Early 2021 Market Report

Year-round living on Lake Champlain with majestic Adirondack views in Ferrisburgh. MLS# 4840310.

At this time last year, nobody could predict what was in store for our world, our country, or our community in 2020. As we adjusted to the challenges of a global pandemic, the value of “home” took on even greater meaning. Many people began to contemplate whether their current living situation met their evolving needs or desires. Whether considering a first home purchase, right-sizing a current living situation, or fleeing an urban center for the safety of Vermont – buyers drove the market to heights never before seen.

Single-Family January-December 2020  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$328,900 +8.2% $381,969 +10.6%2,550 +0.8%2,860 -12%69 -5.5%
Condo January-December 2020  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$260,000 +6.1% $285,607 +3.4%811 +7.1%816 -2.5%50 -23.1%

In addition, economic factors, such as low mortgage interest rates and a strong stock market, fueled demand in an already undersupplied market, driving up prices and putting pressure on affordability.

The National Association of REALTORS (NAR) has reported the share of first-time buyers in the market fell to 31% from 33% the year before – the lowest share since 1987. Buying a primary residence is a financial decision, but also an emotional one that involves many lifestyle factors. For most home buyers, the purchase of a primary residence is one of the largest financial transactions they will make. As inventory moves quickly, some never hitting the open market, now more than ever, Buyers need the help of a real estate professional to help them find the right home and negotiate the terms of a sale (including price) in a highly competitive market.

According to NAR, the most common reason cited for selling a home was the desire to move closer to friends and family. After March (the onset of COVID-19), the second reason was that their home was too small. Approximately 21% of working Americans are currently working from home. That, coupled with homeschooling and the desire for more outdoor or recreational space, larger homes are regaining popularity.

The median sales price of a single-family home has increased by 12% over the past 2 years across the region. Prices and demand vary by county and town, as demonstrated in this report. Various national economists predict prices to rise, on average, 4.1% in 2021. As the urban-to-suburban (and rural) trend continues and “climate change refugees” discover the safety of Vermont, we believe that prices in northwest Vermont will outpace the national average.

The outlook for 2021 is continued strong demand from both in state and out of state buyers. Low mortgage interest rates, currently sub 3%, should also continue through 2021. Even with a small adjustment, rates will remain at historical lows giving buyers additional purchasing power.

Sellers’ length of tenure in the home remained at a high of 10 years; historically, this has been six to seven years. Sellers may find 2021 is an ideal time to sell in order to maximize their solid equity position (unprecedented “house wealth”) and the current buyer demand.

Chittenden County Market Results

Look no further than this quaint Colchester 3 Bedroom single-family home. | MLS# 4827396
Single-Family January-December 2020  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$386,486 +8.9% $452,875 +10.8%
1,346 -4.1%1,497 -13%
44 -2.2%
Condo January-December 2020  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$265,000 +3.9% $291,420 +2.7%
717 +7%719 -2.8%44 -25.4%

The median sale price for single-family homes in Chittenden County increased by nearly 9% in 2020 and 14% over the previous 2 years. Newly listed homes went under contract quickly – many with multiple offers creating upward pressure on pricing in an already undersupplied market.

Many buyers have turned to new construction in communities like Hillside at O’Brien Farm and South Village – both in South Burlington. New builds offer buyers time to make selections in location, floorplans, and finishes while not competing in the frenzied re-sale market. However, supply chain disruptions and increased cost for materials are pressuring builders who want to deliver a high-quality product on time.

With the increase in median sale price comes an increase in the equity position for many homeowners. The time to list may be right for Sellers who have postponed a move to list their home. Showing practices during COVID-19 are efficient and less intrusive then they were pre-pandemic. In most cases, only well-qualified buyers who have viewed homes online – via video and photos – narrowed their search to your home will physically enter your property. Many qualified buyers are waiting for the right property to hit the market; so savvy sellers, with guidance from their agent, will list their home now and not wait until the spring.

