Washington County Towns Monthly & Quarterly Updates
Washington County Market Results
| Single-Family January-June 2022 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $313,000 6.2% | $378,245 9.9% | 245 -15.8% | 320 -23.3% | 42 -22.2% |
| Condo January-June 2022 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $270,750 27.7% | $350,597 49.5% | 60 -18.9% | 75 -11.8% | 23 -61.0% |
With easy access to I-89 for commuting north or south, and an affordable media sale price, we are happy to include Washington County in our Vermont Market Report. City living, proximity to ski resorts, and country property – Washington County offers diverse housing options.
| Washington County All Property Types | MEDIAN SALE PRICE | VS 2021 | UNITS SOLD | VS 2021 | NEWLY LISTED | VS 2021 | AVERAGE DAYS ON MARKET |
|---|---|---|---|---|---|---|---|
| Barre City | $223,500 | 11.8% | 48 | 11.6% | 44 | -30.2% | 38 |
| Barre Town | $284,200 | 6.6% | 50 | -19.4% | 60 | -30.0% | 53 |
| Berlin | $299,000 | -7.3% | 13 | -27.8% | 11 | -52.2% | 43 |
| Cabot | $649,500 | 220.7% | 6 | -50.0% | 7 | -46.2% | 98 |
| Calais | $250,000 | 53.0% | 8 | -56.0% | - | - | 95 |
| Duxbury | $327,500 | -1.5% | 6 | -25.0% | 4 | -55.6% | 51 |
| East Montpelier | $425,000 | 17.3% | 9 | -30.8% | 15 | 36.4% | 37 |
| Fayston | $505,000 | 67.2% | 11 | -26.7% | 12 | 0.0% | 25 |
| Marshfield | $415,000 | 26.9% | 5 | -28.6% | 9 | 12.5% | 12 |
| Middlesex | $405,500 | 47.0% | 7 | -46.0% | - | - | 34 |
| Montpelier | $385,000 | 43.9% | 36 | 0.0% | 48 | 4.4% | 23 |
| Moretown | $250,000 | -32.5% | 5 | -58.3% | 8 | -52.9% | 71 |
| Northfield | $220,000 | -14.7% | 17 | -26.1% | 29 | -23.7% | 37 |
| Palinfield | $284,293 | -17.9% | 4 | 33.3% | 4 | -50.0% | 54 |
| Waitsfield | $339,500 | -33.4% | 13 | -13.3% | 15 | -40.0% | 41 |
| Warren | $494,000 | 103.7% | 49 | -3.9% | 71 | 34.0% | 23 |
| Waterbury | $399,900 | -27.2% | 13 | -35.0% | 28 | -28.2% | 27 |
Lamoille County Market Results
| Single-Family January-June 2022 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $435,000 +2.4% | $679,947 +0.1% | 129 -12.8% | 209 +8.6% | 52 -45.0% |
| Condo January-December 2021 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $437,500 +33.3% | $667,472 +29.7% | 64 -11.0% | 85 +3.7% | 62 -50.0% |
Although our Vermont Market Report has traditionally focused on Northwest Vermont, as inventory tightened and prices increased, more and more buyers looked to neighboring counties. Our Agents are able to provide market knowledge and skilled negotiation no matter where you search for your next Vermont property.
| Lamoille County All Property Types | MEDIANSALE PRICE | VS 2021 | UNITS SOLD | VS 2021 | NEWLY LISTED | VS 2021 | AVERAGE DAYS ON MARKET |
|---|---|---|---|---|---|---|---|
| Cambridge | $216,000 | -20.3% | 29 | -14.7% | 44 | 10.0% | 61 |
| Eden | $127,000 | -25.2% | 13 | 27.8% | - | - | 111 |
| Elmore | $302,500 | 28.7% | 14 | -12.5% | - | - | 279 |
| Hyde Park | $383,000 | 63.8% | 16 | 23.1% | 24 | -17.2% | 58 |
| Johnson | $377,000 | 39.6% | 9 | -25.0% | 21 | 61.5% | 34 |
| Morristown | $380,000 | -10.6% | 35 | 45.8% | 52 | 30.0% | 47 |
| Stowe | $822,500 | 15.9% | 80 | -23.1% | 125 | 5.0% | 51 |
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 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.
