Driven by the staggering median sale price of $1,210,000 in Stowe, Lamoille County has the 2nd highest median price across the counties in the report. Buyer demand, exceeding the inventory of single-family homes and condos available for sale, drove prices 13-14% higher than during the first half of 2022. In addition to Stowe, Cambridge and Morristown posted the greatest number of both single-family homes and condos sales in the county.
Terrapin Lane, Alburgh, VT ~ Nestled between the shores of Lake Champlain & the greens of The Alburgh Golf Links lies this new country community.
Single-Family January-June 2023
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$394,000 +13.7%
$517,868 +23.5%
38 -28.3%
67 -20.2%
27 +47.1%
Condos January-June 2023
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$425,000 n/a
$425,000 n/a
1 n/a
1 -80.0%
7 n/a
The Grand Isle real estate market has bounced back after a slow start to 2023. While new listings of single family homes coming on the market dropped by 20% over the same period last year, the 1st quarter of the year was down 57%. Still, this limited the options available for buyers as the spring and summer season approached.
The median sale price of $394,000 is a 14% increase year-over-year, indicating continued strong demand in this segment of the market. With homes selling quickly in this area – the average number of days on the market is just 27 days – it appears that buyers are ready, willing, and able to make a move when the right home becomes available.
The results of the first half primarily reflect the seasonality of Grand Isle County’s real estate market – which is heavily influenced by sales of lakefront homes. Notably, only 1 condominium sale was reported in this period.
213 Kneeland Hill Road, Waterbury, VT ~ Nestled in the hills between Waterbury Reservoir and Worcester Mountain Range, this stunning home faces east for a morning glow and stunning mountain scenery.
Single-Family January-June 2023
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$360,000 +15.5%
$436,342 +15.7%
179 -27.2%
271 -15.3%
41 -2.4%
Condos January-June 2023
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$313,500 +14.0%
$351,657 -0.6%
50 -18.0%
70 -6.7%
24 0%
Home to the state capital of Montpelier, with Barre being the most populous municipality, the Washington County real estate market is robust yet challenging. A drop of 15% in homes available for sale failed to meet buyer demand resulting in a 27% decline in closed sales. As a result, the median sale price jumped by nearly 16%. As we write this report, we are saddened by the flood damage sustained throughout much of the county during severe, July storms. Homes and businesses alike are cleaning up and hoping to rebuild. The short- and long-term effects of this devastation have yet to be realized.
152 Wolf Lane, Lincoln, VT ~ Don’t miss this one-of-a-kind, Energy Star rated, high performance ICF Earth Sheltered custom designed home using sustainable building techniques and ecological design principles, creating maximum comfort while reducing your carbon footprint.
Single-Family January-June 2023
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$1,350,000 3.9%
$1,510,999 -17.4%
37 0%
22 -56.9%
54 -6.9%
The luxury market could arguably be stated as the market segment most impacted by the pandemic. As virtual work allowed people to move almost anywhere, many affluent buyers with both resources and flexibility chose Vermont. The number of properties sold jumped substantially, values escalated, and sales absorbed the available inventory. Prior to the pandemic Luxury homes had, on average, a 2–3-year supply on hand. This quickly dropped and has remained low.
Demand has calmed, however not diminished and sales in 2023 are flat with last year. Buyers are still shopping, as agents report a solid number of showings for new listings. Many buyers have been willing to look outside of the traditional Burlington or lake front properties to meet their needs. This may reflect a new balance of purchasers buying as a second home and many choosing to make these purchases their primary residents.
The multi-family market continues to provide owners with solid and predictable investment opportunities. In Northwest Vermont, the median price grew a modest 2.6% while posting a 45% gain since 2020. Despite the increase in mortgage interest rates over the past year, demand remains strong for Burlington and Chittenden County properties. In Chittenden County, where 70% of the multi- family sales closed, the median price jumped 10% over the same time last year.
These properties are a desirable property class in large part due to low vacancy rates, rising rents, steady appreciation, tax benefits, and a hedge against stock market fluctuations. Owners may be holding onto properties as they perceive a lack of alternative investment options and don’t want to give up their pre-2022, low mortgage rates. The 53% decline in sales is a direct correlation to lack of inventory versus demand. Well-located and well-maintained properties, as usual, continue to draw the most interest, selling quickly, in many cases at or above list price.
The 532 new units projected to open in 2023 is 53% higher than the average Chittenden County growth over the past 3 years, and 82% higher than the long-term average since 2000. Of the 532 expected units, 57% (304) are already completed as of June. For comparison, the total of new units constructed in 2022 was 291, a promising indicator.
