| County Averages | ||
|---|---|---|
| Median Sale Price: | Units Sold: | Days on Market: |
| $204,900 (+7%) | 461 (+22%) | 165 (-9%) |
Franklin County is increasingly popular with first-time homebuyers and professionals who are seeking more space for their money than in neighboring Chittenden County. With gas prices remaining stable, the county is a more affordable option for professionals who commute into Burlington or other locations than in previous years.
Franklin County has more than 11 months of inventory on hand, although that marks a decline from a year earlier, when the market had almost 16 months of inventory.
Affordability: Still A Draw
- With tighter inventory in both Franklin and Chittenden counties, buyers are pushing up prices. The median sale price in Franklin County rose 3.1% to $202,000, marking a rare instance of the county’s median sale price tipping above the $200,000 mark.
- The median sale price of $204,900 is the lowest among the four counties in Northwest Vermont.
Pricing and demand varies considerably within Franklin County, however. Our Realtors note that buyers are gravitating to towns on the western side of the county, such as Georgia and St. Albans, because they’re closer to I-89 and attractive to commuters. Towns on the eastern side of the county are seeing both lower pricing and demand. - Homes are selling at about 97% of their listing price, illustrating buyers’ demand for moderately priced housing in the region.
Demand is driving up prices. The median sale price through September jumped 7% to $204,900, while the number of sales rose 22%.
St. Albans: A Revitalization
- A $3 million renovation to St. Albans City’s Main Street has drawn praise from the likes of the Montreal Gazette, which said in a recent article that the city “has never looked so good.”
Sales in St. Albans City jumped 47% during the first 9 months of 2016. St. Albans Town is also benefitting, with sales rising 26%. - The I-89 Adjacent Towns
- Buyers are also turning to Georgia and Fairfax, which both offer quick access to I-89. Residential sales in Georgia rose 41% for the first 9 months of the year, while Fairfax’s sales jumped 10%.
Land and Multi-Family Sales
- Land purchases are heating up. A stronger economy and tight inventory are prompting some professionals and retirees to buy land and custom-build homes.
- The number of land sales jumped 59% this year through September, while the median sale price was little changed at $70,000.
- Stronger multi-family sales. While Chittenden County is the biggest market for multi-family properties, Franklin County has a smaller, but growing, share.
- The number of sales in the county rose 13% to 18 transactions, although the median sale price slipped 19%.
