{"id":4766,"date":"2024-07-24T10:50:58","date_gmt":"2024-07-24T14:50:58","guid":{"rendered":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/?p=4766"},"modified":"2024-08-09T09:17:04","modified_gmt":"2024-08-09T13:17:04","slug":"luxury-homes-mid-year-report","status":"publish","type":"post","link":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/2024\/07\/luxury-homes-mid-year-report\/","title":{"rendered":"Luxury Homes Mid-Year Report"},"content":{"rendered":"
\"\"
197 Pease Mountain Road, Charlotte VT ~ Welcome to this oasis in Charlotte, nestled on over five acres of lush landscaped beauty.<\/figcaption><\/figure>\n

In the luxury housing market<\/a>, defined as residential properties priced at $1,000,000 or more, there was a notable increase in the number of units sold during the first half of 2024, even though the median sale price saw a 12% decline. This drop in median sale price does not reflect a decrease in the value of luxury properties but is attributed to the general rise in residential property prices. Over the past few years, home prices have surged by over 40%, pushing many homes initially priced in the $750,000 range into the $1,000,000+ range.<\/p>\n\n\n\n\n\t\n\n\t\n\t
LuxuryJanuary-June 2024<\/th><\/th><\/th>\n<\/tr>\n<\/thead>\n
Median Sale Price:<\/td>Average Sale Price:<\/td>Units Sold:<\/td>Newly Listed:<\/td>Days on Market:<\/td>\n<\/tr>\n
$1,187,600 \t-12.0%<\/td> $1,717,355 \t13.7%<\/td>48\t29.7%<\/td>32\t-25.6%<\/td>51\t-5.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

\"\"Luxury homes are characterized not just by their price but by their quality and location. Traditionally, the top 10% of the market has been considered luxury. However, as the market evolves, future reports will likely see an increase in the benchmark for luxury homes.<\/p>\n

In 2024, there has been a reported slowdown in showings of high-end properties. While mortgage interest rates<\/a> typically do not impact luxury buyers, factors such as rising property taxes and the new property transfer taxes for second homes<\/a>, effective August 1, 2024, are expected to influence the market through the end of the year and beyond.<\/p>\n

Our agents have successfully closed 1 in 4 luxury transactions in northwest Vermont<\/a>, outperforming all other real estate companies in the area. This success is due to our agents\u2019 expertise and comprehensive marketing<\/a> approach, showcasing luxury homes to affluent buyers locally, nationally, and globally through our affiliation with Coldwell Banker Global Luxury.<\/a><\/p>\n

\"\"<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
County<\/th>Top towns<\/th>Units Closed<\/th>Median Sale Price<\/th>Average Sale Price<\/th>Low<\/th>High<\/th>\n<\/tr>\n<\/thead>\n
Addison<\/td><\/td>6<\/td>$1,249,000 <\/td> $1,656,930 <\/td>$1,008,580 <\/td> $3,600,000 <\/td>\n<\/tr>\n
<\/td>Cornwall<\/td>2<\/td>$1,600,000 <\/td> $1,600,000 <\/td>$1,400,000 <\/td> $1,800,000 <\/td>\n<\/tr>\n
<\/td>Ferrisburgh<\/td>2<\/td>$2,349,000 <\/td> $2,349,000 <\/td>$1,098,000 <\/td> $3,600,000 <\/td>\n<\/tr>\n
<\/td><\/td><\/td><\/td><\/td><\/td><\/td>\n<\/tr>\n
Chittenden<\/td><\/td>39<\/td>$1,200,000 <\/td> $1,769,163 <\/td>$1,000,000 <\/td> $14,100,000 <\/td>\n<\/tr>\n
<\/td>Burlington<\/td>6<\/td>$1,300,000 <\/td> $1,359,833 <\/td>$1,029,000 <\/td> $1,835,000 <\/td>\n<\/tr>\n
<\/td>Charlotte<\/td>4<\/td>$2,415,000 <\/td> $2,313,750 <\/td>$1,200,000 <\/td> $3,225,000 <\/td>\n<\/tr>\n
<\/td>Colchester<\/td>5<\/td>$1,175,200 <\/td> $1,337,040 <\/td>$1,000,000 <\/td> $2,010,000 <\/td>\n<\/tr>\n
<\/td>Essex<\/td>2<\/td>$1,449,500 <\/td> $1,449,500 <\/td>$1,249,000 <\/td> $1,650,000 <\/td>\n<\/tr>\n
<\/td>Shelburne<\/td>4<\/td>$2,680,000 <\/td> $5,158,750 <\/td>$1,175,000 <\/td> $14,100,000 <\/td>\n<\/tr>\n
<\/td>South Burlington<\/td>3<\/td>$1,053,000 <\/td> $1,102,835 <\/td>$1,005,504 <\/td> $1,250,000 <\/td>\n<\/tr>\n
<\/td>Underhill<\/td>4<\/td>$1,117,500 <\/td> $1,259,750 <\/td>$1,004,000 <\/td> $1,800,000 <\/td>\n<\/tr>\n
<\/td>Williston<\/td>6<\/td>$1,142,500 <\/td> $1,275,833 <\/td>$1,020,000 <\/td> $1,650,000 <\/td>\n<\/tr>\n
<\/td><\/td><\/td><\/td><\/td><\/td><\/td>\n<\/tr>\n
Franklin<\/td><\/td>3<\/td>$1,167,120 <\/td> $1,164,707 <\/td>$1,127,000 <\/td> $1,200,000 <\/td>\n<\/tr>\n
Lamoille<\/td><\/td>27<\/td>$1,495,000 <\/td> $1,866,574 <\/td>$1,000,000 <\/td> $3,550,000 <\/td>\n<\/tr>\n
<\/td>Morristown<\/td>3<\/td>$1,550,000 <\/td> $1,928,667 <\/td>$1,036,000 <\/td> $3,200,000 <\/td>\n<\/tr>\n
<\/td>Stowe<\/td>24<\/td>$1,462,500 <\/td> $1,858,812 <\/td>$1,000,000 <\/td> $3,550,000 <\/td>\n<\/tr>\n
Washington<\/td><\/td>14<\/td>$1,280,000 <\/td> $1,459,821 <\/td>$1,060,000 <\/td> $2,540,000 <\/td>\n<\/tr>\n
<\/td>Warren<\/td>6<\/td>$1,300,000 <\/td> $1,359,833 <\/td>$1,029,000 <\/td> $1,835,000 <\/td>\n<\/tr>\n
<\/td>Waterbury<\/td>3<\/td>$1,260,000 <\/td> $1,373,333 <\/td>$1,060,000 <\/td> $1,800,000 <\/td>\n<\/tr>\n
<\/td><\/td><\/td><\/td><\/td><\/td><\/td>\n<\/tr>\n
<\/td><\/td><\/td><\/td><\/td><\/td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

In the luxury housing market, defined as residential properties priced at $1,000,000 or more, there was a notable increase in the number of units sold during the first half of 2024, even though the median sale price saw a 12% decline. This drop in median sale price does not reflect a decrease in the value … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/4766"}],"collection":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/comments?post=4766"}],"version-history":[{"count":6,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/4766\/revisions"}],"predecessor-version":[{"id":4863,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/posts\/4766\/revisions\/4863"}],"wp:attachment":[{"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/media?parent=4766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/categories?post=4766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hickokandboardman.com\/vermont-market-report\/wp-json\/wp\/v2\/tags?post=4766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}