The luxury market in Northwest Vermont offers more depth of inventory than mid-priced homes in the region, although high-end buyers looking for lakefront property in the $800,000 to $1 million range may find fewer choices than in previous years.
Nevertheless, the luxury market remains tilted toward a buyer’s market, especially in higher-priced segments. Some homes require years of marketing before attracting a buyer, which has prompted sellers to become more flexible in their expectations.
Our Realtors note that high-end buyers are seeking either lakefront property or a significant view of the mountains or lake. Luxury properties without excellent views or waterfront access may have more difficulty in attracting buyers.
The luxury market is drawing buyers who want second homes in Vermont, as well as some professionals who work in the region or who are relocating because of lifestyle. Shelburne and Charlotte are among the towns that are popular with high-end buyers.
Waterfront properties
Buyers continue to seek properties with access to Lake Champlain, although the market has tilted toward Chittenden and Addison counties and away from Grand Isle. The three highest-priced sales were homes situated on the lake.
Inventory concerns
Because of the high inventory levels for homes priced above $800,000 and the time required to sell them, some buyers remain hesitant to commit to a purchase. Executives who are relocating to Vermont and may only remain in the state for a few years may be especially concerned about these trends.
Shift away from Grand Isle
Higher-end inventory in Grand Isle has been slower to attract buyers this year, possibly because of concerns about water quality. Blue-green algae blooms have been a risk in some areas, while the low water level in the lake this summer may be an issue as well.
Market Insights
• The median luxury sale price stands at $1 million
• Inventory levels remain deep, especially at higher price points
