Vermont’s real estate market is heating up, but the state’s housing crisis continues to be a major issue for those looking to buy homes. With historically low interest rates during the COVID-19 pandemic, the high interest rates folks are experiencing nationwide may only add to the struggles for those trying to find affordable homes. Interest rates were further increased by the Federal Reserve Wednesday afternoon for the ninth time in a row.

The shortage of houses in the Green Mountain State has made it difficult for homebuyers. “Inventory is traditionally the lowest,” said Michael Simoneau, a realtor broker with Geri Reilley Real Estate. Rich Gardner, co-owner of Re/Max North Professionals, added, “We simply don’t have enough inventory in Vermont to supply buyers who want to own homes.”

Don Lynaugh, a Vermont resident who is currently renting but looking to buy, has found it challenging to find affordable homes in the state. “The state is not very friendly to homeowners and people are moving out. They’re moving to Texas, Florida, to New Hampshire. It’s not a tax-friendly state,” he said.

Despite the low supply, high interest rates, and high demand, homes are selling quickly in Vermont. “Homes are selling quick, they’re selling very quick. If it’s a nice home, seven to ten days in the market,” said Simoneau. However, this shortage of time may ultimately hurt the buyer, according to Gardner. “They don’t get that opportunity to go look at multiple homes or make the decision on what feels right. Now they’re looking at one or two and got to quickly make that decision,” he explained.

Realtors suggest speaking with them if you are looking to buy or sell your home. “We’re going to be seeing this market fluctuate and be crazy over the next year, and people need to understand there is housing out there and it always a good time to buy or sell,” said Kathy Sweeten of the Vermont Association of Realtors.