Lamoille County:
The single-family home market in Lamoille County saw an increase in properties sold, reflecting strong buyer interest. Despite the rise in activity, prices saw adjustments, with the average sold price declining by 5.5% and the median sold price falling by 8.2%. New listings increased by 12%, indicating improved inventory levels compared to earlier quarters. However, properties took longer to sell, with average days on market increasing by 14.3%, suggesting buyers are taking more time to make purchasing decisions, particularly for higher-priced homes. The continued high level of mortgage rates has also contributed to properties taking longer to transact.
Much like the Stowe market Lamoille also saw properties trade within 97% of their listing price. This means that the while the average and medium prices have decreased homes are still holding their value. Additionally, the months supply going into 2025 will be the lowest we’ve seen in two years.
Notable Trends in Specific Areas:
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Morristown: Properties sold rose by 93%, with a 4.63% increase in the median sold price.
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Johnson: Properties sold increased by 267%, and the median sold price climbed by 28%.
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Hyde Park: A 133% increase in sales was observed, though the median sold price fell by 5%.
Key Statistics:
Waterbury:
The Waterbury market displayed strong activity in Q4 2024, with a 53% increase in properties sold. Both average and median sold prices rose by 15%, reflecting continued demand for higher-value properties. New listings surged by 86.67%, offering buyers more choices. Days on market trends were mixed, with average days on market increasing by 100%, while median days on market fell by 40%, highlighting quicker movement for competitively priced listings.
Due to lack of inventory and more moderately priced homes in Q4 single-family homes in Waterbury traded at 101% of the listing price. The months supply in Waterbury dropped drastically from 5+ months in Q3 to under 1 month in Q4 of 2024. As always Waterbury continues to see low inventory and high demand.
Key Statistics:
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Single-Family Homes:
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Properties Sold: 18 units, +38%
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Average Sold Price: $912,111, +39%
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Median Sold Price: $617,500, +18%
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New Listings: 4 units, +17%
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Average Days on Market: 26 days, -46%
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Median Days on Market: 13 days, +116%
Overall Market Insights:
The Q4 2024 real estate markets in Stowe, Lamoille County, and Waterbury showed resilience despite broader market challenges. While Stowe faced price declines and slower movement in the single-family segment, its condo market demonstrated strong activity. Lamoille County experienced significant increases in sales volume, but pricing pressures persisted across the region. Waterbury stood out with robust demand and rising prices, supported by increased inventory.
As 2025 approaches, the combination of evolving buyer preferences, potentially rising inventory in some areas, and slower movement for high-value properties suggests a market recalibration. Sellers should focus on strategic pricing, while buyers may find opportunities in areas where inventory is expanding. Consulting local real estate experts will be crucial for navigating these nuanced market conditions.