Multi-Family Home Market Results
| MEDIAN SALE PRICE | VS 2021 | UNITS SOLD | VS 2021 | NEWLY LISTED | VS 2021 | DAYS ON MARKET | |
|---|---|---|---|---|---|---|---|
| Northwest Vermont | $147,000 | 54.7% | 127 | -27.4% | 189 | -14.1% | 159 |
| Chittenden County | $230,000 | 32.8% | 37 | -22.9% | 64 | 16.4% | 137 |
| Addison County | $136,000 | 46.2% | 45 | -11.8% | $42 | -36.4% | 210 |
| Franklin County | $99,000 | 62.3% | 29 | -48.2% | $59 | -19.2% | 132 |
| Grand Isle County | $90,375 | 0.4% | 16 | -20.0% | 24 | -7.7% | 116 |
The multi-family market continues to provide purchasers a more predictable investment opportunity vs. the stock market and other more volatile options. In the first half of 2022, 82 units sold in Chittenden County at a median sale price of $522,500, representing a 6.5% increase over 2021. Most multi-family properties, and therefore transactions, are in Chittenden County.
Rental Market Update
In 2020, rents were held level by many landlords focused on tenant retention during the pandemic. Now, in 2022 based on market conditions and tenant demand, there is significant upward pressure on rents. From the Allen, Brooks & Minor June 2022 report, the average 1 bedroom rent is $1309/month; 2 bedroom rent is $1534; 3 bedroom rent is $2120. The average increase from 2021 was approximately 3.8%. That is likely to sustain or increase in 2022.
Chittenden County, home to most of the region’s rental units, has a historically low vacancy rate. In June 2022, the Allen, Brooks & Minor report recorded a new historic low of 0.4%. The deficient number of available properties puts pressure on tenants to find suitable homes, despite 451 new units coming to market in 2021. The last 10 years averaged 448 units per year.
The modest pace of new construction and population growth continues to pressure an already low vacancy rate. 520 new units are projected to come to market in 2022, located primarily in Burlington, Williston, South Burlington, and Essex/Essex Junction. Much more production is needed to significantly impact the challenging vacancy rate.
Luxury Home Market Results
| Northwest Vermont Luxury January-December 2021 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $1,305,000 +7.9% | $1,814,230 +26.9% | 39 +32.1% | 21 -40.0% | 55 -14.7% |
The luxury market reached historic levels throughout the pandemic as consumers with the means chose to add 2nd (or 3rd) homes to their portfolios, made their vacation homes their primary residences, and acted upon their dream of living in rural areas or locations aligned with their values. Vermont was one of the locations that often fulfilled those dreams.
The luxury market reached historic levels throughout the pandemic as consumers with the means chose to add 2nd (or 3rd) homes to their portfolios, made their vacation homes their primary residences, and acted upon their dream of living in rural areas or locations aligned with their values. Vermont was one of the locations that often fulfilled those dreams.
Northwest Vermont was not impacted as dramatically as the resort towns and southern Vermont; however, we did see significant demand. The first half of 2022 continued that trend as 39 properties sold at price points of over $1.0 million dollars – a 32.1% increase from 2021. Only 21 new properties came to market, a reduction of 40.0% from the prior year.
Slowing buyer demand and fewer available homes will likely cool this trend in late 2022. Before the pandemic, the luxury market was over-supplied with a three-year supply of homes for sale. Recent demand has reduced that to under 30 units, less than 12-18 months of supply in more typical market conditions. Although unique properties, well positioned and maintained, continue to move quickly, often with multiple offers. Our Agents are well versed through a dominant number of transactions to assist clients in navigating the luxury real estate market.
