Land Market Results

This increase in demand absorbed some property that had been on the market for a while and encouraged land owners to list. That surge has subsided in 2022 with a 14% decrease in properties coming to market and a 27% decrease in sales.

 MEDIAN SALE PRICEVS 2021UNITS SOLDVS 2021NEWLY LISTEDVS 2021DAYS ON MARKET
Northwest Vermont$147,000 54.7%127-27.4%189-14.1%159
Chittenden County$230,000 32.8%37-22.9%6416.4%137
Addison County$136,000 46.2%45-11.8%$42-36.4%210
Franklin County$99,000 62.3%29-48.2%$59-19.2%132
$90,375 0.4%16-20.0%24-7.7%116

New Construction

While there is still an appetite for homeowners to consider building their custom home, some builders may not be able to start the project for 2 – 3 years. This is affecting some land sales where land gains tax may be a factor in the event a primary residence is not completed within the prescribed timeframe.
A number of Developers have projects in the pipeline for late 2022 and 2023, which will provide much needed single-family and condominium inventory to the market. Still, more building is needed to satisfy demand.