Chittenden County Median Price by Property Type

MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET 
Chittenden County Single-Family$386,486 8.90%1346-4.10%1497-13.00%44
Bolton$279,500 -1.10%100.00%129.10%35
Buels Goren/an/an/an/an/an/an/a
Burlington$379,950 9.50%210-3.70%220-15.40%32
Charlotte$631,750 21.00%62-6.10%66-26.70%116
Colchester$392,000 7.80%158-4.80%171-21.20%38
Essex$366,250 7.80%192-5.40%224-5.90%38
Hinesburg$400,000 14.60%29-43.10%38-25.50%57
Huntington$256,500 -21.20%22-8.30%224.80%86
Jericho$404,000 4.90%53-23.20%64-25.60%49
Milton$315,500 8.80%114-1.70%127-5.20%26
Richmond$385,000 10.00%3719.40%35-20.50%55
Shelburne$620,000 3.80%72-5.30%85-3.40%56
South Burlington$478,000 11.20%1795.90%215-4.00%40
St. George$452,000 4.10%912.50%10-9.10%41
Underhill$359,950 10.30%360.00%35-30.00%34
Westford$370,000 17.50%3313.80%30-21.10%81
Williston$480,068 20.90%929.50%106-1.90%36
Winooski$305,500 14.50%38-20.80%37-24.50%23
MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET 
Chittenden County Condo$265,000 3.90%7177.00%719-2.80%44
Bolton$119,500 -9.10%1754.60%17112.50%49
Burlington$290,000 6.60%1102.80%120-7.70%32
Charlotten/an/an/an/an/an/an/a
Colchester$289,000 29.00%8313.70%75-17.60%63
Essex$236,500 -4.40%136-1.50%138-1.40%42
Hinesburg$225,750 -17.10%2-75.00%4-42.90%85
Jericho$277,500 -4.80%1427.30%1440.00%49
Milton$235,000 10.00%27-3.60%26-16.10%33
Richmond$245,500 15.80%2-33.30%30.00%25
Shelburne$305,250 -18.60%3134.80%28-17.70%44
South Burlington$245,000 1.70%20612.60%196-6.70%53
Williston$309,000 -3.60%61-16.40%653.20%21
Winooski$262,000 4.80%27125.00%32166.70%24

Addison County Market Results

3 bedroom home for sale in Middlebury VT
Very Nice 3 Bedroom, 2 Bath Home in a great location in Middlebury! | MLS# 4843071
Single-Family January-December 2020  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$285,000 +8.8% $320,817 +7.2%378 -1.3%432 -14.8%110 -4.4%
Condo January-December 2020  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$245,000 +24.4% $271,165 +18%20 -25.9%26 -7.1%188 +291.7%

The median sale price for a single-family home in Addison County increased to $285,000. Still, buyers are drawn to the affordability and quality of life in towns like Bristol, Monkton, and Vergennes.

Middlebury College attracts alumni seeking homes in town and in the neighboring town of Cornwall. While shoreline and accessibility to Lake Champlain drive sales in neraby Ferrisburgh, Addison, and Panton. Even as the number of new listings to the market decline, a variety of properties remain for buyers to choose from – and a bit more time to contemplate a purchase.

Addison County median home price 2018-20

Addison County Median Price by Property Type

 

MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET 
Addison County Single-Family$285,000 8.80%378-1.30%432-14.80%110
Addison$335,000 28.40%21-4.60%19-32.10%140
Bridport$195,000 -24.10%13-13.30%150.00%184
Bristol$265,000 1.90%3925.80%4820.00%76
Cornwall$427,000 -0.40%1935.70%26116.70%116
Ferrisburgh$320,000 15.40%34-17.10%45-8.20%127
Goshen$259,000 93.50%3-25.00%4-42.90%232
Granville$390,000 14.70%3-40.00%4-20.00%157
Hancock$100,000 -45.30%350.00%4-42.90%84
Leicester$282,000 46.90%150.00%10-65.50%152
Lincoln$256,000 25.50%10-41.20%11-52.20%201
Middlebury$275,000 -3.70%66-8.30%72-19.10%86
Monkton$337,000 14.60%2864.70%3413.30%37
New Haven$329,000 9.00%1660.00%2471.40%66
Orwell$215,250 5.00%10-41.20%15-21.10%111
Panton$337,500 -26.70%6-50.00%7-50.00%64
Ripton$275,000 39.20%1066.70%1250.00%51
Salisbury$248,250 -32.00%10-16.70%12-42.90%100
Shoreham$310,000 49.40%176.30%13-45.80%355
Starksboro$343,000 38.90%1741.70%1911.80%62
Vergennes$241,500 8.50%24-25.00%21-47.50%64
Waltham$240,500 -29.30%4-20.00%4-42.90%88
Weybridge$276,000 -41.10%950.00%1025.00%145
Whiting$118,000 -1-3200.00%15