| County | Top towns | Units Closed | Median Sale Price | Average Sale Price | Low | High |
|---|---|---|---|---|---|---|
| Addison County | 5 | $1,500,000 | $1,603,000 | $1,020,000 | $2,300,000 | |
| Chittenden County | 31 | $1,305,000 | $1,875,484 | $1,000,000 | $10,250,000 | |
| Burlington | 9 | $1,250,000 | $1,339,444 | - | - | |
| Charlotte | 3 | $1,700,000 | $3,054,333 | - | - | |
| Essex | 3 | $1,305,000 | $1,235,000 | - | - | |
| Shelburne | 9 | $1,450,000 | $2,658,333 | - | - | |
| Franklin County | 2 | $1,200,000 | $1,200,000 | $1,150,000 | $1,250,000 | |
| Grand Isle County | 1 | $2,200,000 | $2,200,000 | $2,200,000 | $2,200,000 |
Grand Isle County Market Results
| Single Family January-June 2022 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $346,500 -2.4% | $419,411 +1.3% | 53 -30.3% | 84 -16.8% | 51 -38.6% |
Grand Isle County felt the impact of changing buying patterns throughout the pandemic when buyers were drawn to the beautiful landscape, lakefront property, and peaceful countryside. Some purchasers moved for retirement, others benefited from virtual employment, and some chose South Hero for its easy drive into Chittenden County.
53 single-family homes sold in the first half of 2022, a 30% decline from the records set in 2021. 84 new properties came to market, still a 16% decline from the prior year. The median sale price at $346,500, a slight decrease from 2021, may reflect changing product mix vs. stalling price appreciation.
| MEDIAN SALE PRICE | VS 2021 | UNITS SOLD | VS 2021 | NEWLY LISTED | VS 2021 | DAYS ON MARKET | |
|---|---|---|---|---|---|---|---|
| Grand Isle County Single-Family | $346,500 | -2.4% | $53 | -30.3% | 84 | -16.8% | 51 |
| Alburgh | $259,000 | 4.7% | $23 | -17.9% | $27 | -20.6% | 77 |
| Grand Isle | $410,000 | 32.9% | $9 | -47.1% | $17 | -15.0% | 22 |
| Isle La Motte | $320,000 | -28.7% | 5 | 0.0% | 13 | 62.5% | 43 |
| North Hero | $445,000 | 10.9% | 11 | -38.9% | 17 | -19.1% | 19 |
| South Hero | $700,000 | 18.6% | 5 | -37.5% | 10 | -44.4% | 60 |
Franklin County Market Results
| Single-Family January-June 2022 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $325,000 +20.4% | $345,443 +22.0% | 247 -13.3% | 332 -16.0% | 37 -26.0% |
| Condo January-December 2021 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $254,000 +10.4% | $321,318 +35.1% | 22 +4.8% | 22 +4.8% | 40 -42.9% |
The Franklin County market trended similar to other counties in northwest Vermont in the first half of 2022, with a decline in new inventory resulting in a reduction in home purchases. However, buyer demand remained strong, as indicated by a sharp 26% decline in days on market (the number of days a property is listed until it closes) and an increase of +20% in the median sale price of single-family homes.
Franklin County is one of our most diverse counties, including active cities like St. Albans, lakeside communities, ski areas, and agricultural properties. The commute to Burlington and Chittenden County is relatively easy.
| MEDIAN SALE PRICE | VS 2021 | UNITS SOLD | VS 2021 | NEWLY LISTED | VS 2021 | Average DAYS ON MARKET | |
|---|---|---|---|---|---|---|---|
| Franklin County Single-Family | $325,000 | 20.4% | $247 | -13.3% | $332 | -16.0% | 37 |
| Bakersfield | $281,000 | 21.3% | $9 | 50.0% | $6 | -45.5% | 70 |
| Berkshire | $325,000 | 62.5% | 10 | 42.9% | 10 | 150.0% | 27 |
| Enosburg | $235,000 | 45.1% | 13 | -18.8% | 21 | -16.0% | 13 |
