Chittenden County Market Results

Beautiful 3 bedroom home, on 3 acres in Hinesburg, offers beautiful living spaces and custom craftsmanship! | MLS# 4798186
Single-Family Homes
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$351,000 +4.8%
$413,337 + 5.8%208 +5.6%
276 -15.6%
45 +17.7%
Condos
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$267,500 +11.7%
$291,699 +10.8%
132 +25.7%
162 +15.7%
59 -20.3%

 

Franklin County Market Results

Unique and beautiful property near Jay Peak with Farmhouse, log home, guest cottage, and sugaring operation. | MLS# 4766884

Single-Family Homes
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$227,750 +9.1%
$233,595 +7.6%

96 +23.1%

139 -8%

116 -2.5%

Condos
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$189,900 +2.4%
$189,659 -4.5%
11 +83.3%

18 +125%
122 +82.1%

Vermont Land Market Results

Private 3.2 acre lot with over 290 feet of Lake Champlain frontage in Ferrisburgh | MLS# 4768095
MEDIAN SALE PRICEVS 2018UNITS SOLDVS 2018NEWLY LISTEDVS 2018DAYS ON MARKET
All Counties Land$87,500 -27.10%26-16.10%1040%260
Chittenden County$208,000 73.30%9-30.80%26-23.53%211
Addison County$82,250 -20.70%100.00%3042.86%347
Franklin County$48,000 -41.30%716.70%34-19.05%200
Grand Isle County----14100%-

Early 2020 Market Report

Custom Home on 10+ acres in the remarkable countryside of Shelburne! MLS# 4771575

Single Family
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$303,500 +3.6% $345,361 +6.1%2,530 +11.3%3248 +4.9%73 -16.1%

Condo
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$245,000 +6.5% $276,300 +6.4%756 -0.1%835 -6.9%65 -7.1%

Last year at this time, we provided our recap of 2018 and projections for 2019 based upon analyst predictions for the national and local real estate market. Limited inventory of homes for sale remained the top story. The stock market was volatile; a government shut down impacted the economy and housing market for a short time; mortgage interest rates were projected to reach 5.25% by the end of 2019; and there was talk of a looming recession. Despite those predictions, 2019 was a strong year for real estate. 

While the supply of homes coming on the market remained lower than buyer demand, many parts of our region reflected an increase in inventory. The median sale price grew, enticing home owners to sell in order to maximize their equity. Interest rates dropped in 2019 by .75-1.0% points and will remain low in 2020 – likely somewhere between 3.7% and 3.9%.

With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy in 2020.

Millennials, many saddled with heavy student loan debt, have made their mark on the real estate market after many years on the sidelines. At the start of 2019, Millennials accounted for 45% of home buyers. This group is expected to dominate the market again in 2020. Realtor.com expects millennials to make more than 50% of all home purchases in 2020. As home prices increase, Millennials look toward more affordable places to put down roots – namely smaller locales on the outskirts of cities and towns. This has led to the term “hipsturbia communities” – live-work-play communities. Vergennes and Bristol in Addison County & Winooski, Jericho and Hinesburg in Chittenden County are examples of towns with healthy increases in homes sold – perhaps as result of Millennials buyers entering the market.

Baby Boomers, on the other end of the housing spectrum, are staying in their homes longer than ever; 10-13 years on average vs 7 years, historically. These home owners are willing to sell their large family homes but are having trouble finding new home that are right-sized, with easy maintenance so that they can enjoy the lifestyle they have worked so hard to achieve. Their large, family homes may not appeal to energy conscious Millennials also seeking life balance.

New construction projects play a key role in easing the inventory shortage, delivering homes that today’s buyers are looking for and stabilizing pricing. Builders face challenges in land, permit and materials cost as well as shortages in labor which puts the price of new homes in the area well above $400,000. Some communities are challenging new developments, with neighbors raising concerns about the loss of green space and wildlife habitats. The quality of life that draws people to Vermont needs to be carefully balanced with the cost of living in our beautiful state.

2020 will remain a seller’s market in most of the region, with a true buyer’s market not on the immediate horizon. Multiple offers on homes priced near the median for the market and located in sought after towns will continue through the year; however, conditions are favorable for real estate.

Buyers and sellers alike should have these best practices in mind: identify your wants and needs, learn about the market, form reasonable expectations, perform your due diligence, and be prepared to act – with the assistance of a skilled and trusted Realtor.

