Mid Year 2021 Market Report

A 5 bedroom, 5.5 bath luxury Farmhouse plus a custom-built Carriage Barn with kitchen, gym, offices, 8-bay garage on 16+ acres! MLS# 4866573

Through the first half of 2021, the real estate market nationally and locally has continued the surge realized during the height of the global pandemic last year. Whether considering a first home purchase, right-sizing a current living situation, or fleeing an urban center for the safety of Vermont and other desirable locales across the country– buyers drove markets to heights never before seen.

Single-Family January-June 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$360,000 +17.1%
$417,102 +21.5%
1086 +23.3%1517 +9.7%51 -43.3%
Condo January-June 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$275,000 +10.0% $311,657 +11.6%316 +2.6%448 +11.4%35 -42%
Multi-Family January-June 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$415,500 +18.7% $471,501 +0.5%106 +100.0%166 +127.4%54 -43%
Land January-June 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$94,500 -14.1% $144,002 -17.5%174 +180.7%219 -11.7%233 -23%

Economic factors, such as low mortgage interest rates and a strong stock market, fueled an already undersupplied market driving price up. The National Association of REALTORS (NAR) has reported that the median sale price of existing homes rose 23.4% year over year, to the highest median price on record – $363,300. According NAR Chief Economist, Lawrence Yun, “Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes. At a broad level, home prices are in no danger of a decline due to the tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year.”

In Northwest Vermont, the median sale price of single-family homes has increased by 17% during the first half of 2021 to $360,000 – comparable to the national median. The number of properties sold, across all property types, has increased aided; in part by the modest increase in properties coming to market.

Demand continues to rise as Millenials are entering the housing market. It has been said that this group is the largest in population since the Baby Boomer generation. And, many of these buyers are benefitting from a transfer of wealth from their Boomer parents enabling them to pay cash for their home. Those with limited budgets or some first-time buyers wishing to finance their purchase are being met with some challenges. The National Association of REALTORS (NAR) recently reported that first time buyers made up 31% of purchases vs. 35% at the same time last year.

Mortgage interest rates at or below 3.0% on a 30 year fixed rate mortgage – are contributing to the number of buyers entering the market. In addition to changes in the needs and size of their homes, many sellers are capitalizing on their strong equity position and low mortgage rates to move to a larger, newer and usually higher-priced home. Some economists predict a slight increase in mortgage rates by next spring although Fed Chairman, Jerome Powell warns that the predictions should be taken with “a big grain of salt.”

Along with discussion of the current housing boom comes the concerns of a “bubble bursting” like the collapse that preceded the recession in 2007. Could the housing market crash? “Not likely” says NAR Economist, Yun. “This housing cycle is fundamentally different without the risky subprime mortgages.” Buyers, while paying a higher price for their homes, are not overstretched – with many paying cash or putting down a considerable deposit. In addition, the supply of homes is considerably lower than during the last cycle. In some areas of the country, builders overbuilt – flooding the market with new homes. New construction slowed down over the past years – resulting in a serious under supply. Supply chain delays, the surging price of lumber and land, along with labor shortages continue to stress the new construction market – at a time when more affordable homes are needed more than ever.

With the “days on market” (DOM) dropping to just 51 days from list to close, buyers and sellers need to be well prepared to act when the right opportunity presents itself. Now, more than ever, a skilled and experienced REALTOR is needed to assess multiple offers, with complex terms, to help determine those most likely to culminate in a successful closing.

Chittenden County Market Results

South Village is a neighborhood of single-family homes, Townhomes, and Luxury Condominiums in the heart of Vermont’s beautiful Champlain Valley.
Single-Family January-June 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$425,000 +18.1% $501,218 +19.2%
532 +13.4%777 +8.2%32 -42%
Condo January-June 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$279,000 +6.9% $316,944 +11.1%
279 -0.4%381 +7.6%35 -38%

The demand for homes in Chittenden County continued through the first half of 2021, increasing by more than 13% over 2020. Navigating the challenges of the global pandemic in 2020, many contemplated their living and employment situations; either relocating, right-sizing, or renovating their home. A modest improvement in the number of properties listed for sale this year (+8%) has not proven enough to satisfy the number of buyers searching for a home.

Many purchasers, facing multiple offers, needed to exercise patience and heed the guidance of their REALTOR before entering into a contract to purchase. In most cases, persistence paid off, and buyers found the home that met their needs.

The median sale price of single-family homes in Chittenden County jumped 18% in 2021, increasing 27% since 2018. Still, homes remain an affordable option over renting, with record-low mortgage interest rates offering the opportunity to build equity.

