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 PRICE | VS 2021 | UNITS SOLD | VS 2021 | NEWLY LISTED | VS 2021 | DAYS ON MARKET | |
|---|---|---|---|---|---|---|---|
| Northwest Vermont Multi-Family | $494,500 | 19.0% | 106 | 0.0% | 142 | -14.5% | 49 |
| Chittenden County | $522,500 | 15.1% | 82 | 6.5% | 108 | -12.2% | 40 |
| Addison County | $425,000 | 4.9% | 5 | -28.6% | 15 | 36.4% | 63 |
| Franklin County | $297,000 | 31.2% | 18 | -14.3% | 18 | -37.9% | 84 |
| Grand Isle County | $385,000 | 483.3% | 1 | 0.0% | $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.