DECEMBER 12TH, 2018

Vermont Mortgages

The state of Vermont has a thriving tourist industry, and that tourism bolsters its housing market with plenty of people looking for investment holiday homes among the scenic landscapes and ski resorts. All in all, the housing market for the state is surprisingly small. Despite its small size, the market tends to follow national trends closely, without fluctuating in the extremes that sometimes can plague smaller housing markets. The 2002 US census showed that there was a total of 299,570 housing units in Vermont. The home ownership rate in Vermont was listed in the 2000 census as 70.6%.

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That rate was substantially higher than the national average of that same year, which was 66.2%. The home ownership rate in Vermont is high, considering that the median value of a home in Vermont is only slightly lower than the national average. The 2000 census listed the median value of a owner occupied home in Vermont as $111,500. The national average for median value that year was slightly higher, at $119,600, which isn’t a large enough variation to explain the difference in home ownership rates.

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The housing market in Vermont is primed to become ideal for home buyers, as market trends react to the recent boom. The Vermont economy is likely to continue to grow over the next four or five years, although weakening slightly in 2007 and 2008, is the prediction given by local economists. Although the economy is poised to continue to grow, the housing market looks like it is set to cool.

Vermont’s housing market saw housing values increase at double-digit rates for the last nine quarters, is looking like it will slow substantially. Market forecasts predict one more quarter of year-over-year, double digit increase in the market before the appreciation in real estate prices tumble back to the single digits.

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