An Affordable Alternative to Chittenden County

Franklin County Real Estate
Warm & inviting home with arge family room. St. Albans Town MLS#4486817
County Averages   
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$202,000 (+3.1%)284 (+28.50%)
530 (-9%)105

Franklin County Residential Sale Price rose 3.1%Buyers are turning to Franklin County to search for residential properties in the sub-$250,000 range, especially as inventory has tightened considerably in neighboring Chittenden County. Gas prices remain stable and below $2.50 a gallon, which makes the county a more affordable option for professionals who commute to Chittenden County or other locations.

The first six months of 2016 continued to demonstrate the historical split in pricing and demand for the eastern and western sides of the county. Towns on the western side are witnessing stronger demand and pricing, partly because they are closer to 1-89 and more attractive to commuters. Eastern towns such as Richford tend to record lower median sale prices.

Because of Chittenden County’s tight market, some buyers are looking deeper into the available housing stock within Franklin County, helping to absorb some of the county’s excess inventory. The market currently carries about 7 months of available inventory, or about half the levels seen in January. Because of those trends, prices are rising, with some buyers considering homes that may have been on the market for a while or are in need of upgrades.

Median Sale Prices are Rising

With tighter inventory in both Franklin and Chittenden counties, buyers are pushing up prices. The median sale price in Franklin County rose 3.1% to $202,000, marking a rare instance of the county’s median sale price tipping above the $200,000 mark.

Affordability Remains a Draw

Even with the higher median sale price, Franklin County remains the most affordable county within Northwest Vermont. Buyers who are priced out of Chittenden County, where it can be difficult to find homes in the sub-$250,000 range, often turn to Franklin as an affordable option.

Stronger Economy

Companies such as Superior Technical Ceramics, which makes specialty ceramics for industrial use, and pharmaceutical firm Mylan Technologies are hiring, helping push the unemployment rate down to 3.5%.


Franklin County Homes Sales by Town

Land sales doubled during the first half of the year, rising to 22 transactions from 11 a year earlier. The median sale price rose more than 22 percent to $75,500. With the stronger economy and tight inventory levels, some professionals and retirees are opting to buy land parcels and custom-build homes.

The multi-family market was little changed, with 10 sales in the first half the year, compared with 11 a year earlier. The median sale price slipped 25% to $206,625.

 

 

Franklin County

Year round living on Lake Champlain. MLS#4480738
County Averages   
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$189,000 (+5.6%)125 (+37.4%)220 (+11%)110

Franklin County Real Estate Sale Price 2016Franklin County is benefiting from a revitalized downtown and demand for buyers seeing homes in the sub-$200,000 price range, which has made the county more affordable for professionals who commute to Chittenden County or other locations.

Still, demand and pricing differs considerably between the eastern and western sides of the county. Our Realtors have found that towns in the western section tend to draw more buyers and interest, thanks to their proximity to I-89. Towns in the eastern half of the county tend to see lower demand and median prices.

Affordability is a Big Draw

Because Franklin County’s median sale price is the lowest in Northwest Vermont, it tends to draw buyers who are looking to buy more with their money. Finding homes in the sub-$250,000 range can sometimes be challenging in nearby Chittenden County.

Lower Gas Prices

As noted above, towns closer to 1-89 have witnessed stronger pricing trends and demand, such as Georgia, where the median sale price rose 18.9% in the first quarter.  Gas prices slipped below $2 a gallon in the first quarter, which helps entice some buyers to look for property in the county.

Employers Are Hiring

Institutions such as Northwestern Medical Center and companies such as shipping firm A.N. Deringer are hiring, bringing more professionals to the county.


Franklin County Snapshots

Land sales more than tripled during the first three months of 2016, jumping to 13 transactions from 3 a year ago. The median sale price gained more than 10 percent to $73,000. Some professionals and retirees are buying land in the county to custom-build their own homes.

The multi-family market was unchanged with six sales in the first quarter. Investors sought lower-priced properties, bringing the median sale price down 41 percent to $181,500.

 

Franklin County

Franklin County Housing Market 2015
Beautiful Franklin County home for sale.
County Averages   
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$188,500 (+1.9%)517 (+6.4%)1034 (-3%)122

Franklin County Housing Market in 2015Franklin County’s real estate market benefited from an uptick in demand, fueled by homebuyers seeking homes in the sub-$200,000 price range. Lower prices at the gas pump have helped make the county a more affordable option for professionals who commute into Chittenden County or other locations.

Nevertheless, our Realtors have noted that the property market is a “tale of two counties.” Towns in the western section of the county are generally seeing stronger demand, thanks to their proximity to the interstate. Pricing and demand has tended to be weaker for towns located in the more remote eastern part of the county.

Quick Commutes

As noted above, towns closer to I-89 have witnessed stronger pricing trends and demand, such as Fairfax, where the median sale price rose 7.5% in 2015. Some towns to the east, which are farther from the interstate, saw a dip in median pricing.

Regional Affordability

Franklin County’s median sale price is the lowest in Northwest Vermont, which makes it an affordable option for professionals seeking single-family homes in the sub-$250,000 range. Properties also often offer more land and space than in neighboring Chittenden County, which appeals to some buyers.

Employers Are Hiring

Businesses such as pharmaceutical company Mylan and logistics company A.N. Deringer are hiring, bringing new professionals into Franklin County.

 


Franklin County, Vermont 2015 Market Snapshot

Thirty-one land sales were recorded last year, slightly less than 2014’s 34 land transactions. While demand was slow during the start of the year, when abnormally cold temperatures kept buyers out of the market, land sales picked up in the summer and fall. The median sale price for land parcels rose 36% to $70,000.

