Early 2022 Market Report

Hillside at O’Brien Farm in the heart of South Burlington.

Twenty-two months into a global pandemic, the housing market nationally and locally remains very strong. According to the National Association of REALTORS, existing-home sales reached a seasonally adjusted annual rate of 6.12 million – the highest rate in 15 years. The median existing-home sale price grew by $50,200 to $346,900, a 16.9 % appreciation over the prior year. Locally, the median sale price for existing single-family homes increased by 16.3% to $382,750.

Single-Family January-December 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$382,750 +16.3% $439,658 +15.1%
2,660 +4.4%2,848 -0.38%39 -43.5%
Condo January-December 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$275,000 +5.8% $317,374 +11.1%749 -8%803 -1.7%30 -40%
Multi-Family January-December 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$430,000 +22.9% $539,588 +21.1%244 +48.8%303 +41.6%60 -31%

Land January-December 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$104,298 -5.1% $164,864 +3.7%316 +29%372 -25%241 -24.7%

Is now the time to sell? The end of 2021 showed an all-time low inventory of properties for sale, nationally declining 18%. In northwest Vermont, there were only 411 properties of all types (residential, multi-family and land) for sale compared to 4066 sales for the year. Overall, the number of properties coming to market in 2021 remained flat with the prior year, yet the number of closed sales increased modestly. There is pent-up demand for sellers and listings. George Ratiu, of Realtor.com noted, “The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception.” That is changing with work-from-home options, lifestyle and space needs, and desire to live closer to family and friends.

As home prices increase, home equity has surged. It is estimated that homeowners with mortgages in the U.S. have seen an equity gain of $57K in the past year. With interest rates still low, these homeowners can consider using that equity to purchase a new home with little change in their payments. Further, many homeowners can refinance their mortgage, taking out the equity to use toward the purchase of an investment or vacation property. With your home being, in most cases, your largest asset, knowing the value in this evolving market is critical. Your agent can provide you with that current information. If your next move is outside Vermont, our agents will connect you with a professional to guide you through your next purchase.

Savvy sellers, following the guidance of their REALTOR, are listing their homes early in 2022 versus waiting for the traditional spring market. Numerous showings and multiple offers persist, with many buyers willing to accommodate a seller’s specific terms, such as agreeing to closing dates a few months out.

Should Buyers stay in the market? Is real estate still a good investment despite rising prices? According to Lawrence Yun, NAR Chief Economist, home prices are in no danger of declining due to tight inventory and strong demand, but he does expect prices to appreciate at a slower pace in 2022. While inflation has risen to 6%, affecting consumer goods like food and fuel, historically, housing has provided stability and even growth during these periods. In 2021, the appreciation of the median price of a home more than doubled (16%) the pace of inflation (6%). Mortgage interest rates will remain at a historically low rate, despite slight increases signaled recently by the Fed.

Yes, buyers should remain in the market rather than stay in their rental. “A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise, and other expenses may creep up, but your monthly housing payment remains the same. That’s certainly not the case if you are renting,” says James Royal, of Bankrate. According to the Chief Economist for Moody’s Analytics, “One place where we’re going to see continued strong acceleration in inflation over the next year or two is on rents.” Locally, in December the Allen, Brooks & Minor Report reported the apartment vacancy rate at .8% and the rent inflation from 2020-2021 at 2.7%. Many landlords maintained rental rates during the pandemic, but increases are likely in 2022 and beyond, anticipated to be 3% or higher.

Still, the question of affordability will continue to be a hot topic in 2022. Home prices will not decline in 2022, but they are predicted to rise at a moderate pace. The average projection from leading economists is a 5.1% increase, equating to a median price of $402,270 in northwest VT. With per capita income up and mortgage rates predicted at near 3.6% by year-end, statistically, there is still capacity for households to absorb higher payments. Whether homeowners want to absorb higher payments is a different story all together. Not all purchasers will be impacted by rising interest rates. As we have been reporting in previous Market Reports, many buyers are paying cash for their homes. This may result from transferred wealth from their boomer parents, stock market and crypto wealth, or equity realized from the sale of a home in another state.

As 2022 begins, the number of well-qualified buyers searching for a home remains very strong. Our agents can assist with introductions to qualified lenders, market information, and strategies to navigate this fast-paced market.

