After 2 Years of Growth, Franklin County See 12% Drop in Home Sales

Picturesque brick farmhouse situated on 5 acres in Highgate. | MLS# 4634801

Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$212,500 (+2.2%)$214,728 (+3.3%)393 (-11.9%)651 (-8.6%)122 (+15.1%)

Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$196,688 (-0.7%)$211,761 (+3.6%)34 (+30.8%)52 (-17.5%)129 (-40.3%)

Franklin County remains the most affordable county included in this report. The median price of single-family homes sold YTD is $212,500, compared to $322,500 in nearby Chittenden County.

The tightening of Chittenden County inventory during the past few years has sent buyers north to Franklin County and south to Addison County, in search of more affordable properties.

While the number of homes sold in Franklin County has jumped by 20% since Q3 2014, inventory of available homes for sale has not kept pace with demand. Since Q3 2014, single-family homes available for sale has declined 30%.

After two years of healthy growth in terms of sale price and units sold, single-family home sales dropped nearly 12% YTD – an indication of market normalization and low inventory. Construction of new condominiums in the county have remained in demand, with a steady increase of 30% in the number of transactions closed.