AVERAGE APARTMENT RENTS IN CHITTENDEN COUNTY
RANGE
Studio, 1 bath
$1,200 - $1,985
1 Bedroom
$1,400 - $2,100
2 Bedroom, 1 Bath
$1,700 - $2,300
2 Bedroom, 2 Bath
$1,950 - $3,300
Of the 532 units expected to open, 206 (39%) are projected to open in South Burlington. Essex/Essex Junction is expecting 96 (18%) units, followed by Colchester 78 (15%), and Burlington 72 (13%). The rest are opening in Shelburne, Williston, and Milton. Most of the new units are identified as market rate units with a growth in “Affordable, Family” units over the prior year.
The apartment vacancy rate in Chittenden County increased slightly for the first time since the June 2020 report to 1%. For comparison, the national average is just under 5%.
Due to limited inventory, the average monthly rent has continued to increase, with the average cost of a 2-bedroom being reported at just over $1,600 a month as of the latest rent survey* with a more typical cost hovering around $2,000 per month.
As with the residential housing market, the need to act quickly is now more important than ever. Landlords do not hold apartments, the first person to provide the necessary deposit and signed lease are the ones who secure the apartment. Unfortunately, renters often must push their wants to the side and focus on their needs to find a rental option within the timeframe they require.
Source: Allen, Brooks, & Minor Report, June 2023
South Bingham Street, Cornwall, VT ~ This 37-acre land offering is a wonderful mix of an old orchard, returned back to its natural state, to the west and a maturing woodland habitat to the east with a healthy 5-acre pond in the middle.
Single-Family January-June 2023
Median Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$144,500 -3%
92 -28%
162 -14.7%
130 -18.2%
The number of land parcels that have sold during the first half of 2023 declined sharply over the same period last year, on top of the 27% decline in 2022. This period of decline follows amplified sales realized in 2021. However, this year’s results do not accurately reflect buyer interest as much as the same shortage in available inventory we are seeing in other segments of the real estate market. The number of days on the market for land is just over 4 months, down from 5 months in 2022 and 8 months in 2021 demonstrating that buyers were ready to make a move when the right property hit the market.
Franklin County’s median price jumped nearly 28% to $126,000 yet remains more affordable than other northwest Vermont counties. Addison County and Franklin County, with more undeveloped land, posted the most sales in the region with 30 and 29 closed respectively.
Long term, the solution must include more and larger development to meet demand. Reputable and well-established builders are working hard to roll out new projects and additional phases of established communities. Extensive permitting and labor shortages are impacting cost, ultimately absorbed by purchasers. More action by state and local officials is needed to satisfy demand, address affordability, and positively impact our aging housing stock.
MEDIAN SALE PRICE
VS 2022
UNITS SOLD
VS 2022
NEWLY LISTED
VS 2022
DAYS ON MARKET
VS 2022
Chittenden County
$208,000
-13.3%
25
-34.2%
36
-43.8%
124
-34.3%
Addison County
$148,000
8.8%
30
-33.3%
51
21.4%
124
-33.3%
Franklin County
$126,000
27.3%
29
0.0%
52
-13.3%
120
-34.1%
Grand Isle County
$93,750
3.7%
8
-50.0%
23
-4.2%
211
-45.5%
Warning: According to American Land Title, real estate transactions have been a prime target of cybercrime over the past decade. There is little sign of this slowing. Instead, fraudsters continue to evolve their scam and money laundering tactics to avoid detection.
This latest trend involves vacant lots or unencumbered properties (no mortgage). Fraudsters impersonate property owners to illegally sell commercial or residential property. Sophisticated fraudsters use the real property owner’s Social Security and driver’s license numbers in the transaction, as well as legitimate notary credentials which have all been fabricated. Commonly, the real owner of the property does not live nearby and is not aware of the sale. While many of these properties are posted on national websites as “for sale by owner” (FSBO), scammers are beginning to connect with real estate agents to list the property while posing as the real seller.
To combat schemes like this, South Burlington residents can now register to be notified by email whenever a document (sale of house, lien, mortgage, etc.) is filed in the South Burlington Clerk’s office. Other municipalities may be considering programs like this.
According to American Land Title, a monitoring system like this doesn’t prevent fraud from happening, at least you will be alerted if or when a document is filed. Be extremely wary if you find a land parcel for sale below market price, with a seller who is urgent to sell, and not available to meet in person.