Addison County Towns Monthly & Quarterly Updates

TownsMonthly Report LinkQuarterly Report LinkSearch Homes for Sale by Town
AddisonMonthly ReportQuarterly ReportSearch Homes for Sale
BridportMonthly ReportQuarterly ReportSearch Homes for Sale
BristolMonthly ReportQuarterly ReportSearch Homes for Sale
CornwallMonthly ReportQuarterly ReportSearch Homes for Sale
FerrisburghMonthly ReportQuarterly ReportSearch Homes for Sale
LeicesterMonthly ReportQuarterly ReportSearch Homes for Sale
LincolnMonthly ReportQuarterly ReportSearch Homes for Sale
MiddleburyMonthly ReportQuarterly ReportSearch Homes for Sale
MonktonMonthly ReportQuarterly ReportSearch Homes for Sale
OrwellMonthly ReportQuarterly ReportSearch Homes for Sale
ShorehamMonthly ReportQuarterly ReportSearch Homes for Sale
StarksboroMonthly ReportQuarterly ReportSearch Homes for Sale
VergennesMonthly ReportQuarterly ReportSearch Homes for Sale

Grand Isle County Towns Monthly & Quarterly Updates

TownsMonthly Report LinkQuarterly Report LinkSearch Homes for Sale by Town
AlburghMonthly ReportQuarterly ReportSearch Homes for Sale
Grand IsleMonthly ReportQuarterly ReportSearch Homes for Sale
Isle la MotteMonthly ReportQuarterly ReportSearch Homes for Sale
North HeroMonthly ReportQuarterly ReportSearch Homes for Sale
South HeroMonthly ReportQuarterly ReportSearch Homes for Sale

Franklin County Towns Monthly & Quarterly Updates

TownsMonthly Report LinkQuarterly Report LinkSearch Homes for Sale by Town
BakersfieldMonthly ReportQuarterly ReportSearch Homes for Sale
EnorburgMonthly ReportQuarterly ReportSearch Homes for Sale
FairfaxMonthly ReportQuarterly ReportSearch Homes for Sale
FairfieldMonthly ReportQuarterly ReportSearch Homes for Sale
FletcherMonthly ReportQuarterly ReportSearch Homes for Sale
FranklinMonthly ReportQuarterly ReportSearch Homes for Sale
GeorgiaMonthly ReportQuarterly ReportSearch Homes for Sale
HighgateMonthly ReportQuarterly ReportSearch Homes for Sale
MontgomeryMonthly ReportQuarterly ReportSearch Homes for Sale
RichfordMonthly ReportQuarterly ReportSearch Homes for Sale
SheldonMonthly ReportQuarterly ReportSearch Homes for Sale
St Albans CityMonthly ReportQuarterly ReportSearch Homes for Sale
St Albans TownMonthly ReportQuarterly ReportSearch Homes for Sale
SwantonMonthly ReportQuarterly ReportSearch Homes for Sale

Chittenden County Towns Monthly & Quarterly Updates

TownsMonthly Report LinkQuarterly Report LinkSearch Homes for Sale by Town
BurlingtonMonthly ReportQuarterly ReportSearch Homes for Sale
BoltonMonthly ReportQuarterly ReportSearch Homes for Sale
CharlotteMonthly ReportQuarterly ReportSearch Homes for Sale
ColchesterMonthly ReportQuarterly ReportSearch Homes for Sale
EssexMonthly ReportQuarterly ReportSearch Homes for Sale
HinesburgMonthly ReportQuarterly ReportSearch Homes for Sale
HuntingtonMonthly ReportQuarterly ReportSearch Homes for Sale
JerichoMonthly ReportQuarterly ReportSearch Homes for Sale
MiltonMonthly ReportQuarterly ReportSearch Homes for Sale
RichmondMonthly ReportQuarterly ReportSearch Homes for Sale
ShelburneMonthly ReportQuarterly ReportSearch Homes for Sale
South BurlingtonMonthly ReportQuarterly ReportSearch Homes for Sale
St. GeorgeMonthly ReportQuarterly ReportSearch Homes for Sale
UnderhillMonthly ReportQuarterly ReportSearch Homes for Sale
WestfordMonthly ReportQuarterly ReportSearch Homes for Sale
WillistonMonthly ReportMonthly ReportSearch Homes for Sale
WinooskiMonthly ReportMonthly ReportSearch Homes for Sale