Franklin County Market Results

5 bedroom home for sale St Albans City
Extremely well maintained and tastefully updated 5 bedroom, 3 bath Colonial style home on a .38 acre double lot in St. Albans City! | MLS# 4838286

Single-Family January-December 2020 
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$250,000 +7.1% $260,224 +11.6%649 +9.1%719 -9.7%82 -15.5%

Condo January-December 2020 
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$235,000 +20.5% $231,734 +10%
73 +25.9%70 +4.5%
170 -47.8%

For the first time, the median sale price of a single-family home in Franklin County hit $250,000. Still, the county remains the most affordable in the region.

The number of condos sold has jumped by more than 25% – offering buyers ease of maintenance and prices, on average, under $235,000. St. Albans topped the county in sales of single-family homes at 186 units, followed by nearby Swanton, Fairfax, Georgia, and Highgate. With convenient access to I-89, these towns remain attractive to buyers seeking an easy commute to work and amenities.

Franklin County median home price 2018-20Franklin County Median Price by Property Type

 

SALE MEDIAN PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET 
Franklin County Single-Family$250,000 7.10%6499.10%719-9.70%82
Bakersfield$215,500 32.80%1812.50%22-12.00%108
Berkshire$203,500 8.80%1427.30%2315.00%121
Enosburg$197,750 10.50%3656.50%27-29.00%168
Fairfax$322,590 6.80%66-5.70%79-10.20%48
Fairfield$271,450 -7.40%2033.30%16-36.00%74
Fletcher$257,500 -2.50%16-33.30%13-51.90%141
Franklin$258,750 54.00%166.70%23-14.80%161
Georgia$325,000 23.30%6326.00%621.60%72
Highgate$222,500 0.00%52100.00%46-2.10%62
Montgomery$249,000 60.70%195.60%3620.00%117
Richford$149,000 26.80%32-8.60%39-9.30%137
Sheldon$230,000 15.00%17-41.40%26-27.80%41
St. Albans$255,750 5.70%18614.10%2147.00%57
Swanton$233,450 1.90%94-6.00%93-27.90%90

Grand Isle County Market Results

Welcome to Terrapin Lane on the shores of Lake Champlain! One of 3 lakeshore lots with private beach and next to golf course! 9 lots available.

Single Family January-December  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$307,000 +13.8% $419,754 +33%177 +18.8%212 -6.2%125 -4.6%

Single Family January-December  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$339,400 +21.9% $339,400 +21.9%1 -50.0%1 -50.0%1 -98.5%

Surrounded by Lake Champlain, Grand Isle County has long been a destination for Vermonters and tourists alike. A short drive from nearby Chittenden and Franklin County, Grand Isle County proved to be a desirable locale for those living and working in the remote world we experienced in 2020.

The median sale price for single-family homes rose nearly 14% far greater than the region’s 8% growth. Sixteen of the Luxury Sales in 2020 were in Grand Isle – accounting for nearly 10% of the homes sold. The average sale price of those homes was $1,406,438, with the median standing at $1,250,000.