Addison County Single-Family Home Sales Increased 10% over 2018

This completely remodeled home is just a few blocks from downtown Vergennes, amenities.| MLS# 4792020

Single Family
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$262,000 -2.4% $299,352 +0.9%383 +10.1%506 -1.0%115 +1.8%

Condos
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$197,000 -5.7% $229,759 +2.8%27 +58.8%28 +16.7%48 -22.6%

The number of single-family homes sold in 2019 jumped 10% in Addison County, while newly listed properties and sales prices remained stable. Condominium sales rose from 17 units in 2018 to 27 units in 2019. An increase in condos available fueled this growth along with more affordable price points and ease of maintenance.  

Buyers are attracted to the relative affordability compared to neighboring Chittenden County – along with the quaint Vermont feel of restaurants, galleries and small shops that make up the downtowns of many of the towns in Addison County.

Topping the list of closed sales in the county were Middlebury, Bristol, Ferrisburgh, and Vergennes.

A 25% increase in homes available for purchase in Vergennes resulted in a 23% rise in single family homes sold through the year. Undoubtedly, Vergennes’ thriving downtown and proximity to Lake Champlain appeal to many buyers including Millennials searching for a work-play lifestyle.
Cornwall, Panton and Weybridge lead the county with the highest median sales price.

Single-FamilyMEDIAN SALE PRICEVS 2018UNITS SOLDVS 2018NEWLY LISTEDVS 2018DAYS ON MARKET
Addison County$262,000 -2.40%38310.10%506-1.00%115
Addison$261,000 -17.70%228333.00%28-6.70%213
Bridport$257,000 -10.80%1566.70%15-11.80%167
Bristol$260,000 8.50%3110.70%4017.70%87
Cornwall$428,500 7.50%1440.00%12-50.00%217
Ferrisburgh$277,300 -10.10%4157.70%4914.00%98
Goshen$133,868 0.00%40.00%716.70%146
Granville$340,000 -20.00%566.70%5-28.60%175
Hancock$182,900 94.60%2-60.00%716.70%105
Leicester$192,000 9.10%15150.00%29163.60%88
Lincoln$204,000 -18.70%17-5.60%23-20.70%149
Middlebury$285,500 2.90%724.40%8912.70%70
Monkton$294,000 -7.60%17-29.20%30-6.30%66
New Haven$301,750 -9.40%10-33.30%14-33.30%144
Orwell$205,000 -8.90%1741.70%19-5.00%160
Panton$460,500 11.60%1220.00%14-26.30%173
Ripton$197,500 -7.60%6-25.00%7-46.20%161
Salisbury$365,000 43.10%12-20.00%210.00%163
Shoreham$207,450 -24.60%16-5.90%24-14.30%146
Starksboro$247,000 3.50%12-33.30%17-19.10%54
Vergennes$222,500 -5.00%3223.10%4025.00%60
Waltham$340,000 21.50%566.70%740.00%64
Weybridge$468,750 7.80%6-14.30%80.00%149
Whitingn/an/an/an/a1-80.00%n/a

Chittenden County saw double digit gains in single-family homes sold.

Enjoy seasonal lake & mountain views from this beautifully upgraded townhouse in the Burlington Hill Section’s Overlake Condos. | Burlington Condos

Single-Family Homes
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$355,000 +4.4%$408,623 +7.2%1403 +13.7%1720 +12.4%45 -27.4%

Condos
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$255,000 +8.5% $283,855 +6.9%669 -0.9%738 -8.7%59 +1.7%

The housing market remains hot in Chittenden County posting double digit gains in the number of single-family homes sold.

The 12% increase in homes listed during 2019 was quickly absorbed by the buyers in the market. With mortgage interest rates dropping in 2019, many new buyers entered the market after remaining on the sidelines. Multiple offers in key areas and price points, continued to push the median and average sale prices up. Shelburne, Charlotte and South Burlington posted the highest median prices in the county while Winooski, Bolton and Milton offered homes below the county median. 

Condominiums remain a more affordable option than single-family homes in Chittenden County. The 8.5% increase in median price may be a result of newly built condos, at higher prices, in addition to the normal affects of supply & demand. Ease of maintenance, the “right size” floorplans and energy efficiency of new condominiums are attractive to families and empty- nesters alike.

In South Burlington, Hillside at O’Brien Farm welcomed 23 new homeowners with 13 more awaiting their dream homes to be completed in 2020. South Village, off of Spear Street, may introduce the long-awaited Phase 3 of their “agri-hood” community. Additional new construction projects in Shelburne, Essex and Williston may ease the inventory shortage slightly.