Franklin County Market Results

This beautiful Colonial in the Harbor View development in St. Albans was sold in October 2021
Single-Family January-December 2021 
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$295,000 +18% $309,118 +18.8%671 +3.4%727 +1.1%46 -43.9%
Condo January-December 2021 
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$245,000 +4.3% $253,311 +9.3%54 -26%84 +20%
22 -68.6%

The median sale price for a home in Franklin County reached $295,000 in 2021. While the price has increased 41% since 2018, the county still provides the most affordable options in northwest Vermont. More homes were listed for sale during the first half of the year, while condos coming to market increased by nearly 20% by year end. The average days on the market dropped to only 46 days from listing to close for single family homes – so buyers need to be well prepared to act when the right property hits the market. St. Albans topped the county in sales by a large margin, followed by Swanton, Fairfax, and Georgia. The median sale price of $380,000 in Fairfax was 29% above the county average, but still 14% lower than the median price in nearby Chittenden County. With easy access to I-89, these towns provide options for buyers commuting to work. Traveling east, the towns of Sheldon, Berkshire, and Montgomery posted significant increases in the number of homes sold in 2021. Work from home opportunities as well as vacation home purchases may be part of the reason for growth in this area of Franklin County.

 MEDIAN SALE PRICEVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Franklin County Single-Family$295,000 18.00%6713.40%7271.10%46
Bakersfield$332,000 54.10%195.60%21-4.60%71
Berkshire$245,000 20.40%1721.40%17-26.10%84
Enosburg$200,000 1.10%32-11.10%3322.20%43
Fairfax$380,000 17.80%7513.60%77-2.50%35
Fairfield$270,000 -0.50%15-25.00%160.00%26
Fletcher$372,500 44.70%2025.00%2376.90%45
Franklin$297,500 15.00%2025.00%21-8.70%108
Georgia$340,000 4.60%7315.90%8638.70%21
Highgate$267,500 20.20%30-42.30%39-17.00%8
Montgomery$240,000 -3.60%2742.10%30-16.70%144
Richford$139,500 -6.40%3612.50%34-12.80%87
Sheldon$318,000 38.30%2652.90%273.90%35
St. Albans$290,000 13.40%1881.10%194-9.40%34
Swanton$270,000 15.70%93-1.10%10918.50%47

Grand Isle County Market Results

This beautiful custom-built 4 bedroom, 3 bath Victorian home on 73 acres in Isle La Motte was sold in February 2021
Single Family January-December 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$380,000 +23.8% $420,918 +0.3%167 -5.7%179 -15.6%67 -47%
Condos January-December 2021  
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 global pandemic, Grand Isle proved desirable for those able to work remotely. With a quick drive to Chittenden County, Franklin County, and Burlington International Airport – the number of homes sold over the past 2 years has increased while the number of homes coming on the market declined nearly 16% – mostly during the second half of 2021. This drove the median price up by 24% to $380,000 – a considerably higher increase than the region. Inventory was absorbed more quickly in 2021, with the average days on market (DOM) dropping to 67 days – or just over 2 months from listing to close. Alburgh led the county with 28% of the closed sales. Affordability in this northernmost town, coupled with the greatest number of new listings on the market likely contributes to these results.  

 MEDIAN SALE PRICEVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Grand Isle County Single-Family$380,000 23.80%167-5.70%179-15.60%67
Alburgh$267,450 30.50%467.00%553.80%70
Grand Isle$380,000 24.60%39-4.90%41-10.90%76
Isle La Motte$260,000 -29.40%15-21.10%18-18.20%27
North Hero$420,000 23.00%39-11.40%34-38.20%85
South Hero$470,996 18.00%28-6.70%31-13.90%45

Luxury Home Market Results

This magnificent property, with breathtaking views of the lake and the Adirondack mountains sold in June of 2021.
Northwest Vermont Luxury January-December 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$1,232,500 -1.4%$1,588,542 10.5%71 7.6%59 -3.3%59 -59.6%
Chittenden County Luxury January-December 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$1,250,000 -1.2%$1,654,373 12.9%55 22.2%46 12.2%59 -61.7%

High demand for luxury homes across the state and locally in northwest Vermont continues resulting in an increase of nearly 8% in units sold in 2021. Buyers from within Vermont sought views, flexible living space and high-end amenities while out-of-state buyers sought refuge from metro areas or properties to enjoy with their friends and families.