New construction projects such as South Village and Hillside at O’Brien Farm, both in South Burlington, introduced a variety of much needed, new housing options to the market – including townhomes, single-family homes, carriage homes, and “flats.” Buyers had time to make selections in location, floorplans, and custom finishes while not competing in the frenzied re-sale market. New construction projects throughout the county gave an opportunity for exiting homeowners to use their strong equity position and “right-size” to a new, energy-efficient, and low-maintenance home. Options for new builds are still available with Spring 2022 delivery dates for buyers with flexible timelines.

 SALE PRICE MEDIANVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Chittenden County Single-Family$425,000 18.1%53213.4%7778.2%32
Bolton$280,000 17.9%20.0%3-50.0%7
Burlington$450,000 34.3%7921.5%12330.9%17
Charlotte$630,000 -16.0%17-19.1%29-27.5%74
Colchester$437,500 18.6%54-20.6%84-5.6%95
Essex$360,000 4.1%7912.9%1095.8%18
Hinesburg$456,000 14.1%1416.7%2110.5%44
Huntington$387,000 33.5%5-28.6%8-27.3%29
Jericho$482,699 29.5%2283.3%3417.2%35
Milton$350,000 12.2%4615.0%7531.6%13
Richmond$505,000 22.6%5-61.5%16-11.1%14
Shelburne$669,875 3.1%48152.6%5655.6%31
South Burlington$509,638 10.1%8228.1%1115.7%27
St. George$552,720 22.3%7-22.2%7-30.0%15
Underhill$320,000 -22.0%5-44.4%9-57.1%15
Westford$357,000 10.5%11-15.4%14-22.2%48
Williston$474,845 31.9%3727.6%508.7%30
Winooski$324,000 -0.3%1918.8%2875.0%23
 SALE PRICE MEDIANVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Chittenden County Condo$279,000 6.90%279-0.40%3817.60%35
Bolton$169,000 33.60%5-37.50%4-60.00%3
Burlington$280,000 -12.80%4410.00%560.00%35
Charlotte$369,450 0.00%20.00%40.00%4
Colchester$260,000 5.70%35-5.40%42-2.30%58
Essex$223,500 4.20%5816.00%7220.00%36
Hinesburg$322,675 12.60%6500.00%60.00%16
Jericho$512,788 20.50%3-50.00%4-33.30%12
Milton$242,000 3.00%11-21.40%13-23.50%7
Richmond$296,500 0.00%20.00%10.00%41
Shelburne$385,000 -16.10%11-21.40%13-13.30%50
South Burlington$309,500 26.30%70-10.30%12422.80%42
Williston$369,000 23.00%239.50%26-10.30%11
Winooski$287,000 10.40%9-18.20%16-5.90%6

Multi-Family Home Market Results

New North End Duplex moments away from the shores of Lake Champlain! MLS 4862760
Multi-Family January-June 2021  
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$415,500 18.70%106 100%166 127.4%54 -42.6%

In northwest Vermont, the strong investor market was driven by low-interest mortgage rates and solid equity positions in existing properties for owners. The number of investment properties coming on the market grew by 127% resulting in double the number of properties sold over the same period last year. 

Many would-be buyers are staying put or returning to the rental market after unsuccessfully writing multiple offers for purchases. As local businesses turn back to hiring and recover from the global pandemic, new employees struggle to find affordable housing options in the area. The vacancy rates remain the lowest in 6 years, at just over 1%. If demand, as expected, remains high for rental housing, the desirability of owning multi-family properties will continue.

Owner-occupied properties offer the opportunity for homebuyers to offset their housing costs with rental income – improving affordability.

 SALE PRICE MEDIANVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Chittenden County$454,000 9.7%77114%123186.1%36
Addison County$405,000 103.0%775%1157.1%67
Franklin County$226,300 30.8%2162%2931.8%118
Grand Isle County$66,000 N/A1N/A320000.0%0

Addison County Market Results

Completely renovated lakefront home with water access and almost 100 feet of beautiful beach front property in Addison | MLS# 4865705
Single-Family January-June 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$331,250 +27.4% $383,847 +40.3%194 +52.8%244 +16.2%86 -41%
Condo January-June 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$249,000 +8.3% $313,400 +35.1%15 +400%12 +71.4%49 +96%

The real estate market is booming in Addison County, achieving the highest median sale price for a single-family home since our report began six years ago. With 16% more homes on the market, units closed jumped 53% over last year. Middlebury, Bristol, and Ferrisburgh topped the county with the most homes sold – followed closely by Monkton and Vergennes. Addison and Cornwall top the list for median sales price. Accessibility to Lake Champlain and an easy commute to Chittenden County, coupled with restaurants, art galleries, and growth of local companies like Collins Aerospace positioned Addison County as an ideal place to experience quintessential Vermont living.

