County Averages | ||
---|---|---|
Median Sale Price: | Units Sold: | Days on Market: |
$224,450 (+4%) | 254 (0%) | 192 (-11%) |
With tight inventory in Chittenden County, more buyers are extending their property searches to Addison County. The county is also experiencing demand for high-end properties, such as lakefront estates, and from professionals who are moving to the county and seeking mid-priced properties.
Local employers such as Middlebury College and UTC Aerospace are hiring, helping to keep market trends steady. The Addison County median sale price rose 4% during the first 9 months of the year, while the number of sold units was unchanged from a year ago.
Stable inventory
- The county has about 11 months of available inventory, little changed from a year earlier.
- First-time homebuyers are looking for homes in the sub-$250,000 price range, although our Realtors note that this segment has the most competition from buyers.
- Sold properties are requiring an average of 115 days on the market, down slightly from 122 days a year earlier.
Village Living
- Buyers are interested in living near towns, such as Middlebury and Bristol, as well as close to ski areas such as Sugarbush and the Middlebury Snow Bowl.
- Even though Middlebury remains one of the busiest towns for sales, transactions declined 38% during the first 9 months of the year. Pricing slipped 9%, as buyers sought lower-priced inventory.
- Sales in Ferrisburgh jumped 43%, although buyers sought out slightly lower-priced inventory. The median sale price slipped 3% to $266,500.
- Towns such as Vergennes and Bristol continue to attract buyers who want to live near amenities and each town boasts a great mix of restaurants and stores, our Realtors note.
- The median sale price in Vergennes jumped almost 10% in the third quarter. Inventory in Bristol has declined from 17 months a year ago to about 11 months today.
Land and Luxury Sales
- Land sales have jumped 64% this year through September. The stronger economy and tighter inventory levels are prompting some professionals and retirees to custom-build homes. The median sale price for land rose 15% to $84,000.
- The county has recorded five luxury sales of more than $800,000 this year, making it the second-busiest county for high-end sales after Chittenden County. With lakefront property and mountain estates, luxury buyers have plenty of options.