Grand Isle County median home price 2018-20Grand Isle County Median Price by Property Type

 MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET
Grand Isle County Single-Family$307,000 13.80%17718.80%212-6.20%125
Alburgh$205,000 31.80%437.50%53-28.40%162
Grand Isle$305,000 7.50%41-2.40%46-2.10%88
Isle La Motte$368,000 56.60%19111.10%22-12.00%162
North Hero$341,500 22.00%4441.90%5519.60%146
South Hero$399,000 5.00%3011.10%365.90%66

Vermont Luxury Home Market Results

New Construction Home for Sale in Colchester VT
Now is your chance to build the home of your dreams along the shores of Lake Champlain in Colchester | MLS# 4844420

Luxury Homes January-December 2020 
Median Sale Price:Units Sold:Newly ListedDays on Market:
$1,141,000 +17.9%
108 +63.6%159 +44.6%124 +0.8%

In spite of a slow start, in part due to COVID-19, the luxury market ended the year in record fashion. While out of state travel restrictions stifled the traditional spring market, by mid year buyer demand began to rise. 

Luxury Homes Sold 2018-20Property videos, professional photography, and options like FaceTime offered creative solutions for “COVID -19 refugees” to consider a purchase without always visiting the homes in person. The term “second primary residence” was coined as buyers and vacation homeowners moved to their Vermont properties for extended periods.

Across the state, Vermont Realtors sold over 300 homes worth over $1 million or more, nearly three time the prior year. Northwest Vermont recorded 108 sales at prices over $850,000, a 40%+ increase. The luxury market, unlike mid price ranges had available inventory that, in some cases, had sat on the market for some time.

The stunning rebound in sales during the second half of 2020 is largely driven by out of state, cash buyers or Vermonters who desire high-end amenities, views, and location while living & working remotely. In the COVID-19 era, “want and need” have become more significant variables affecting the decision-making process to buy in the luxury market.

