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 Multi-Family$494,500 19.0%1060.0%142-14.5%49
Chittenden County$522,500 15.1%826.5%108-12.2%40
Addison County$425,000 4.9%5-28.6%1536.4%63
Franklin County$297,000 31.2%18-14.3%18-37.9%84
Grand Isle County$385,000 483.3%10.0%$1-66.7%29

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.