With “days on the market” (the time from listing to closing) at only 1.5 months, buyers must be well prepared to act fast with the assistance of their REALTOR if they want to achieve their dream of home ownership in 2020.

Single-Family HomesMEDIANVS 2018UNITS SOLDVS 2018NEWLY LISTEDVS 2018DAYS ON MARKET
Chittenden County$355,000 4.40%140313.70%172012.40%45
Bolton$282,500 2.00%10-23.10%11-31.30%66
Buels Goren/an/an/an/an/an/an/a
Burlington$347,000 2.40%21823.90%26027.50%36
Charlotte$522,000 0.40%6622.20%9013.90%109
Colchester$363,500 7.70%16638.30%21636.70%43
Essex$339,950 6.20%2029.20%2394.80%35
Hinesburg$349,000 1.80%5130.80%51-15.00%57
Huntington$325,500 14.30%2426.30%21-32.30%50
Jericho$385,000 4.10%6930.20%8630.30%38
Milton$289,950 0.00%1166.40%1346.40%41
Richmond$350,000 8.40%3114.80%4446.70%29
Shelburne$597,500 51.50%7610.10%88-3.30%54
South Burlington$430,000 6.70%169-2.90%2249.30%43
St. George$434,393 36.80%814.30%1137.50%120
Underhill$326,500 -18.30%365.90%5031.60%35
Westford$314,900 1.60%2920.80%388.60%68
Williston$397,000 5.90%84-5.60%1082.90%45
Winooski$266,750 -5.20%4820.00%490.00%27

CondosMEDIAN SALE PRICEVS 2018UNITS SOLDVS 2018NEWLY LISTEDVS 2018DAYS ON MARKET
Chittenden County$255,000 8.50%669-0.90%738-8.70%59
Bolton$131,500 22.90%11-8.30%8-50.00%88
Burlington$268,500 2.70%1065.00%12917.30%46
Charlotten/an/an/an/a1n/an/a
Colchester$224,000 8.70%739.00%915.80%48
Essex$247,450 21.90%1387.80%139-17.80%58
Hinesburg$272,450 71.60%80.00%7-36.40%201
Jericho$291,357 24.00%1157.10%1066.70%64
Milton$213,725 6.90%2833.30%310.00%69
Richmond$212,000 -29.30%350.00%30.00%60
Shelburne$375,000 31.60%2315.00%3447.80%45
South Burlington$241,000 3.90%183-10.70%210-9.90%55
Underhilln/an/an/an/an/an/an/a
Williston$320,530 3.10%73-9.90%63-35.10%79
Winooski$250,000 -15.30%12-47.80%12-47.80%86

Franklin County Saw Strong Growth in Median Sale Prices

Go big and come home to this magnificent & well laid out 4 bedroom home in St. Albans Town! MLS# 4825853

Single Family
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$233,500 +11.8% $233,234 +7.6%595 +6.6%796 0.0%97 -6.7%

Condos
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$195,000 +4.0% $210,741 +1.7%58 -9.4%67 +4.7%134 -34.6%

The most affordable county in northwest Vermont – Franklin County continues to draw buyers and investors seeking home ownership options. Town by town data varies widely with median prices and sales fluctuating based upon proximity to interstate 89, Lake Champlain or in second home areas.  

Accounting for nearly half the sales in the county, St. Albans and Swanton, together, posted healthy improvements in the median sales price after slight declines in 2018. Fairfax and Fletcher continue to thrive with the number of closed sales increasing year after year.

Single-Family HomesMEDIAN SALE PRICEVS 2018UNITS SOLDVS 2018NEWLY LISTEDVS 2018DAYS ON MARKET
Franklin County$233,500 11.80%5956.60%7960.00%97
Bakersfield$162,250 -14.10%1633.30%2566.70%56
Berkshire$187,000 41.10%1110.00%1926.70%120
Enosburg$179,000 15.50%23-8.00%38-13.60%136
Fairfax$302,000 5.60%7011.10%88-3.30%68
Fairfield$293,000 39.50%150.00%258.70%90
Fletcher$264,000 6.90%2426.30%27-3.60%107
Franklin$168,000 4.40%15150.00%2722.70%162
Georgia$263,500 -5.90%5013.60%610.00%85
Highgate$222,500 23.30%26-35.00%47-4.10%106
Montgomery$155,000 -23.50%18-5.30%3042.90%150
Richford$117,500 26.30%3512.90%44-20.00%191
Sheldon$200,000 9.00%297.40%369.10%57
St. Albans$242,000 16.90%1638.00%200-3.90%98
Swanton$229,000 14.50%1004.20%129-1.50%75