| Fairfax | $399,900 | 8.1% | 25 | -26.5% | 35 | -27.1% | 22 |
| Fairfield | $425,000 | 43.2% | 3 | -50.0% | 4 | -63.6% | 49 |
| Fletcher | $477,500 | 59.2% | 2 | -71.4% | 4 | -73.3% | 5 |
| Franklin | $250,600 | -19.2% | 8 | 0.0% | 18 | 100.0% | 49 |
| Georgia | $405,000 | 21.8% | 19 | -26.9% | 24 | -45.5% | 25 |
| Highgate | $318,750 | 26.5% | 18 | 100.0% | 26 | 30.0% | 41 |
| Montgomery | $379,900 | 104.0% | 13 | 30.0% | 15 | -11.8% | 90 |
| Richford | $227,500 | 69.8% | 8 | -61.9% | 18 | 0.0% | 78 |
| Sheldon | $200,000 | -30.2% | 5 | -61.5% | 9 | -47.1% | 15 |
| St. Albans | $375,000 | 36.4% | 71 | -16.5% | 86 | -12.2% | 28 |
| Swanton | $286,000 | 12.2% | 43 | 16.2% | 56 | -3.5% | 41 |
Addison County Market Results
| Single-Family January-June 2022 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $375,000 +13.6% | $431,529 +12.9% | 135 -30.8% | 191 -21.4% | 34 -60.0% |
| Condo January-June 2022 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $302,001 +21.3% | $314,817 +0.5% | 9 -40.0% | 6 -50.0% | 26 -46.9% |
While Addison County felt a substantial downturn in sales throughout the first half of 2022, it’s important to note that 2021 represented historically high sales. Single family home sales declined 30% to 135 properties sold, and limited condominium units available limited transactions to 9, 40% less than in 2021. New inventory was soft, reflecting a 21.4% decline in single-family homes listed. Despite limited sales, prices appreciated by over 13.6%. Addison County was the beneficiary of interest from out-of-state buyers during the past two years as buyers sought more tranquil areas. The combination of charming towns like Vergennes, Bristol, and Middlebury surrounded by ample recreational, agricultural, and lakeshore property makes the region a desirable primary and second home market.
| MEDIAN SALE PRICE | VS 2021 | UNITS SOLD | VS 2021 | NEWLY LISTED | VS 2021 | Average DAYS ON MARKET | |
|---|---|---|---|---|---|---|---|
| Addison County Single-Family | $375,000 | 13.6% | $135 | -30.8% | $191 | -21.4% | 34 |
| Addison | $495,000 | -39.8% | 7 | 16.7% | 12 | 33.3% | 27 |
| Bridport | $339,500 | 42.5% | 6 | -40.0% | 6 | -45.5% | 14 |
| Bristol | $352,500 | 13.7% | 14 | -26.3% | 18 | 0.0% | 22 |
| Cornwall | $550,000 | 4.4% | 1 | -87.5% | 7 | 0.0% | 6 |
| Ferrisburgh | $493,500 | 45.4% | 14 | -22.2% | 17 | 21.4% | 19 |
| Goshen | $369,750 | 73.7% | 2 | -33.3% | 2 | 0.0% | 106 |
| Granville | $338,750 | 125.8% | 2 | -33.3% | 1 | -83.3% | 100 |
| Hancock | $262,500 | 118.8% | 2 | 0.0% | 2 | -33.3% | 6 |
| Leicester | $240,000 | -15.3% | 4 | -50.0% | 12 | -14.3% | 5 |
| Lincoln | $417,500 | 54.6% | 5 | 0.0% | 8 | 0.0% | 107 |
| Middlebury | $372,500 | -12.2% | 20 | -23.1% | 30 | -21.1% | 26 |
| Monkton | $409,000 | -2.6% | 9 | -30.8% | 14 | 0.0% | 52 |
| New Haven | $455,000 | -4.2% | 5 | -37.5% | 6 | -57.1% | 5 |
| Orwell | $451,250 | 37.7% | 6 | -40.0% | 8 | -46.7% | 58 |
| Panton | $310,000 | -25.0% | 5 | 25.0% | 8 | 60.0% | 14 |
| Ripton | - | 0.0% | - | 0.0% | 1 | -75.0% | - |
| Salisbury | $303,500 | 10.4% | 6 | -33.3% | 5 | -37.5% | 27 |
| Shoreham | $447,000 | 33.4% | 2 | -66.7% | 3 | -70.0% | 37 |
| Starksboro | $249,000 | -7.8% | 6 | -14.3% | 5 | -44.4% | 60 |
| Vergennes | $345,000 | 34.0% | 11 | -8.3% | 14 | -26.3% | 28 |
| Waltham | - | 0.0% | - | 0.0% | 1 | -66.7% | - |
| Weybridge | $375,000 | -10.9% | 4 | -50.0% | 8 | -20.0% | 10 |
| Whiting | $324,500 | 62.3% | 4 | 33.3% | 3 | 50.0% | 111 |