Luxury Home Sales increase 28% in 2017

Private mountain estate. Spectacular Main house with 24’ cathedral ceiling, gracious guest house plus rustic cabin on 24 acres with mountain views & pond. MLS# 4674273
Luxury Homes   
Median Sale Price:Average Sale Price:Units Sold:Days on Market:
$1,019,00(-2.7%)$1,187,484 (-5.5%)46(+27.8%)159

Sales of Luxury homes increased substantially in northwestern Vermont in 2017 — up 28% with 46 units sold, compared to 2016.

The story remains the same: Nationally, the luxury home market is being affected as consumers seek smaller homes with lighter tax burdens, but data still shows that Vermont has one of the more affordable luxury home markets in New England based on property value — which might be contributing to another strong showing for this market in northwestern Vermont.

Luxury sales are defined, in this report, as residential sales at $850,000 and above. Buyers purchased in-town properties, lakefront, lake view and lake access properties – as well as some country homes with acreage, views and unique features.

While the median sale price of a luxury home in northwestern Vermont has dropped slightly, the average days on market has also dropped to 159 days from listing to closing. This is good news for both buyers and sellers.