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Inventory Rebounds Amid Record Home Value and Rent Growth
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Zillow : Inventory Rebounds Amid Record Home Value and Rent Growth
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Being a small state tucked away in northern New England, Vermont can feel disconnected from global movements and even from the rest of the country at times. But COVID-19 shined a spotlight on Vermont and demonstrated that this little green state appears as an escape destination for many across the nation.
In 2020, Vermont experienced an influx of new residents due to the pandemic. According to Real Estate Market Reports from the Vermont Realtors Association, Vermont as a whole saw an increase in the average sales and median prices of properties. A more recent report shows that the trend is continuing well into this year.
Surge in New Listings Signals Potential Relief for Frustrated Shoppers
Home appreciation breaks new records as demand crush persists, but inventory crunch shows signs of relenting
- Driven by a seasonal rise in new listings, for-sale inventory fell only 1.1% month over month, a marked improvement after three consecutive months of drops around 8%.
- Home values rose 1.2% in March, the largest monthly jump in 25 years.
- Rent recovery picked up steam with the largest monthly rise since 2014.
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1 suggests the inventory crunch bedeviling home searchers may be starting to turn around as record appreciation of home values makes it more enticing to sell. Meanwhile, the recovery of rents is gaining broad momentum and touching double-digit annual gains in hot markets like Phoenix and Riverside.
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