The luxury market has been affected by economic conditions

Offering 135 feet of Lake Champlain water frontage with panoramic lake and mountain views in Colchester. | MLS# 4809250

The luxury market (defined in this report as residential sales priced $850,000 and greater) has been affected by economic conditions as well as out of state travel restrictions due to COVID-19. The number of sales declined by 48% over the same period last year and are slightly lower than 2018 levels. The median price increased by 8%, likely a result of the small number of sales as opposed to price appreciation. 

Luxury Homes
January-June
   
Median Sale Price:Units Sold:Newly ListedDays on Market:
$1,070,000 +8.1%
15 -48.3%69 +43.8%122 +1.7%
Luxury Homes
April-June
   
Median Sale Price:Units Sold:Newly ListedDays on Market:
$1,085,000 +8.3%8 -56%47 +56.7%95 -13.6%

14 of the 15 luxury home sales were in Chittenden County, with no luxury sales in Grand Isle County through June. Now that out of state buyers have more flexibility in traveling to Vermont (with home state quarantine allowed), we expect luxury sales in neighboring counties to increase. Nationally, the luxury market has slowed, but Vermont remains one of the most affordable luxury home markets in New England. With proximity to Boston and New York, plus an international airport, buyers able to work remotely while seeking safety from the crowds of more populated markets, and can find many options in northwest Vermont.

AddressTownCountySale Price
587 Ridgefield RoadShelburneChittenden$875,000
6659 Spear StreetCharlotteChittenden$880,000
193 Poor Farm RoadColchesterChittenden$885,000
2751 Thompson's Point RoadCharlotteChittenden$885,000
208 Meadowood DriveSouth BurlingtonChittenden$887,500
2687 Greenbush RoadCharlotteChittenden$890,000
119 Holmes RoadSouth BurlingtonChittenden$1,020,000
1816 Morgan Horse Farm RoadWeybridgeAddison$1,070,000
837 Bay RoadShelburneChittenden$1,150,000
209 Hills Point RoadCharlotteChittenden$1,165,000
347 Popple Dungeon RoadCharlotteChittenden$1,239,000
269 Thorpe Cove RoadCharlotteChittenden$1,550,000
233 Thorpe Cove RoadCharlotteChittenden$1,630,000
164 Pheasant Hill Ridge RoadShelburneChittenden$2,135,000
3735 Harbor RoadShelburneChittenden$4,950,000