Luxury Market Share

AddressTownCountySale PriceDate Sold
3735 Harbor RoadShelburneChittenden$4,950,000 1/17/2020
209 Hills Point RoadCharlotteChittenden$1,165,000 1/20/2020
587 Ridgefield RoadShelburneChittenden$875,000 1/21/2020
269 Thorpe Cove RoadCharlotteChittenden$1,550,000 1/31/2020
193 Poor Farm RoadColchesterChittenden$885,000 2/28/2020
1816 Morgan Horse Farm RoadWeybridgeAddison$1,070,000 3/2/2020
208 Meadowood DriveSouth BurlingtonChittenden$887,500 3/27/2020
347 Popple Dungeon RoadCharlotteChittenden$1,239,000 4/1/2020
837 Bay RoadShelburneChittenden$1,150,000 6/8/2020
119 Holmes RoadSouth BurlingtonChittenden$1,020,000 6/9/2020
2687 Greenbush RoadCharlotteChittenden$890,000 6/15/2020
2751 Thompson\'s Point RoadCharlotteChittenden$885,000 6/16/2020
164 Pheasant Hill Ridge RoadShelburneChittenden$2,135,000 6/26/2020
6659 Spear StreetCharlotteChittenden$880,000 6/29/2020
233 Thorpe Cove RoadCharlotteChittenden$1,630,000 6/29/2020
163 Old Stage LaneShelburneChittenden$850,000 7/2/2020
51 Van Sicklen RoadSouth BurlingtonChittenden$1,200,000 7/2/2020
50 Windridge RoadSouth HeroGrand Isle$1,250,000 7/7/2020
64 Waterview RoadColchesterChittenden$1,350,000 7/8/2020
2854 Harbor RoadShelburneChittenden$1,425,000 7/9/2020
51 Bixby Hill RoadEssexChittenden$925,000 7/15/2020
475 Golf Course RoadSouth BurlingtonChittenden$1,370,000 7/27/2020
301 Wolfe RoadAddisonAddison$1,310,000 7/27/2020
3408 Harbor RoadShelburneChittenden$1,145,000 7/29/2020
8 Whately RoadSouth BurlingtonChittenden$860,000 7/31/2020
38 Contentment LaneSouth HeroGrand Isle$1,000,000 7/31/2020
266 South Union StreetBurlingtonChittenden$1,149,000 8/5/2020
177 Maeck Farm RoadShelburneChittenden$882,500 8/6/2020
719 Converse Bay RoadCharlotteChittenden$1,200,000 8/10/2020
33 Colodny WaySouth HeroGrand Isle$2,050,000 8/12/2020
296 South Cove RoadBurlingtonChittenden$925,000 8/13/2020
386 South Forty RoadShelburneChittenden$1,650,000 8/17/2020
263 Quarry RoadShelburneChittenden$1,050,000 8/18/2020
162 Autumn Hill LaneShelburneChittenden$950,000 8/19/2020
222 McNeil Cove RoadCharlotteChittenden$1,265,000 8/19/2020
104 Pine Haven Shores LaneShelburneChittenden$1,295,000 8/21/2020
615 Thayer Beach RoadColchesterChittenden$1,005,000 8/24/2020
219 Appletree Point RoadBurlingtonChittenden$1,200,000 8/25/2020
324 Wings PointCharlotteChittenden$1,950,000 8/31/2020
7133 Spear StreetCharlotteChittenden$1,531,884 8/31/2020
99 Central AvenueSouth BurlingtonChittenden$1,450,000 8/31/2020
293 Ordway Shore RoadShelburneChittenden$1,150,000 9/1/2020
3323 Highbridge RoadGeorgiaFranklin$875,000 9/2/2020
341 West Shore RoadSouth HeroGrand Isle$2,150,000 9/3/2020
211 Mills RoadGeorgiaFranklin$1,025,000 9/4/2020
1275 Spear StreetSouth BurlingtonChittenden$965,000 9/10/2020
14 Turtle Bay LaneSouth HeroGrand Isle$1,250,000 9/14/2020
2296 Greenbush RoadCharlotteChittenden$918,500 9/15/2020
1301 Cider Mill RoadCornwallAddison$995,000 9/16/2020
330 Cold Spring RoadMiltonChittenden$959,900 9/17/2020
465 Autumn Hill LaneShelburneChittenden$1,200,000 9/21/2020
116 Sunset CliffBurlingtonChittenden$1,950,000 9/25/2020
121 West Shore RoadGrand IsleGrand Isle$1,460,000 9/25/2020
27 Lakeview TerraceBurlingtonChittenden$1,375,000 9/30/2020
6110 Mt. Philo RoadCharlotteChittenden$1,995,000 10/1/2020
24 Point Farm West RoadGrand IsleGrand Isle$1,600,000 10/1/2020
52 Sunset CliffBurlingtonChittenden$1,225,000 10/1/2020
191 South Winooski AvenueBurlingtonChittenden$860,000 10/2/2020
2409 Munger StreetNew HavenAddison$1,600,000 10/2/2020
178 Popple Dungeon RoadCharlotteChittenden$1,100,000 10/5/2020
15 Eastman WayBurlingtonChittenden$1,700,000 10/7/2020
51 Pinnacle DriveSouth BurlingtonChittenden$1,137,000 10/8/2020
52 Waterview RoadColchesterChittenden$931,975 10/15/2020
665 Prindle RoadCharlotteChittenden$910,000 10/15/2020
97 Chapin RoadEssexChittenden$1,175,000 10/16/2020
141 Baker PlaceNorth HeroGrand Isle$899,000 10/20/2020
5261 Lake RoadCharlotteChittenden$1,251,000 10/22/2020
6529 Spear StreetShelburneChittenden$990,000 10/23/2020
275 Charles RoadWillistonChittenden$850,000 10/23/2020
8 Stanhope RoadSouth BurlingtonChittenden$854,000 10/28/2020
390 Indian TrailLeicesterAddison$1,050,000 10/28/2020
273 West Shore RoadSouth HeroGrand Isle$995,000 11/2/2020
455 Singing Hills RoadCornwallAddison$1,175,000 11/2/2020
1 Crescent Beach DriveBurlingtonChittenden$1,475,000 11/3/2020
1099 Marble Island RoadColchesterChittenden$1,637,500 11/4/2020
15 Partridge RoadSouth HeroGrand Isle$2,450,000 11/6/2020
310 South StreetSouth HeroGrand Isle$1,275,000 11/6/2020
21 Point Farm WestGrand IsleGrand Isle$1,099,000 11/6/2020
1317 Spear StreetSouth BurlingtonChittenden$1,325,000 11/12/2020
25 Eastman WayBurlingtonChittenden$2,993,000 11/16/2020
346 South StreetSouth HeroGrand Isle$1,145,000 11/17/2020
83 Wind Ridge DriveShelburneChittenden$1,375,875 11/20/2020
246 Crescent RoadBurlingtonChittenden$937,500 11/30/2020
147 West Shore RoadGrand IsleGrand Isle$1,495,000 12/1/2020
74 Overlake ParkBurlingtonChittenden$1,295,000 12/1/2020
200 Lake StreetBurlingtonChittenden$950,000 12/7/2020
446 Terrace DriveWillistonChittenden$879,000 12/8/2020
222 Lost Cove RoadColchesterChittenden$1,025,000 12/9/2020
424 Burgey Farm RoadAddisonAddison$955,000 12/11/2020
82 Sunset Cliff RoadBurlingtonChittenden$940,000 12/11/2020
385 Mile Point RoadFerrisburghAddison$862,500 12/14/2020
10 Ladd PointGrand IsleGrand Isle$1,185,000 12/15/2020
263 Frogs End DriveShelburneChittenden$1,150,000 12/15/2020
186 South Willard StreetBurlingtonChittenden$975,000 12/16/2020
225 Weed RoadHinesburgChittenden$935,000 12/17/2020
1156 Middle RoadColchesterChittenden$1,148,500 12/18/2020
418 James Farm RoadCharlotteChittenden$1,169,000 12/22/2020
1816 Morgan Horse Farm RoadWeybridgeAddison$1,100,000 12/29/2020
60 Featherbed LaneSouth HeroGrand Isle$1,200,000 12/30/2020