As spring arrives in Vermont, along with the historical start of the busy real estate market, we are taking a close look at the 1st quarter results to provide buyers and sellers with valuable insights to make informed decisions. The housing market in northwest Vermont continues to be robust with strong demand and low inventory. Home prices have been increasing steadily, and multiple offers are still common. The median sale price for a single-family home in the region has increased by 8% to $400,000 compared to the same period last year. The number of homes sold declined by 20%, a result of the 15% decrease in new homes listed during the period – not a lack of demand.
The current higher mortgage interest rates have had an impact on the housing market. As interest rates increase, it becomes more expensive for buyers to finance a home purchase, which can reduce demand and slow down sales. However, the impact of higher interest rates can be mitigated by factors such as strong economic growth, high employment rates, and most notably a shortage of available housing inventory. It appears that many buyers have adjusted to the higher mortgage interest rates and are remaining in the market.
Despite these positive trends, the lack of available housing inventory has been a challenge for both buyers and sellers alike. Many homeowners have opted to stay put until they find a new home in the region or out-of-state, which has further constrained the market, leading to higher prices and competition among buyers. It is important to keep in mind that historically, the first quarter of the year tends to be the smallest in terms of listing and real estate sales volume. Statistically, increases and decreases can be affected by a few changes in the product mix. The next 6 months will be a more accurate benchmark of market trends. Overall, the housing market in northwest Vermont is showing no signs of slowing down, and it will be interesting to see how the market continues to evolve throughout the rest of the year.
Our agents have been closely monitoring the current housing market and have observed some interesting trends. Despite the challenges posed by the shortage of available inventory and higher prices, most of our agents (70%) have reported that they have the same or more buyers looking for homes than before. This is a testament to the continued strength of demand in our market areas. However, with so many buyers competing for limited inventory, nearly 90% of offers have been in multiple offer situations, making it increasingly difficult for buyers to secure a property.
Despite this, some buyers are still including inspections and financing contingencies in their offers, indicating that they are taking a more measured approach to their purchases. On the seller side, we have seen that most trust their agent’s advice on current market conditions and are readying their homes for the spring selling season. However, it is worth noting that many sellers are challenged when searching for a new home to move to, whether in Vermont or across the country. Finally, most of our agents report an increase in the pace of the market in the past month, which suggests that buyers and sellers alike need to be ready to act when the right opportunity presents itself.
1.5 Acre Lot With Lake Views! Two lots remain on Terrapin Lane, an eleven lot lakeshore community. Nestled between Lake Champlain and the rolling fairways and greens of the Alburgh Golf Links.
Single-Family Q1 2023
New Listings
Units Sold
Median Sold Price
Days on Market
21 (-22%)
10 (-57%)
$370K (+12%)
8 (-82%)
The Grand Isle real estate market saw a significant decline of approximately 56.5% in new listings for all types of homes in the first quarter of 2023, compared to the same period last year. This limited the inventory available for buyers and contributed to an overall decline in sales volume.
Despite the limited inventory, the median sales price for all types of homes in Grand Isle increased by approximately 12.0% year-over-year, indicating continued strong demand in this segment of the market.
The Grand Isle real estate market also saw a decline in days on the market for all types of homes, with the average number of days on market dropping to just 19 days in the first quarter of 2023. This suggests that homes are selling quickly in this area, potentially due to the high demand and limited inventory
This outcome may primarily reflect the seasonality, as Grand Isle County’s real estate market is heavily influenced by sales of lakefront properties. Notably, the county did not disclose any condominium sales during the period of January through March
Luxury Retreat in Waterbury! Nestled in the hills between Waterbury Reservoir and Worcester Mountain Range, this stunning home faces east for a morning glow and stunning mountain scenery. Waterbury | MLS# 4948757
Single Family Q1 2023
New Listings
Units Sold
Median Sold Price
Days on Market
79 (-26%)
62 (-45%)
$319K (+23%)
21 (+75%)
Condo Q1 2023
New Listings
Units Sold
Median Sold Price
Days on Market
30 (-21%)
19 (+0%)
$320K (+52%)
10 (-44%)
The first quarter of 2023 was challenging for the single-family home market in Washington County, with a significant decline of around 45% in sales volume compared to the same period last year. Additionally, new listings for single-family homes in the county dropped by approximately 26% year-over-year, contributing to the limited inventory and increased competition among buyers.
Despite the challenges faced by the single-family home market, the median sold price for single-family homes in Washington County increased by approximately 23% compared to the first quarter of 2022, indicating that demand remains strong in this segment of the market.
The condo market in Washington County was more stable, with flat sales volume but a significant increase of around 52% in the median sold price for condos compared to the first quarter of 2022. However, the number of new listings for condos dropped by approximately 21% year-over-year, indicating that inventory remains limited in this segment of the market as well.
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