SALE PRICEMEDIANVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Addison County Single-Family$331,250 27.0%19452.8%24416.2%86
Addison$822,500 185.0%6-14.3%9-18.2%130
Bridport$238,250 198.0%10233.3%1157.1%81
Bristol$310,000 38.0%1946.2%19-29.6%99
Cornwall$527,000 70.0%8166.7%7-30.0%23
Ferrisburgh$339,500 51.0%1850.0%14-53.3%112
Goshen$212,900 -21.0%3200.0%20.0%174
Granville$250,000 0.0%20.0%6100.0%131
Hancock$120,000 20.0%2100.0%3-25.0%204
Leicester$283,250 197.0%833.3%14180.0%51
Lincoln$270,000 103.0%566.7%833.3%225
Middlebury$424,000 49.0%268.3%3815.2%66
Monkton$420,000 25.0%1385.7%14-12.5%41
New Haven$475,000 117.0%8166.7%1455.6%60
Orwell$327,750 46.0%10100.0%15200.0%257
Panton$413,250 88.0%433.3%5150.0%61
Ripton$349,000 773.0%4300.0%4-20.0%48
Salisbury$275,000 8.0%980.0%8100.0%22
Shoreham$335,000 -2.0%650.0%1066.7%58
Starksboro$270,000 -27.0%740.0%9-18.2%62
Vergennes$257,500 -5.0%12-7.7%1972.7%13
Waltham$364,570 31.0%30.0%3200.0%33
Weybridge$421,000 55.0%8100.0%10233.3%38
Whiting$200,000 69.0%3200.0%2100.0%331

Luxury Home Market Results

This custom-built home sits on 1.35 acres with 100 feet of private sandy beach & pristine waterfront on Lake Champlain. MLS# 4872242
Northwest Vermont Luxury January-June 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$999,000 12.3%$1,176,597 -8.5%62 200%99 47.8%83 -23.2%
Chittenden County Luxury January-June 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$1,037,500 16.7%$1,232,467 -5%44 144.4%75 63%48 -40.7%

The stunning increase in Luxury sales across northwest Vermont and the entire state in 2020 has continued through 2021. Driven by cash buyers from within Vermont, who desire high-end amenities, views, and additional flexible living space, plus out-of-state buyers moving out of metro areas and closer to family – the luxury market grew by 200%.

Luxury home sellers recognized the opportunity to right-size their lifestyle or capitalize on their strong equity position, taking their REALTOR’s advice and listing their homes earlier in the year. A 48% increase in new homes coming to market offered new opportunities for buyers who snapped up properties across the region – predominantly in Chittenden County, which accounted for 81% of the area’s luxury sales.

Internationally, Coldwell Banker agents transact $168 million in daily luxury sales, including more than 32,000 properties sold. Locally, our agents represented clients in 1 out of 3 luxury sales closed in northwest Vermont so far this year. Our agents and our marketing, including best in class domestic and global listing syndication and prestigious publications, are a remarkable force in the arena of high-end real estate.

*For this report, Luxury homes are defined as residential property priced $850,000 or more.

