Chittenden County’s Median Price Continues to Rise

Enjoy the best of both worlds in this lovely custom built home on 3 acres in Essex. You will love the charm, quality and custom features throughout. | MLS# 4816243

Our mid-year report includes data for the first 6 months of 2020, as well as data for the 2nd quarter of 2020 alone. We cannot analyze the trends in the northwest Vermont real estate market without understanding the effects of COVID-19 which struck Vermont in mid-March.

Single Family
January-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$360,000 +1.4% $420,483 +2.8%
467 -18.8%715 -22.1%56 0%
Condo
January-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$261,100 +6.6% $286,077 +4.0%272 -9.6%
353 -1.9%55 -27.6%
Single Family
April-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$376,000 +3.0% $427,373 +2.2%257 -32%
437 -26.1%
42 -20.8%
Condo
April-June
    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$249,000 +0.6% $276,673 +0.5%153 -30.1%217 -19%49 -38.8%

The median sale price for single-family homes continued the year over year climb to $360,000; a 7.5% increase over the same period in 2018. Condominium pricing also rose while still providing a more affordable and low maintenance option for home buyers. Newly listed homes dropped 26% during the second quarter amidst the spread of COVID-19 – increasing the pressure on an already undersupplied market. Sellers, hesitant to open their homes to in-person showings yet motivated to keep their home listed for sale, worked with our marketing team to create video tours of their property.

Buyers acted quickly when the right property caught their eye resulting in only 42 days on the market (DOM) – the number of days from list to contract; the lowest we’ve seen in many years. In some key price points and locations, the “DOM” is in the single digits.

 MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET
Chittenden County Single-Family$360,000 1.40%467-18.80%715-22.10%56
Bolton$282,500 12.80%20.00%620%42
Buels Goren/an/an/an/an/an/an/a
Burlington$347,000 -8.20%65-30.10%93-32.10%44
Charlotte$522,000 11.10%21-22.20%40-29.80%104
Colchester$363,500 2.80%67-1.50%89-26.50%50
Essex$339,950 3.30%70-21.40%102-20.30%40
Hinesburg$349,000 22.30%12-40.00%19-32.10%64
Huntington$325,500 -6.80%7-36.40%11-15.40%146
Jericho$385,000 -4.40%12-63.60%29-35.60%78
Milton$289,950 6.60%40-4.80%56-22.20%37
Richmond$350,000 15.70%1318.20%18-21.70%122
Shelburne$597,500 21.60%19-47.20%36-28.00%88
South Burlington$430,000 6.40%64-7.30%105-6.30%55
St. George$434,393 13.70%9350%1025.00%41
Underhill$326,500 20.60%928.60%21-19.20%66
Westford$314,900 14.50%13-7.10%180.00%75
Williston$397,000 -17.00%28-9.70%46-4.20%38
Winooski$266,750 15.50%16-20%16-40.70%46
 MEDIAN SALE PRICEVS 2019UNITS SOLDVS 2019NEWLY LISTEDVS 2019DAYS ON MARKET
Chittenden County Condo$261,100 6.70%272-9.60%353-1.90%55
Bolton$126,500 -1.30%80.00%1067%48
Burlington$317,500 9.10%39-2.50%55-12.70%35
Colchester$246,000 12.20%37-7.50%434.90%98
Essex$214,500 -10.40%48-23.80%61-10.30%76
Hinesburg$286,500 5.40%1-66.70%n/an/a163
Jericho$430,316 130.20%566.70%6-25.00%32
Milton$241,000 3.90%1318.20%1741.70%46
Richmondn/an/an/an/an/an/an/a
Shelburne$475,000 15.30%1318.20%15-11.80%66
South Burlington$249,000 8.30%77-9.40%101-5.60%44
Williston$302,450 -7.40%20-28.60%28-3.50%20
Winooski$260,000 4.00%1137.50%17142.90%23