The multi-family market dropped slightly, with 18 sales last year, compared with 25 a year earlier. Still, the median sale price jumped 33%, reaching $214,300.

 

Franklin County experiences strong gain in residential market

County Averages   
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$194,000 (+4.3%)387 (+2.7%)877 (-2%)120

Residential sales picked up in Franklin County during the fi rst nine
months of 2015, boosted by a stronger economy and buyers looking
in the county for more affordable housing than in neighboring
Chittenden County.

Still, not every town in the county is equally benefitting from the boost in demand.


Proximity to I-89

Those towns in the western section of the county – which are closer to 1-89 — are seeing higher median pricing and stronger demand. Fairfax, which borders 1-89, recorded both higher median pricing and sales volume, for instance. Many towns to the east, which are farther from the interstate, saw a dip in median pricing.

Commuters To Chittenden County

Given the difficulty in finding single-family homes in the sub-$250,000 range in Chittenden County, more buyers are looking at properties in Franklin County. The continuation of low gas prices has helped to make the county more affordable for commuters in the past year.

A Diverse Business Base

The revitalization of St. Albans, as well as hiring by local employers such as pharmaceutical company Mylan and logistics company A.N. Deringer, are supporting demand for housing.


Land sales fell 21.4% to 22 transactions during the first nine months of the year. Land sales were slow during the winter months, when sub-normal temperatures kept buyers sidelined, but they’ve picked up during the summer and fall. The median sale price for land parcels rose 23% to $69,500.

The multi-family market dropped slightly, with 17 sales during the first nine months of 2015 compared to 20 in the same period last year. With high prices and competitive bidding for multi-family properties in Chittenden County, some investors are looking to Franklin County. The median sale price rose 31% to $221,100.

Affordable Franklin County Draws Buyers

County Averages   
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$196,000219 (1.4%)574 (-6%)142
CBHB_2015_Spring_NewGraph_Franklin-copyFranklin County’s residential market is rebounding after a slower market in 2014, helped by demand from first-time homebuyers who are drawn by the county’s more affordable price point than Chittenden County’s.

In the residential market, which is dominated by single-family homes, a number of factors are influencing sales and pricing.


Proximity to I-89

Those towns located closer to I-89 are typically witnessing higher median pricing. For instance, Fairfax, which is adjacent to I-89, boasts the highest median sales price in the county, at $253,000. Enosburg,  an eastern town that’s farther from the interstate, had one of the lowest median sales prices, at $115,500.

Towns closest to the interstate also recorded the highest number of sales, such as St. Albans Town, Swanton and Fairfax. Many of the towns in the eastern part of the county recorded fewer transactions than those in the west, which are closer to the highway.

Commuters To Chittenden County

With gas prices remaining low, some buyers who work in Chittenden County are seeking homes in Franklin County, given that commuting costs have become more affordable in the past year.

A Diverse Business Base

Demand for housing is also growing thanks to the county’s diverse base of corporate employers, including Ben & Jerry’s, pharmaceutical company Mylan, and logistics company A.N. Deringer.


Land sales fell 52% to 11 transactions. Sales were especially slow in the first quarter, when the abnormally low temperatures kept buyers on the sidelines. The median sale price for land parcels declined 9.3% to $61,800.

The multi-family market was steady with eleven sales during the first six months. Given the competitive market for duplexes and three- and four-apartment homes in Chittenden County, investors are looking to Franklin County for lower-cost options. The median sale price rose 71% to $276,000.
Franklin_Table

Lower Prices Present Opportunity to New Buyers

MARKET INSIGHTS
Median Sale Price:$179,500
Units Sold:90 (+11.1%)
Newly Listed:197 (-21.2%)
Days on Market144

After a slower fourth quarter, home sales in Franklin County rebounded in the first quarter, helped by demand from first-time buyers seeking property in towns located near 1-89. Nevertheless, demand and pricing was bifurcated between the eastern and western sides of Franklin County, with our agents noting that property in eastern towns, farther away from 1-89, are taking longer to sell and at lower prices than on the western side of the county. Across the county, median pricing slipped 3% to $179,500. Lower gas prices have helped encourage buyers to look for property in the county, which serves as a commuting hub for professionals with jobs in Chittenden County. With the question over the future of IBM’s former chip plant resolved, that’s also unleashed some pent-up demand for property in Franklin County. On top of those trends, some buyers are looking for homes in Franklin County because of its lower price point when compared with Chittenden County, where the median home price stands at almost $255,000. For buyers looking for sub-$200,000 properties, Franklin County may offer more value and bigger land parcels, our agents note. Towns such as St. Albans City, St. Albans Town, Georgia and Fairfax – all close to 1-89 – recorded the largest number of transactions. St. Albans City recent downtown renovation is also attracting buyers to the town, while employers such as pharmaceutical company Mylan are hiring, adding to demand for housing.

franklin

Home sellers required 144 days to market their properties, slightly more than 122 days required a year earlier. This period also reflects fthe irst quarter which includes the winter selling season.

About 93 percent of the county’s residential market is represented by single-family homes, where the median sale price dipped 2.1 percent. The median sale price for condominiums rose 1.1%.

With the abnormally low winter temperatures during the first quarter, land sales fell 70% to only three transactions. The median sale price for land parcels rose 3.1% to $66,000.

Investors continue to look to Franklin County for multifamily homes, especially given the competitive market for duplexes and three- and four-apartment homes in Chittenden County. Six multi-family homes sold during the first quarter, unchanged from the year-earlier period. The median sale price rose 85.2% to $306,000.

 

franklin_table