More buyers are turning to land purchases to build a home

Spectacular owned lakefront property featuring unobstructed views of Lake Champlain in Burlington. MLS# 4667247

Northwest Vermont    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$84,200 (-6.4%)$174,492 (+72.1%)42 (+13.5%)99 (0%)263 (-5.1%)

Chittenden County     
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$127,500 (+20%)$330,071 (+159.6%)14 (-12.5%)39 (+34.5%)287 (+90.1%)

Addison County    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$66,250 (-24.7%)$114,672 (+19.3%)16 (+77.8%)34 (-2.9%)270 (-58.6%)

Franklin County     
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$62,000 (+20.9%)$74,540 (+34.9%)10 (+11.1%)22 (+15.8%)215 (+32.7%)

Grand Isle County     
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$63,750 (-8.9%)$63,750 (-46.3%)2 (-33.3%)4 (-75%)284 (+75.3%)

The number of sales for land has increased across Addison and Franklin Counties, where the median price of land is more affordable than nearby Chittenden County.

Still, as the availability of single family homes for sale across northwest VT continues at historic lows, buyers are turning toward land purchases in order to build their home. Permitting, development and building costs can contribute to higher than average prices for the home when complete – however buyers benefit from new, energy-efficient and in some cases, custom selections for their home. Developers looking for land in key locations have also contributed to some of increases.