Multi-Family Market Results

5-unit multi-family buildings for sale Burlington VT
Incredible investment opportunity to own a slice of Burlington with 3 buildings on a large corner lot in a great neighborhood sandwiched between the UVM Medical Center, colleges and the Old North End. | MLS# 4839746

 MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET
All Counties
Multi-Family$350,000 0.30%16414.70%214-8.20%87
Chittenden County$417,300 7.00%10817.40%138-4.20%57
Addison County$250,000 13.60%15114.30%20-13.00%220
Franklin County$229,750 8.50%40-4.80%51-16.40%111
Grand Isle County$179,900 -44.10%1-50.00%50.00%475

The investor market remains strong in northwest VT, mostly driven by low-interest rates and strong equity positions in existing properties for owners. The median sale price of $350,000 was stable across the region with 7% growth to $417,300 in Chittenden County.

The number of units sold grew substantially over 2019, while properties coming on the market continued a year over year decline. Burlington, the largest city in Vermont, accounts for most multi-family sales in the region, boasting an average sale price in excess of $700,000.

According to the recently published Allen, Brooks & Minor Report, the apartment vacancy rate in Chittenden County is the lowest reported in the past six years at 1.1%. As long as tenants can stay on top of their rent payments – some struggling with unstable unemployment – and housing for college students remains in high demand, the desirability of owning multi-family properties in the region will continue.

Multi-Family Market Share

Vermont Land Market Results

20-acres of land for sale Vergennes Vermont
20 acre lot with stellar Otter Creek Valley & Adirondack views! Approved 4 bedroom septic design. Minutes to Vergennes & Middlebury! | MLS# 4843107

Land January-December 2020  
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$109,950 +10.0% $159,496 +16.5%244 +23.9%495 +11.5%321 +9.2%

After a brief slow down in early 2020, land sales ended up increasing across the region. The declining inventory for existing homes and buyer preferences for amenities, energy-efficiency, and newly envisioned living spaces contribute to this growth.

Options remain for purchasers looking to build their dream home. Factors to consider include the longer wait time to occupancy and higher costs associated with building a home during the pandemic.

More buyers in 2020 found the option to build new a wise choice. Demand for land and new construction is expected to be strong in 2021.

 MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET
Chittenden County$170,000 22.30%864.90%130-3.70%278
Addison County$90,000 28.60%7032.10%13232.00%437
Franklin County$67,000 -0.70%6259.00%147-2.70%264
Grand Isle County$107,500 20.80%2613.00%8648.30%292

Q3 Market Report

South Hero Lakefront home for Sale
Spectacular waterfront home with 150’ of deeded lakefront on a beautiful 1.14 acre lot in South Hero. MLS# 4832540.

