This increase in demand absorbed some property that had been on the market for a while and encouraged land owners to list. That surge has subsided in 2022 with a 14% decrease in properties coming to market and a 27% decrease in sales.
| MEDIAN SALE PRICE | VS 2021 | UNITS SOLD | VS 2021 | NEWLY LISTED | VS 2021 | DAYS ON MARKET | |
|---|---|---|---|---|---|---|---|
| Northwest Vermont | $147,000 | 54.7% | 127 | -27.4% | 189 | -14.1% | 159 |
| Chittenden County | $230,000 | 32.8% | 37 | -22.9% | 64 | 16.4% | 137 |
| Addison County | $136,000 | 46.2% | 45 | -11.8% | $42 | -36.4% | 210 |
| Franklin County | $99,000 | 62.3% | 29 | -48.2% | $59 | -19.2% | 132 |
| $90,375 | 0.4% | 16 | -20.0% | 24 | -7.7% | 116 |
New Construction
While there is still an appetite for homeowners to consider building their custom home, some builders may not be able to start the project for 2 – 3 years. This is affecting some land sales where land gains tax may be a factor in the event a primary residence is not completed within the prescribed timeframe.
A number of Developers have projects in the pipeline for late 2022 and 2023, which will provide much needed single-family and condominium inventory to the market. Still, more building is needed to satisfy demand.