RE/MAX of New England’s April Monthly Housing Report indicates that median price and number of homes sold increased from the same time last year across the region. According to RE/MAX New England, home sales in Vermont increased over 24 percent year-over-year, while the median home price increased by 6.3 percent, now standing at $210,000.
Rhode Island and Vermont experienced over 20 percent increases. Year-over-year, pending sales are up 38.4 percent in New England. Homes are on the market for an average of 121 days, down 10 percent from last year indicating the shift to a seller’s market.
‘Low inventory remains the biggest challenge in today’s market. Buyers are facing increased competition. They need to be prepared to move quickly and put forth their strongest offer,’said Dan Breault, EVP/Regional Director. ‘Record low mortgage rates will continue to entice more buyers to enter the market. Now is the time to sell.’
Overall, it’s a sellers’market now, he said, which is evident by the fact that both median price and number of homes sold across New England has increased from the same time last year. He said he expects home sales to remain strong throughout the summer.