Sales Statistics for January, 2024 Compared to 2023

This month I am looking at single family homes and condominiums together, comparing the number of homes listed, number of homes sold, median sales price, percentage over the asking price that sellers received, and median days on market before sellers accepted a contract. I am looking only at Chittenden County this month. I am gathering these statistics from the Multiple Listing Service (MLS) and am comparing January of 2024 to January of 2023. 

I found two big surprises: the number of homes listed and the number of homes sold. There were 107 homes listed in January of 2024, while there were only 74 listed in January of 2023. This is a 44.6% increase in inventory in 2024!

Here is something interesting: on February 1, 2024, there were 122 homes on the market compared to February of 2023 which had a total of 101 homes listed. The increase this year is good news for buyers even though it’s still a seller’s market. When inventory increases, sellers who have been holding off listing tend to put their homes on the market, hoping there might be a home to purchase, either to upsize or downsize. 

Last year 88 homes sold compared to 103 this year, for a 17% increase. This is also good news. 

The median sales price in January 2023 was $437,500 compared to $460,000 in January 2024 for an increase of approximately 5%. Sellers received 100.78% of their asking price in 2023 compared to 110.65% in 2024 – not a big difference. The median number of days on market was 7 in 2023 and 10 in 2024. Also, not a big change.

My prediction is that buyers will still struggle to find properties due to low inventory, as the increases in inventory are not drastic. However, if we continue to see interest rates drop, even if just a little, we think inventory will continue to rise, allowing buyers to have some choices. A word of caution, though – an agent told me a recent listing under $400,000 had 74 showings and 18 offers!