Comparing May of 2025 to 2024 and Finding the Market Flat
I can say that if we look at May 2025 data as it compares to 2024, we are seeing a flatter market than we have in the past. I look at single family homes and condos together in Chittenden and Franklin counties and evaluate the number of homes that sold year-over-year, the median sales price, the list-to-sell percentage, and the median number of days on market until a seller accepted an offer. We are not seeing big differences year-over-year.
The data is quite different from months past. If this trend continues, we can call it a shift in the market, not to become a buyer’s market, but a flatter market without the appreciation increases we have seen in the past.
Looking at Chittenden County, 147 homes sold in 2025 compared to 141 in 2024. The median sales price in 2025 was $530,000 and the median in 2024 was $523,550. A negligible difference. The list to sell ratio was still over 100% in both years, 100.34% in 2025 and 101.46% in 2024. While this looks like sellers on average received 1% over the list price in 2024 compared to 2025, we need to keep in mind that sellers may have lowered their asking price on their homes and then received multiple offers driving their price over asking. Nevertheless, this could also be an indication of a shift in the market.
In both years, the median number of days on market until a seller accepted an offer was six. My first thought was that inventory was low both years, and in some ways it was. In 2025, 1,604 homes sold for an average of 134/month. In 2024, 1,493 sold for an average of 124/month. Of importance is this: There are currently 301 homes for sale in Chittenden County. If I divide the average of 134 homes sold in the past 12 months into the current number of homes for sale, you get what is called the “absorption rate” or how long it would take to sell all homes currently on the market if no new homes came on. That number is 2.5 months. That may not seem like a long time, and in fact, under six months indicates a seller’s market. However, there have been times in the recent past that the absorption rate was only two weeks.
In Franklin County, the numbers are smaller, but we can still comment on what they might mean: In both 2025 and 2024 the exact same number of homes sold, 44. You cannot get “flatter” than that even with only one month of reporting data. The median sales price in 2025 was $374,950 compared to $377,500. While this is not a big drop, it is indicative of a change in the market. Sellers received 100.01% of their asking price in 2025 compared to 101.15% in 2025 for a difference of over 1%, the same as in Chittenden County.
The median days on market in Franklin County was seven in both years. The absorption rate in Franklin County is three months, still a seller’s market.
One month of data has significance but we can’t make sweeping statements of what is to come. Yes, the market appears to be flattening or shifting toward no appreciation in pricing year-over-year. And the absorption rate in both counties is leaning toward two to three months. But the median number of days on market is still very low. When I look at the first six months of 2025 compared to 2024, a more accurate trend will surface.