New listings coming to market in the first half of 2021 were very strong as home sellers recognized the opportunity to right size their life or capitalize on their strong equity position. Demand remained strong all year as buyers waiting for the perfect home to hit the market, snapped up properties across the region, with the average number of days from listing to close at just under 2 months. Chittenden County posted 76% of the luxury sales followed by Addison County. We have provided the 2021 luxury sales by county and highlighted some of the top towns as well.

Internationally, Coldwell Banker agents transact nearly $168 million in daily luxury sales. Locally, our agents represented 1 in 3 clients closing on a luxury sale in 2021. Our skilled 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.

*Our luxury property recap includes single family homes and condominiums that have sold for $1.0 million or more across northwest Vermont. This reflects a change from prior reports where we included sales of $850,000 or more in the luxury category. Franklin County recorded no residential sales above $1,000,000 in 2021.

County/
Towns
Units
Closed
Median
Sale Price
Average
Sale Price
LowHigh
Addison
County
12$1,212,500 $1,428,750 $1,001,000 $3,500,000
Addison3$1,225,000 $1,324,667 $1,200,000 $1,549,000
Cornwall3$1,495,000 $1,415,000 $1,250,000 $1,500,000
Chittenden
County
55$1,250,000 $1,654,373 $1,000,000 $4,500,000
Burlington13$1,250,000 $1,668,692 $1,025,000 $3,750,000
Charlotte7$2,375,000 $2,371,429 $1,100,000 $4,500,000
Colchester12$1,574,500 $1,861,000 $1,000,000 $3,550,000
Shelburne14$1,241,250 $1,414,500 $1,000,500 $3,090,000
South Burlington4$1,150,000 $1,255,625 $1,147,500 $1,575,000
Grand Isle
County
4$1,111,000 $1,654,373 $1,050,000 $1,379,000

Chittenden County Market Results

This updated home in a lovely South Burlington neighborhood was sold in June 2021
Single-Family January-December 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$440,000 +13.8% $516,951 +14.1%1400 +4.1%777 +8.2%26 -40.9%
Condo January-December 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$280,750 +5.7% $323,671 +11%
666 -7.5%693 -3.8%29 -34.1%

The demand for homes in Chittenden County remained strong throughout 2021. The modest increase in the number of homes sold during the year was a result of the limited and fast-moving inventory and not a reflection of the number of buyers participating in the market. Many purchasers faced multiple offers, needing to exercise patience and persistence, while working closely with their REALTOR, to close on a home that met their needs.

The median and average sale price increased for both single-family homes and condominiums again in 2021. With the prices of homes increasing by 29% over the past 4 years, homeowners have built equity, while keeping the largest portion of their housing expenses – their mortgage – reasonably stable. For this reason, buyers should remain in the market. The opportunities to build wealth, manage your housing expenses, and enjoy the many benefits of home ownership simply do not exist as a renter.

New construction projects such as Hillside at O’Brien Farms and South Village in South Burlington are nearing the end of their current phases of development – with Hillside preparing to offer additional homes in the near future. New construction projects throughout the county offer an opportunity for existing homeowners to use their strong equity position to “right-size” and for buyers who have a flexible timeline to purchase a new, energy-efficient, and low maintenance home.

Burlington, Essex, and South Burlington lead the county for closed sales while Hinesburg and Winooski posted the largest increases in closed units in 2021. With a relatively affordable median price, proximity to nearby Burlington, and a vibrant downtown the mill town of Winooski continues to be a desirable option for first time buyers.

Charlotte and Shelburne posted the highest median price in the county driven, in part, by the lakefront and luxury homes available.

Chittenden County offers a variety of housing options including a large number of condominiums. The median sale price for condos across the county rose slightly to $280,000 providing an affordable and low maintenance housing option for buyers.