AddressTownCountySale PriceDate Sold
25 Ministry LaneSouth HeroGrand Isle$850,000 2/16/2021
38 Cliff StreetBurlingtonChittenden$850,000 6/28/2021
5296 Dorset StreetShelburneChittenden$850,000 3/1/2021
117 Lakeview TerraceBurlingtonChittenden$870,000 3/19/2021
217 Heather LaneShelburneChittenden$875,000 3/16/2021
550 South Bay CircleColchesterChittenden$875,000 5/14/2021
76 St. Paul StreetBurlingtonChittenden$875,000 6/14/2021
1740 Hooker RoadLeicesterAddison$875,000 5/14/2021
1 Valley Watch RoadSt. Albans TownFranklin$880,000 1/29/2021
657 South Prospect StreetBurlingtonChittenden$880,000 6/1/2021
19 Harbor Watch RoadBurlingtonChittenden$885,000 1/29/2021
21 Chipman StreetSouth BurlingtonChittenden$890,530 4/30/2021
74 Bixby Hill RoadEssexChittenden$895,000 3/18/2021
40 College StreetBurlingtonChittenden$895,000 3/24/2021
1075 Grandey RoadAddisonAddison$895,000 6/18/2021
404 Ridgefield RoadShelburneChittenden$895,556 4/23/2021
42 Irish Farm RoadSouth BurlingtonChittenden$899,000 6/1/2021
276 Sherwood Forest RoadWillistonChittenden$900,000 5/25/2021
1222 Church Hill RoadCharlotteChittenden$900,000 6/30/2021
800 Maquam Shore RoadSt. Albans TownFranklin$905,000 1/29/2021
84 Deforest HeightsBurlingtonChittenden$908,000 6/7/2021
391 Southwind RoadHinesburgChittenden$915,000 6/4/2021
102 Adams StreetBurlingtonChittenden$925,000 5/28/2021
137 Ledge RoadBurlingtonChittenden$955,000 5/14/2021
47 Four Winds LaneNorth HeroGrand Isle$960,000 6/7/2021
55 Cliff StreetBurlingtonChittenden$965,000 6/17/2021
548 Ridgefield RoadShelburneChittenden$974,000 6/1/2021
2493 Lake StreetAddisonAddison$975,000 5/11/2021
410 Golf Course RoadSouth BurlingtonChittenden$985,000 2/10/2021
72 Porters Point CourtColchesterChittenden$987,500 6/1/2021
349 Morgan DriveShelburneChittenden$995,000 6/21/2021
3416 Harbor RoadShelburneChittenden$995,000 5/21/2021
300 Martel LaneSt. GeorgeChittenden$999,000 4/30/2021
1263 Church Hill RoadCharlotteChittenden$999,000 6/18/2021
373 Maeck Farm RoadShelburneChittenden$1,025,000 5/26/2021
273 West Shore RoadSouth HeroGrand Isle$1,050,000 4/29/2021
40 College StreetBurlingtonChittenden$1,050,000 2/26/2021
58 Featherbed LaneSouth HeroGrand Isle$1,051,000 6/10/2021
1721 Marble Island RoadColchesterChittenden$1,100,000 6/4/2021
158 Westview DriveShelburneChittenden$1,100,000 6/30/2021
6 Summit RidgeBurlingtonChittenden$1,100,000 6/7/2021
1490 Arnold Bay RoadPantonAddison$1,100,000 6/11/2021
48 Henderson TerraceBurlingtonChittenden$1,145,000 6/1/2021
339 Golf Course RoadSouth BurlingtonChittenden$1,150,000 4/14/2021
140 South Ridge RoadShelburneChittenden$1,165,000 1/5/2021
87 Pinecrest DriveEssexChittenden$1,175,000 6/30/2021
142 Acorn LaneShelburneChittenden$1,195,000 6/11/2021
311 Autumn Hill LaneShelburneChittenden$1,200,000 4/16/2021
166 Sutton Farm DriveWillistonChittenden$1,210,000 1/19/2021
294 Elm Point RoadAddisonAddison$1,225,000 5/28/2021
81 Gardenside LaneShelburneChittenden$1,232,500 4/30/2021
301 Appletree Point RoadBurlingtonChittenden$1,250,000 5/7/2021
2952 Greenbush RoadCharlotteChittenden$1,250,000 4/28/2021
1209 Cider Mill RoadCornwallAddison$1,250,000 1/28/2021
51 Depot RoadColchesterChittenden$1,325,000 4/27/2021
62 Overlake ParkBurlingtonChittenden$1,415,000 4/15/2021
1348 Irish Hill RoadShelburneChittenden$1,575,000 5/3/2021
1505 Dorset StreetSouth BurlingtonChittenden$1,575,000 5/28/2021
931 Red Rock RoadColchesterChittenden$2,209,000 5/27/2021
175 McGuire Pent RoadCharlotteChittenden$2,375,000 4/22/2021
3685 Harbor RoadShelburneChittenden$3,090,000 2/11/2021
11 Driftwood LaneBurlingtonChittenden$3,750,000 6/30/2021

Grand Isle County Market Results

This renovated farmhouse, in North Hero, sits at the perfect waterfront location with beautiful views of the lake and surrounding mountains! | MLS# 4856213
Single Family January-June  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$355,000 +50.4% $413,966 +58.1%76 +76.7%101 +3.1%85 -47%
Condos January-June  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$360,000 $360,000 1 1 3

Surrounded by Lake Champlain, Grand Isle County has long been a destination for Vermonters and tourists alike. As lifestyles changed as a result of the COVID -19 pandemic, Grand Isle County proved even more desirable for those able to work remotely. Still a quick drive to Chittenden County, Franklin County, and Burlington International Airport – single-family home sales have increased by more than 77% so far in 2021. Inventory levels proved healthy enough to satisfy new buyers while keeping the pace of the market reasonable at nearly three months from listing to closing. Alburgh accounted for 37% of the homes sold across Grand Isle County. Affordability of this northernmost town, coupled with 34 new homes coming to market, likely contributed to this surge. 

