Land Sales See Mixed Results Across Northwest Vermont

This beautiful building lot just become available. Lovely mountain views, sunsets, pastoral setting & 31.7 acres of common land in Williston. | MLS# 4758527
Northwest Vermont    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$100,000 (+22%) $128,185 (-4.7%)80 (-15.8%)265 (+3.1%)280 (+3.3%)

While land sales have increased across northwest Vermont over the past 2 years, there is still plenty to choose from. Land prices vary greatly based upon location, permitting, and infrastructure. With a shortage of homes available for sale, the idea of buying land and building a home has been a solution for some. However, for many, the land, permitting and development costs combine to make new homes more expensive than older, existing home stock. 

Chittenden County posted the largest number of land sales with a 15.6% increase over 2018. Although Chittenden County’s median sales price – at $122,500 – is the highest in the region, available lots include a building lot in the New North End of Burlington to multiple acres in nearby communities with mountain views.

Franklin and Grand Isle Counties recorded healthy increases in new land listings coming on the market – providing many affordable options for the right buyer. Still, land owners can plan on a year, on average, for their property to sell.

 

Land showed a healthy increase in 2018

Nice, open level lot with Adirondack Mountain views in a great location close to South Burlington/Shelburne town line. MLS# 4714389
Northwest Vermont    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$88,000 (0%)$150,130 (+36.7%)203 (+7.4%)463 (-19.3%)289 (+1.4%)

Land sales across northwest Vermont showed a healthy increase over 2017. With inventory of homes for sale declining year over year coupled with a strong seller’s market – many buyers are turning to land purchases to build a custom home. 

Addison County closed nearly the same number of land sales as Chittenden County – but at a more affordable median price of $70,000.

With an increase in sales and a decline in new land listings to the market, parcels that have been for sale for an extended period of time are being absorbed. Developers are looking for land in key locations to satisfy the demand from potential homeowners looking to down size or right size their lifestyle.

Still, land owners can plan on nearly a year, on average, for a property to sell.

 

Land Sales in Northwest Vermont Remain Strong

Nice, open level lot with Adirondack Mountain views in a great location close to South Burlington/Shelburne town line. MLS# 4714389
 Median Sale PriceAverage Sale PriceUnits SoldNewly ListedDays on Market
Northwest Vermont $82,000 (-0.9%) $134,209 (35.5%)151 (14.4%)384 (-20.8%)248 (-15.7%)
Chittenden County $135,000 (0%) $228,623 (74.8%)47 (6.8%)117 (-6.4%)234 (3.1%)
Addison County $65,625 (-12.5%) $94,643 (5%)50 (13.6%)111 (-30.6%)261 (-17.1%)
Franklin County$53,500 (-0.9%) $69,224 (16.1%)34 (21.4%)106 (-8.6%)207 (6.2%)
Grand Isle County$76,250 (1.7%) $121,725 (15.4%)20 (25%)50 (-40.5%)315 (-46.7%)

Lands sales across northwest Vermont remain robust with a 14% increase year over year.

Addison county posted the greatest number of sales – 50 in total; while Grand Isle County had a 25% increase.

Despite the increased demand and decline in newly listed parcels available for sale, inventory remains strong. Buyers can choose from large or small parcels; with views or rural; at a variety of price points. The median sale price has remained stable throughout 2018 at $82,000.

Permitting, development, and building costs can contribute to higher than average prices for homes when complete – however, homeowners benefit from new, energy efficient and lower maintenance options.

 

Vermont Land Sales See over 28% Boost Over 2017

Morning views to Mount Mansfield, evening sunsets with a hearty walk to the rear of the lot which is the height of this land. MLS# 4693819
Northwest Vermont    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$82,000 (-7.9%) $134,471 (+35.6%)95 (+28.4%)257 (-21.7%)271 (+11.5%)

Sales of land across northwest Vermont showed robust increases over the same period last year.

Addison County posted a 60% increase in land sales with a total of 32 parcels sold – equal to neighboring Chittenden County. With sellers looking to “right size” their home and take advantage of a “seller’s market” – many are turning to land purchases to build a custom home. Permitting, development and building costs can contribute to higher than average prices for the home when complete – however, the buyers benefit from new, energy efficient and lower maintenance options. Developers looking for land in key locations have also contributed to some on the increases.

More buyers are turning to land purchases to build a home

Spectacular owned lakefront property featuring unobstructed views of Lake Champlain in Burlington. MLS# 4667247

Northwest Vermont    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$84,200 (-6.4%)$174,492 (+72.1%)42 (+13.5%)99 (0%)263 (-5.1%)

Chittenden County     
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$127,500 (+20%)$330,071 (+159.6%)14 (-12.5%)39 (+34.5%)287 (+90.1%)

Addison County    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$66,250 (-24.7%)$114,672 (+19.3%)16 (+77.8%)34 (-2.9%)270 (-58.6%)

Franklin County     
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$62,000 (+20.9%)$74,540 (+34.9%)10 (+11.1%)22 (+15.8%)215 (+32.7%)

Grand Isle County     
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$63,750 (-8.9%)$63,750 (-46.3%)2 (-33.3%)4 (-75%)284 (+75.3%)

The number of sales for land has increased across Addison and Franklin Counties, where the median price of land is more affordable than nearby Chittenden County.

Still, as the availability of single family homes for sale across northwest VT continues at historic lows, buyers are turning toward land purchases in order to build their home. Permitting, development and building costs can contribute to higher than average prices for the home when complete – however buyers benefit from new, energy-efficient and in some cases, custom selections for their home. Developers looking for land in key locations have also contributed to some of increases.