Driven by the staggering median sale price of $1,210,000 in Stowe, Lamoille County has the 2nd highest median price across the counties in the report. Buyer demand, exceeding the inventory of single-family homes and condos available for sale, drove prices 13-14% higher than during the first half of 2022. In addition to Stowe, Cambridge and Morristown posted the greatest number of both single-family homes and condos sales in the county.
Lamoille County‘s single-family home market saw a decline in both sales volume and new listings in the first quarter of 2023, with a drop of approximately 31% and 21%, respectively, compared to the same period last year.
Despite the lower sales volume and limited inventory, the median sold price for single-family homes in the county increased by approximately 14.7% year-over-year, indicating continued strong demand in this segment of the market.
The condo market in Lamoille County fared better, with a median price increase of around 26% compared to the first quarter of 2022, and an increase in both sales volume (27.7%) and new listings (23%) for condos. This suggests that the condo market may be a more attractive option for buyers in this area, given the limited inventory for single-family homes.
Although our Vermont Market Report has traditionally focused on northwest Vermont, buyer patterns have changed in recent years. Many people considering lifestyle and virtual work options can expand their search criteria as inventory tightened and prices increased in neighboring counties. Our Agents are able to provide market knowledge and skilled negotiation no matter where you search for your next Vermont property.
The median sale price across Lamoille County has increased 52% since 2019. This number is significantly affected by the sales in Stowe which have surged over the past few years. The other towns in Lamoille County offer homes priced well under the county median for buyers to consider.
Although our Vermont Market Report has traditionally focused on Northwest Vermont, as inventory tightened and prices increased, more and more buyers looked to neighboring counties. Our Agents are able to provide market knowledge and skilled negotiation no matter where you search for your next Vermont property.