 SALE PRICE MEDIANVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Franklin County Single-Family$267,950 9.0%28417.4%39511.0%51
Bakersfield$231,750 -7.3%6-25.0%1122.2%114
Berkshire$200,000 29.0%7133.3%4-33.3%89
Enosburg$162,000 -22.1%166.7%2556.3%39
Fairfax$370,000 23.3%3447.8%4817.1%32
Fairfield$296,750 12.8%6-14.3%1137.5%24
Fletcher$300,000 9.1%7-22.2%15200.0%90
Franklin$310,000 -0.2%80.0%90.0%111
Georgia$332,500 16.3%264.0%4429.4%20
Highgate$252,000 15.6%9-57.1%20-37.5%13
Montgomery$186,250 -39.9%10100.0%176.3%105
Richford$134,000 20.2%21110.0%1812.5%80
Sheldon$265,750 13.1%12100.0%1623.1%46
St. Albans$275,000 12.5%8539.3%990.0%43
Swanton$255,000 8.5%37-9.8%589.4%60

Franklin County Market Results

Enosburg Mountain Estate offering over 190 acres, mostly conserved, with pond and 2 homes. | MLS# 4833732
Single-Family January-June 2021 
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$267,950 +9% $283,089 +15.4%284 +17.4%395 +10.6%51 -56%
Condo January-June 2021 
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$230,000 +9.5% $237,869 +9.2%
21 -16.0%54 +31.7%
28 -75%

The median sales price for a single-family home in Franklin County has reached $267,250 – a 32% increase since 2018. Still, the county remains the most affordable in northwest Vermont. More homes and condos were available for purchase during the 1st half of 2021 than during the same period last year. This offered more options for buyers to consider in their home search – while still needing to be well prepared to act when the right property hit the market. The average days on market (DOM) – from listing closing was only 51 days. St. Albans topped the county in sales by a large margin – followed by Swanton, Fairfax and Georgia. Fairfax, the highest priced town, posted a median sales price 38% above the county average. Our Agents have noted that the multiple offer frenzy has slowed a bit, and the continued closure of the Canadian border has prevented some second home sales.

 SALE PRICE MEDIANVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Franklin County Single-Family$267,950 9.0%28417.4%39511.0%51
Bakersfield$231,750 -7.3%6-25.0%1122.2%114
Berkshire$200,000 29.0%7133.3%4-33.3%89
Enosburg$162,000 -22.1%166.7%2556.3%39
Fairfax$370,000 23.3%3447.8%4817.1%32
Fairfield$296,750 12.8%6-14.3%1137.5%24
Fletcher$300,000 9.1%7-22.2%15200.0%90
Franklin$310,000 -0.2%80.0%90.0%111
Georgia$332,500 16.3%264.0%4429.4%20
Highgate$252,000 15.6%9-57.1%20-37.5%13
Montgomery$186,250 -39.9%10100.0%176.3%105
Richford$134,000 20.2%21110.0%1812.5%80
Sheldon$265,750 13.1%12100.0%1623.1%46
St. Albans$275,000 12.5%8539.3%990.0%43
Swanton$255,000 8.5%37-9.8%589.4%60

Land Market Results

Enjoy every season with panoramic vistas of Mont Pinnacle in Frelighsburg, Quebec from this 5-acre lot in Richford.
Land January-June 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$94,500 -14.10%174 180.7%244 +23.9%219 -11.7%233 -23.1%

Land sales in northwest Vermont have nearly tripled so far in 2021 with 174 parcels sold. Limited inventory for existing homes and buyer preferences for amenities, energy-efficiency, and newly envisioned living spaces contribute to this solid growth. While the median sale price across the region dropped slightly to $94,500 – a piece of land in Chittenden County is nearly double. 

You can’t listen to the news without hearing about soaring lumber prices, labor shortages, and supply chain disruptions affecting housing starts nationally. The story is no different in Vermont. The builders that we work with are working diligently to control pricing, manage construction, and deliver beautiful homes timely. A number of options are available for buyers who can manage longer turnaround times and higher costs associated with building – but in the end, low-interest rates, energy-efficiency options, and the ability to customize their dream home make new construction very attractive.

 SALE PRICE MEDIANVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Chittenden County$173,250 -13.4%48129%55-16.7%204
Addison County$91,500 8.3%50138%653.2%297
Franklin County$61,000 27.1%56273%73-1.4%233
Grand Isle County$90,000 -30.8%20300.0%26-42.2%149