Annual Market Update for 2021
Highlights from NVRA Annual Market Report 2021
The housing market of 2021 was monumental. With the limited inventory, homes sold quickly and often for much more than asking price, raising sales prices to new levels. The Single Family inventory decreased by 46.2% and condos by 54.2%. Median sales prices of single family homes increased by 14.3% to $400,000 and condos increased by 29.9% to $315,000.
Mortgage rates remained low through 2021 and although there has been a slight increase this year, they still are very desirable at this time. The speculation is that the Federal Reserve will be planning rate hikes throughout the year, so now is the time to make that move before they rise further.
With the continuation of limited inventory and the strong buyer demand, some of the housing trends of 2021 will most likely continue into 2022. Due to the possibility of rate hikes, price growth could slow a bit but affordability to some purchasers may still remain a challenge.
For more details view the NVRA Market Report Here ; https://www.nwvtrealtor.org/wp-content/uploads/2022/01/NVBR_MMI_2021-12.pdf
Town by Town Market Update - 2020 to 2021 Comparison
Burlington – In looking at Single Family homes and Condos together the amount of new listings and closing units remained similar. There was a significant change in median prices with single family homes increasing from $379,900 in 2020 to $451,000 in 2021, an 18.7% increase. Condos did not see as large of an increase, starting $289,999 in 2020 to $301,000 in 2021, a 3.8% increase.
South Burlington – In looking at Single Family homes and Condos together the amount of new listings and closing units remained similar. There was a change in median prices with single family homes increasing from $478,750 in 2020 to $517,857 in 2021, a 8.2% increase. Condos saw a larger increase, starting $245,000 in 2020 to $282,000 in 2021, a 15.1% increase