Waterbury VT 2023 Q2 Market Report

Single-Family Homes

The Waterbury, Vermont real estate market for single-family homes showed notable changes in Q2 2023 compared to the same period in 2022. Limited inventory played a significant role in influencing sales activity, while an increase in average and median prices demonstrated the market's resilience despite challenges.

1. Number of Sales: Single-family home sales in Waterbury were down by 11% in Q2 2023 compared to the previous year, with only 8 homes sold. The decrease in sales was primarily driven by the limited inventory available during this period.
2. New Listings: New listings decreased by 5% by the end of Q2 2023, further contributing to the constrained inventory situation, making it challenging for buyers to find suitable properties.
3. Days on Market (DOM): Surprisingly, the average days on market increased by 64% to 41 days in Q2 2023. This rise in DOM can be attributed to overpriced homes that may require additional work, potentially deterring buyers in an already competitive market.
4. Average Home Sales Price: Despite the decrease in sales volume, the average home sales price in Waterbury increased to $600,125 in Q2 2023 from $505,805 in Q2 2022, reflecting a substantial rise of approximately 18.6%.
5. Median Price: The median home price also experienced a notable increase, rising to $465,500 in Q2 2023 from $401,000 in Q2 2022, representing a growth of about 16.1%.

Land

Waterbury, VT, land sales saw notable changes in Q2 2023 compared to the same period in 2022. Despite a limited number of land sales in the previous year, the market displayed improvements in sales volume and days on market, while average and median prices experienced declines.

1. Number of Sales: Land sales in Waterbury increased in Q2 2023, with 3 sales compared to only 1 sale in Q2 2022. The rise in the number of sales indicates a potential increase in demand for land properties.
2. Days on Market (DOM): The average days on market for land properties decreased significantly from 1065 days in Q2 2022 to 77 days in Q2 2023. This substantial reduction suggests improved market activity and quicker transactions.
3. Average Land Sales Price: The average land sales price decreased from $298,000 in Q2 2022 to $277,333 in Q2 2023, representing a decline of approximately 7%.
4. Median Price: The median land price also experienced a decrease, falling from $298,000 in Q2 2022 to $250,000 in Q2 2023, showing a decline of approximately 16%.

Market Analysis

The Waterbury real estate market showcased positive developments in both land sales and single-family homes during Q2 2023. For land sales, there was an increase in the number of transactions, and the days on market significantly decreased, indicating growing interest and activity in the land market. However, the decline in average and median land sales prices can be attributed to various market factors and the limited number of land sales in the previous year, which may have influenced pricing trends.

In contrast, the single-family home market in Waterbury encountered challenges with limited inventory during Q2 2023. The decrease in the number of sales and new listings indicates a competitive landscape for buyers. Nevertheless, despite these constraints, the market remained robust, as evidenced by significant increases in average and median home prices, demonstrating the region's desirability and strong market conditions.

Outlook for Q3 2023

For the Waterbury real estate market, Q3 2023 is likely to see continued changes and competitive conditions for both land sales and single-family homes. The decrease in days on market for land properties is a positive sign for land sellers and buyers, indicating potentially quicker transactions.

Buyers seeking land properties in Waterbury should be vigilant due to the limited inventory, which may lead to increased competition. On the other hand, for single-family homes, buyers should be prepared for a competitive market, and sellers should carefully consider pricing strategies to attract potential buyers.

The desirability of the Waterbury region is expected to persist, potentially driving continued appreciation in property values for both land and single-family homes.

Click Here for Detailed Waterbury VT Market Stats