Burlington November Housing Market Update

Market Update: Burlington Real Estate Insights 🏡

Over the past three months, sales have picked up, but they haven’t fully made up for earlier slowdowns. Here’s what’s happening:

•Sales Trends: Sales are nearly 1% lower than this time last year and remain 35% below long-term averages.
•Listings & Inventory: New listings are increasing, but we’re still not seeing as many as in previous years.
•Supply Levels: The months of supply (how long it would take to sell all homes if no new ones were listed) is under three months—lower than last year’s three-month average.

Prices:
◦ Detached home prices have been steady, with an average year-to-date increase of nearly 1%.
◦ Apartment-style homes have seen higher inventory, more supply, and slight price declines.

As we head in to the holiday season we have started to see a slow down and typically will continue as we head into December. In the meantime here is a quick look at our activity from October to November.

• Sales: Month-over-month, sales are down 15%, reflecting the seasonal slowdown.
• New Listings: New listings have dropped 47%, meaning there are fewer options for buyers right now.
• Days on Market: Homes are taking longer to sell, with the average days on market increasing to 39 days (up 10 days from October).