Franklin County Real Estate Market Report

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.

 

SALE MEDIAN PRICE	VS 2019	UNITS SOLD	VS 2019	NEWLY LISTED	VS 2019	DAYS ON MARKET
Franklin County Single-Family	$250,000	7.10%	649	9.10%	719	-9.70%	82
Bakersfield	$215,500	32.80%	18	12.50%	22	-12.00%	108
Berkshire	$203,500	8.80%	14	27.30%	23	15.00%	121
Enosburg	$197,750	10.50%	36	56.50%	27	-29.00%	168
Fairfax	$322,590	6.80%	66	-5.70%	79	-10.20%	48
Fairfield	$271,450	-7.40%	20	33.30%	16	-36.00%	74
Fletcher	$257,500	-2.50%	16	-33.30%	13	-51.90%	141
Franklin	$258,750	54.00%	16	6.70%	23	-14.80%	161
Georgia	$325,000	23.30%	63	26.00%	62	1.60%	72
Highgate	$222,500	0.00%	52	100.00%	46	-2.10%	62
Montgomery	$249,000	60.70%	19	5.60%	36	20.00%	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%	186	14.10%	214	7.00%	57
Swanton	$233,450	1.90%	94	-6.00%	93	-27.90%	90

Single-Family January-September 2020
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$246,000 +5.6%	$252,186 +7.8%	468 +12.2%	591 -11%	94 -3.1%

Condo January-September 2020
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$237,900 +25.5%	$234,405 +17%	58 +52.6%	60 +13.2%	76 -40.6%

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:
$245,500 +9.1%	$244,681 +6.3	241 +6.2%	357 -12.3%	117 +14.7%

Condo January-June
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$210,000 +11.1%	$217,892 +9.6%	25 +19.1%	41 -8.9%	112 -16.4%

Single Family April-June
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$257,000 +10.4%	$251,980 +6.4%	145 -2.7%	218 -14.8%	117 +25.8%

Condo April-June
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$243,250 +26.4%	$240,075 +20.8%	14 -6.7%	23 -37.8%	104 -35.4%

Franklin County fared well during the first half of 2020 despite the limitations caused by COVID-19. The affordability of homes and convenient location near I-89 make the county an excellent option for buyers. The number of units sold increased for single-family homes and condos during the period. This is likely a result of the availability of inventory and a median price $115k less than nearby Chittenden County.

The median price of single-family homes in Franklin County has increased by nearly 20% since 2018, but remains an affordable option for buyers and is good news for sellers who have increased equity in their home.

St. Albans and Swanton represent 42% of the sales closed in Franklin County, while Montgomery tops the county in median sale price at $310,000.

	MEDIAN SALE PRICE	VS 2019	UNITS SOLD	VS 2019	NEWLY LISTED	VS 2019	DAYS ON MARKET
Franklin County Single-Family	$245,500	9.10%	241	6.20%	357	-12%	117
Bakersfield	$249,950	2.00%	8	60.00%	9	-18.20%	169
Berkshire	$155,000	-13.20%	3	-25.00%	6	-33.30%	167
Enosburg	$208,000	5.10%	15	36.40%	16	-20.00%	152
Fairfax	$300,000	-2.00%	23	-4.20%	41	7.90%	64
Fairfield	$263,000	-10.20%	7	0.00%	8	-20.00%	102
Fletcher	$275,000	4.60%	9	0.00%	5	-68.80%	244
Franklin	$310,500	98.70%	8	166.70%	9	-40.00%	211
Georgia	$283,500	-5.90%	24	0.00%	34	3.00%	127
Highgate	$218,000	3.80%	21	162.50%	32	33.30%	65
Montgomery	$310,000	108.10%	5	0.00%	16	6.70%	120
Richford	$111,450	19.50%	10	-28.60%	16	-40.70%	254
Sheldon	$234,950	48.70%	6	-25.00%	13	-43.50%	66
St. Albans	$244,500	11.50%	61	-13%	99	2.10%	86
Swanton	$235,000	4.40%	41	17.10%	53	-23.20%	115

Single-Family Homes
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$227,750 +9.1%	$233,595 +7.6%	96 +23.1%	139 -8%	116 -2.5%

Condos
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$189,900 +2.4%	$189,659 -4.5%	11 +83.3%	18 +125%	122 +82.1%

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$233,500 +11.8%	$233,234 +7.6%	595 +6.6%	796 0.0%	97 -6.7%

Condos
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$195,000 +4.0%	$210,741 +1.7%	58 -9.4%	67 +4.7%	134 -34.6%

The most affordable county in northwest Vermont – Franklin County continues to draw buyers and investors seeking home ownership options. Town by town data varies widely with median prices and sales fluctuating based upon proximity to interstate 89, Lake Champlain or in second home areas.  

Accounting for nearly half the sales in the county, St. Albans and Swanton, together, posted healthy improvements in the median sales price after slight declines in 2018. Fairfax and Fletcher continue to thrive with the number of closed sales increasing year after year.