Just 3 months ago, in our Mid-Year 2020 market report, we provided data on the effect that the coronavirus had on real estate in northwest Vermont. The market had heated up after a pause due to the statewide shutdown. Low inventory, low interest rates and pent up demand pushed median prices higher year over year. The height of the real estate market – typically spring – had been pushed into summer. What we could not predict was the sustained demand for Vermont real estate that surged through the 3rd quarter of 2020, showing little sign of letting up.

Single-Family January-September 2020    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$322,500 +5.7% $368,630 +6%
1,815 -2.8% 2,335 -15%75 +2.7%

Condo January-September 2020    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$259,950 +6.2% $282,962 +2.6%590 +4.8%670 +2.1%55 -19.1%

Northwest Vermont Single-Family Home Median Sale Price 2020

In a recent article in Forbes, George Ratiu, Senior Economist at Realtor.com is quoted “Real estate markets have undergone noticeable shifts since the start of the coronavirus pandemic, in the wake of the lockdowns in March, Americans discovered that existing homes were not adequate for the new work, teach, exercise, cook and live at home reality. Based on realtor.com surveys of consumers, we learned that home shoppers are looking for more space, quieter neighborhoods, home offices, newer kitchens and access to the outdoors, traits which have revived a strong interest in the suburbs and smaller metro areas.” This, coupled with accolades for Vermont’s handling of the virus – quickly flattening the initial wave and slowly opening the economy in a safe way, has contributed to the continued demand in our region.

Our website, HickokandBoardman.com, has seen a 27% increase in users and pageviews year over year. In-state visits to the site increased by 23% while out-of-state visits were up 33%. New York, New Jersey New England states, and California topped the list for out of state visitors searching for Vermont property.

The luxury market (defined for this report as residential property above $850,000) has benefited substantially. In search of a “second primary home,” buyers from out of state – most with ties to Vermont – are snapping up larger homes with amenities that meet their desire for space and a sense of safety. Newly listed homes in this category increased 36%, offering a variety of options for those looking for a lifestyle change.

Northwest Vermont Market Share by VolumeNationally, the median price of existing homes pushed to a record high of $310,600 – up 11.4% annually. Locally, the median price has increased nearly 6% to $322,500 for a single-family home. These prices vary by county and town, so it is important to consult with our Realtors for data in your specific area.

In August, mortgage rates set several record lows, which added to the fierce competition for housing. Low rates give buyers additional purchasing power while sellers benefit from increased equity positions in their homes. A “seller’s market” continues, as buyers are often challenged by the reality of multiple offers. Being well prepared, pre-approved and working with a Realtor experienced in navigating the intricacies of crafting purchase offers in this unprecedented market is critical for buyers wanting to achieve their dream of home ownership this year.

Despite the calendar pointing us in the direction of winter, and what used to be a slower period for real estate transactions, Sellers should view this as an extended spring/summer market. Get your home on the market and keep it on the market through the winter and “holiday season.” Virtual showings and video enable buyers to view your home at their convenience. And, COVID guidelines reduce the number of people actually entering your home. Yet, the number of serious buyers in the market remains strong. With guidance from your Realtor, you should be able to negotiate a contract with price and terms that meet your needs still allowing you time to enjoy the holidays with family and plan a move for early 2021.

Chittenden County Market Results

Home for Sale in South Burlington VT
Spectacular views of Lake Champlain & the Adirondacks await from this beautiful 5 bedroom, 5.5 bath home on 1.99 landscaped acres in South Burlington. | MLS# 4833167

Single-Family January-September 2020    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$380,000 +7% $443,012 +8.2%
965 -8.5%1,227 -15.2%
47 0%

Condo January-September 2020    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$265,000 +5% $289,017 +1.6%
519 +3.4% 589 +1.9%49 -23.4%

Chittenden County Median Sale Price for Single-Family Homes 2018-2020

Chittenden County Median Sale Price by Property Type 2020