Grand Isle County

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 1^st 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.

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

Grand Isle County benefitted from the changing buyer patterns throughout the pandemic when buyers were drawn to the beautiful landscape, lakeshore property, and many had the option to work remotely. With a small number of sales each year, the median and average sale prices in Grand Isle County can be affected by 1 or 2 large sales. The number of days on market (DOM) is just over one month – a steep decline over 2021. This demonstrates strong buyer demand while the number of homes for sale continues to decline.

Grand Isle County felt the impact of changing buying patterns throughout the pandemic when buyers were drawn to the beautiful landscape, lakefront property, and peaceful countryside. Some purchasers moved for retirement, others benefited from virtual employment, and some chose South Hero for its easy drive into Chittenden County.

53 single-family homes sold in the first half of 2022, a 30% decline from the records set in 2021. 84 new properties came to market, still a 16% decline from the prior year. The median sale price at $346,500, a slight decrease from 2021, may reflect changing product mix vs. stalling price appreciation.   

Surrounded by Lake Champlain, Grand Isle County has long been a destination for Vermonters and tourists alike. As lifestyles changed as a result of the global pandemic, Grand Isle proved desirable for those able to work remotely. With a quick drive to Chittenden County, Franklin County, and Burlington International Airport – the number of homes sold over the past 2 years has increased while the number of homes coming on the market declined nearly 16% – mostly during the second half of 2021. This drove the median price up by 24% to $380,000 – a considerably higher increase than the region. Inventory was absorbed more quickly in 2021, with the average days on market (DOM) dropping to 67 days – or just over 2 months from listing to close. Alburgh led the county with 28% of the closed sales. Affordability in this northernmost town, coupled with the greatest number of new listings on the market likely contributes to these results.  

Surrounded by Lake Champlain, Grand Isle County has long been a destination for Vermonters and tourists alike. As lifestyles changed as a result of the COVID -19 pandemic, Grand Isle County proved even more desirable for those able to work remotely. Still a quick drive to Chittenden County, Franklin County, and Burlington International Airport – single-family home sales have increased by more than 77% so far in 2021. Inventory levels proved healthy enough to satisfy new buyers while keeping the pace of the market reasonable at nearly three months from listing to closing. Alburgh accounted for 37% of the homes sold across Grand Isle County. Affordability of this northernmost town, coupled with 34 new homes coming to market, likely contributed to this surge. 

Surrounded by Lake Champlain, Grand Isle County has long been a destination for Vermonters and tourists alike. A short drive from nearby Chittenden and Franklin County, Grand Isle County proved to be a desirable locale for those living and working in the remote world we experienced in 2020.

The median sale price for single-family homes rose nearly 14% far greater than the region’s 8% growth. Sixteen of the Luxury Sales in 2020 were in Grand Isle – accounting for nearly 10% of the homes sold. The average sale price of those homes was $1,406,438, with the median standing at $1,250,000.

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. 

The Grand Isle County real estate market has been more adversely affected by COVID-19 than the surrounding counties. With a large second home market, the restrictions on out-of-state travelers likely contributed to the 40% decline in home sales during Q2. The summer months are typically the height of the season for these island towns.

If more sellers list their homes for sale, after considering their individual circumstances, the demand from buyers seeking refuge and affordability can be met. The median and average sale price has fluctuated over the past three years as a result of the relatively small number of sales coupled with the purchase of luxury properties across the county. The changes in pricing are not a result of depreciation.