Single-Family Homes	MEDIAN SALE PRICE	VS 2018	UNITS SOLD	VS 2018	NEWLY LISTED	VS 2018	DAYS ON MARKET
Franklin County	$233,500	11.80%	595	6.60%	796	0.00%	97
Bakersfield	$162,250	-14.10%	16	33.30%	25	66.70%	56
Berkshire	$187,000	41.10%	11	10.00%	19	26.70%	120
Enosburg	$179,000	15.50%	23	-8.00%	38	-13.60%	136
Fairfax	$302,000	5.60%	70	11.10%	88	-3.30%	68
Fairfield	$293,000	39.50%	15	0.00%	25	8.70%	90
Fletcher	$264,000	6.90%	24	26.30%	27	-3.60%	107
Franklin	$168,000	4.40%	15	150.00%	27	22.70%	162
Georgia	$263,500	-5.90%	50	13.60%	61	0.00%	85
Highgate	$222,500	23.30%	26	-35.00%	47	-4.10%	106
Montgomery	$155,000	-23.50%	18	-5.30%	30	42.90%	150
Richford	$117,500	26.30%	35	12.90%	44	-20.00%	191
Sheldon	$200,000	9.00%	29	7.40%	36	9.10%	57
St. Albans	$242,000	16.90%	163	8.00%	200	-3.90%	98
Swanton	$229,000	14.50%	100	4.20%	129	-1.50%	75

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days on Market
Single-Family	$232,700 (13%)	$233,852 (9.2%)	416 (-5%)	658 (-3.4%)	97 (-8.5%)
Condos	$189,500 (5.9%)	$200,391 (0.2%)	38 (-24%)	53 (8.2%)	128 (-38.8%)
Multi-Family	$180,670 (-9.2%)	$208,646 (1.3%)	33 (6.5%)	51 (6.3%)	85 (-34.1%)
Land	$75,250 (40.7%)	$98,343 (42.1%)	30 (-11.8%)	135 (26.2%)	184 (-11.1%)

The prices of homes sold continue to increase over 2018. Homeowners, considering the sale of their property may want to act now in order to optimize their gains.  

Franklin County offers a variety of housing options and price points from city homes in St. Albans, suburban developments in Fairfax, country homes in Georgia and Swanton – or mountain living in Montgomery. Buyers may have a bit more breathing room when deciding to purchase in Franklin County – but don’t wait too long – homes and investment properties are selling on average in only 3 months on the market.

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$225,000 (+9.8%)	$230,137 (+6.8%)	227 (-14.3%)	405 (-9.8%)	102 (-8.1%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$189,000 (+8%)	$198,749 (+3.4%)	21 (-27.6%)	45 (+45.2%)	134 (-28.7%)

 

Fueled by robust increases in the price of homes sold in St. Albans, Georgia and Fairfax – the median sale price for Franklin County rose to $225,000. Homeowners, considering the sale of their property may want to act now in order to optimize their gains.

The decline in the number of homes sold year to date may be more a factor of decreased inventory rather than a lack of demand. Countywide, sales take little more than 3 months from listing to closing.

Fairfax, within a comfortable commuting distance to employers to the north or south, has the highest median price in the county and remains a popular option among buyers. The lack of new homes coming to market affected the total number of sales. With “DOM – days on market” at only 70 days – homes were quickly purchased by ready and able buyers.

St. Albans and Swanton together account for nearly half of the sales in the county. The median sale price has increased in both cities helping push the county median up nearly 10%.

 

 

 

 

 

 

 

 

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days on Market
Single-Family	$208,300 (13.2%)	$216,370 (7.4%)	79 (-16%)	151 (-7.4%)	118 (-8.5%)
Condos	$185,500 (8.2%)	$198,671 (3.8%)	6 (-50%)	8 (-50%)	67 (-70.6%)
Multi-Family	$210,835 (-1.9%)	$214,112 (-3.3%)	6 (-45.5%)	13 (62.5%)	126 (-22.2%)
Land	$81,750 (31.9%)	$101,667 (36.4%)	6 (-40%)	42 (90.9%)	95 (-55.8%)

 

While the number of units sold in Franklin County declined during the 1st quarter, the median and average sale prices increased.

Inventory tightened a bit with new properties coming to market declining. The harsh winter and traditionally slow months of the year may not provide enough data to determine trends that will be seen in Franklin County during 2019.

 

 

 

 

 

 

 

 

Single Family
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$208,950 (-2.8%)	$216,706 (+0.7%)	558 (+5.1%)	796 (1.4%)	104 (-14.1%)

Condo
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$187,498 (-4.6%)	$207,275 (+0.1%)	64 (+60%)	64 (+1.6%)	205 (+61.4%)

The number of properties coming on the market in 2018 stabilized after declining for a few years. This was good news for buyers seeking affordable home ownership options. Franklin County, with a median price of under $209,000, is the most affordable in northwest Vermont.

Town by town data varies widely with median prices and sales fluctuating based upon proximity to interstate 89, Lake Champlain or second home areas.

Georgia and Fairfax posted the highest median sale prices of $280,000 and $286,000 respectively. A nearly 17% increase in new homes to the market in Fairfax helped push unit sales up by 6.8%. With proximity to both Burlington and St. Albans, both towns are popular options for families.

 

 

 

 

 

 

	Median Sale Price	Average Sale Price	Units Sold	Newly Listed	Days on Market
Single-Family	$205,500 (-3.2%)	$213,898 (0.3%)	436 (9%)	680 (4.6%)	106 (-14.5%)
Condos	$178,900 (-9%)	$200,015 (-5.6%)	50 (47.1%)	49 (-5.8%)	209 (60.8%)

Franklin County remains the most affordable county in northwest Vermont. The median price for a single-family home declined slightly to $205,500 as compared to $339,950 in neighboring Chittenden County.

Single-family home and condo sales in Franklin County increased over the same period last year – far outpacing the overall trend in northwest Vermont.

Land sales remain healthy and an affordable option for buyers and developers alike.

As the average price for Multi-Family properties rises by 22% in Chittenden County, investors turn to Franklin County with the convenient location off of I-89 and average pricing near $200,000.