 SALE PRICE MEDIANVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Chittenden County Single-Family$440,000 13.80%14004.10%15060.70%26
Bolton$364,950 30.60%6-40.00%7-41.70%20
Burlington$450,500 18.60%2100.00%2325.50%19
Charlotte$650,000 2.90%40-35.50%46-30.30%61
Colchester$445,704 13.70%156-1.30%1720.60%56
Essex$400,000 9.20%2035.70%2281.80%13
Hinesburg$437,500 9.40%4658.60%4313.20%28
Huntington$387,000 50.90%17-22.70%21-4.60%25
Jericho$500,000 23.80%589.40%62-3.10%27
Milton$353,000 11.90%12913.20%1356.30%23
Richmond$527,500 37.00%28-24.30%350.00%12
Shelburne$679,750 9.60%9734.70%10017.70%27
South Burlington$520,000 8.80%1969.50%192-10.70%24
St. George$552,720 22.30%1122.20%9-10.00%15
Underhill$450,000 25.00%27-25.00%29-17.10%13
Westford$408,500 10.40%26-21.20%24-20.00%33
Williston$549,800 14.50%943.30%1071.90%19
Winooski$343,750 12.50%5647.40%6473.00%16
 MEDIAN SALE PRICEVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Chittenden County Condo$280,750 5.70%666-7.50%693-3.80%29
Bolton$198,050 65.70%12-29.40%11-35.30%4
Burlington$301,000 3.80%107-2.70%105-12.50%23
Charlotte$435,000 n/a4n/a4n/a33
Colchester$265,000 -8.30%77-7.20%818.00%40
Essex$252,600 6.80%1392.20%129-6.50%21
Hinesburg$276,944 22.70%12500.00%9125.00%41
Jericho$303,000 9.20%10-28.60%10-28.60%14
Milton$247,250 5.20%20-25.90%22-15.40%22
Richmond$296,500 20.80%20.00%1-66.70%41
Shelburne$289,077 -5.30%25-19.40%3214.30%29
South Burlington$282,000 15.10%191-8.20%2159.70%43
Williston$351,000 14.20%46-25.80%50-24.20%13
Winooski$305,000 16.40%21-22.20%24-25.00%13

Addison County Market Results

This classic country Ranch in Monkton was sold in August 2021
Single-Family January-December 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$340,600 +19.5% $398,214 +24.1%422 +11.6%436 +0.9%60 -45.5%
Condo January-December 2021  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$255,000 +4.1% $289,607 +6.8%28 +40%25 -3.9%53 -71.8%

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. The number of homes sold increased by 12% – nearly triple the increase across the region. The pace of the market accelerated as well with the average time from listing to close at only 2 months – down from 3 months mid-year. Middlebury, Bristol, Vergennes, and Ferrisburgh topped the county for the most homes sold in 2021, followed closely by Monkton, Orwell, and New Haven. The highest median sale prices were reported in Cornwall, Addison, and Lincoln. Accessibility to Lake Champlain, the mountains, and an easy commute to the greater Burlington area for employment are motivators for buyers. Farm to table dining options, art galleries, and a more rural landscape enhance the quintessential Vermont life experience.

 MEDIAN SALE PRICEVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Addison County Single-Family$340,600 19.50%42211.60%4360.90%60
Addison$540,000 61.20%17-19.10%190.00%70
Bridport$324,250 66.30%1838.50%14-6.70%130
Bristol$323,500 22.10%4310.30%40-16.70%60
Cornwall$544,000 27.40%14-26.30%13-50.00%32
Ferrisburgh$339,500 6.10%28-17.70%27-40.00%80
Goshen$212,900 -17.80%30.00%40.00%174
Granville$150,000 -61.50%566.70%9125.00%84
Hancock$140,500 40.50%7133.30%525.00%151
Leicester$301,250 6.80%1820.00%1770.00%80
Lincoln$345,000 34.80%1550.00%1427.30%100
Middlebury$365,000 32.70%683.00%67-6.90%41
Monkton$420,000 24.60%24-14.30%24-29.40%34
New Haven$420,000 27.70%2237.50%23-4.20%28
Orwell$280,000 30.10%23130.00%2673.30%125
Panton$405,000 20.00%1066.70%1042.90%37
Ripton$349,000 26.90%6-40.00%8-33.30%35
Salisbury$337,500 36.00%20100.00%24100.00%17
Shoreham$330,000 6.50%15-11.80%1946.20%39
Starksboro$267,000 -22.20%14-17.70%18-5.30%48
Vergennes$265,000 9.70%2920.80%3252.40%13
Waltham$363,285 51.10%650.00%525.00%21
Weybridge$475,000 72.10%1344.40%1220.00%44
Whiting$264,500 124.20%4300.00%6100.00%255