Month: February 2022

Franklin County Market Results

This beautiful Colonial in the Harbor View development in St. Albans was sold in October 2021
Single-Family January-December 2021
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$295,000 +18% $309,118 +18.8%671 +3.4%727 +1.1%46 -43.9%
Condo January-December 2021
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$245,000 +4.3% $253,311 +9.3%54 -26%84 +20%
22 -68.6%

The median sale price for a home in Franklin County reached $295,000 in 2021. While the price has increased 41% since 2018, the county still provides the most affordable options in northwest Vermont. More homes were listed for sale during the first half of the year, while condos coming to market increased by nearly 20% by year end. The average days on the market dropped to only 46 days from listing to close for single family homes – so buyers need to be well prepared to act when the right property hits the market. St. Albans topped the county in sales by a large margin, followed by Swanton, Fairfax, and Georgia. The median sale price of $380,000 in Fairfax was 29% above the county average, but still 14% lower than the median price in nearby Chittenden County. With easy access to I-89, these towns provide options for buyers commuting to work. Traveling east, the towns of Sheldon, Berkshire, and Montgomery posted significant increases in the number of homes sold in 2021. Work from home opportunities as well as vacation home purchases may be part of the reason for growth in this area of Franklin County.

MEDIAN SALE PRICEVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Franklin County Single-Family$295,000 18.00%6713.40%7271.10%46
Bakersfield$332,000 54.10%195.60%21-4.60%71
Berkshire$245,000 20.40%1721.40%17-26.10%84
Enosburg$200,000 1.10%32-11.10%3322.20%43
Fairfax$380,000 17.80%7513.60%77-2.50%35
Fairfield$270,000 -0.50%15-25.00%160.00%26
Fletcher$372,500 44.70%2025.00%2376.90%45
Franklin$297,500 15.00%2025.00%21-8.70%108
Georgia$340,000 4.60%7315.90%8638.70%21
Highgate$267,500 20.20%30-42.30%39-17.00%8
Montgomery$240,000 -3.60%2742.10%30-16.70%144
Richford$139,500 -6.40%3612.50%34-12.80%87
Sheldon$318,000 38.30%2652.90%273.90%35
St. Albans$290,000 13.40%1881.10%194-9.40%34
Swanton$270,000 15.70%93-1.10%10918.50%47

Grand Isle County Market Results

This beautiful custom-built 4 bedroom, 3 bath Victorian home on 73 acres in Isle La Motte was sold in February 2021
Single Family January-December 2021
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$380,000 +23.8% $420,918 +0.3%167 -5.7%179 -15.6%67 -47%
Condos January-December 2021
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$360,000 $360,000 1 1 3

Surrounded by Lake Champlain, Grand Isle County has long been a destination for Vermonters and tourists alike. As lifestyles changed as a result of the global pandemic, Grand Isle proved desirable for those able to work remotely. With a quick drive to Chittenden County, Franklin County, and Burlington International Airport – the number of homes sold over the past 2 years has increased while the number of homes coming on the market declined nearly 16% – mostly during the second half of 2021. This drove the median price up by 24% to $380,000 – a considerably higher increase than the region. Inventory was absorbed more quickly in 2021, with the average days on market (DOM) dropping to 67 days – or just over 2 months from listing to close. Alburgh led the county with 28% of the closed sales. Affordability in this northernmost town, coupled with the greatest number of new listings on the market likely contributes to these results.  

MEDIAN SALE PRICEVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Grand Isle County Single-Family$380,000 23.80%167-5.70%179-15.60%67
Alburgh$267,450 30.50%467.00%553.80%70
Grand Isle$380,000 24.60%39-4.90%41-10.90%76
Isle La Motte$260,000 -29.40%15-21.10%18-18.20%27
North Hero$420,000 23.00%39-11.40%34-38.20%85
South Hero$470,996 18.00%28-6.70%31-13.90%45

Luxury Home Market Results

This magnificent property, with breathtaking views of the lake and the Adirondack mountains sold in June of 2021.
Northwest Vermont Luxury January-December 2021
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$1,232,500 -1.4%$1,588,542 10.5%71 7.6%59 -3.3%59 -59.6%
Chittenden County Luxury January-December 2021
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$1,250,000 -1.2%$1,654,373 12.9%55 22.2%46 12.2%59 -61.7%

High demand for luxury homes across the state and locally in northwest Vermont continues resulting in an increase of nearly 8% in units sold in 2021. Buyers from within Vermont sought views, flexible living space and high-end amenities while out-of-state buyers sought refuge from metro areas or properties to enjoy with their friends and families.

New listings coming to market in the first half of 2021 were very strong as home sellers recognized the opportunity to right size their life or capitalize on their strong equity position. Demand remained strong all year as buyers waiting for the perfect home to hit the market, snapped up properties across the region, with the average number of days from listing to close at just under 2 months. Chittenden County posted 76% of the luxury sales followed by Addison County. We have provided the 2021 luxury sales by county and highlighted some of the top towns as well.

Internationally, Coldwell Banker agents transact nearly $168 million in daily luxury sales. Locally, our agents represented 1 in 3 clients closing on a luxury sale in 2021. Our skilled agents and our marketing, including best in class domestic and global listing syndication and prestigious publications, are a remarkable force in the arena of high-end real estate.

*Our luxury property recap includes single family homes and condominiums that have sold for $1.0 million or more across northwest Vermont. This reflects a change from prior reports where we included sales of $850,000 or more in the luxury category. Franklin County recorded no residential sales above $1,000,000 in 2021.

County/
Towns		Units
Closed		Median
Sale Price		Average
Sale Price		LowHigh
Addison
County		12$1,212,500 $1,428,750 $1,001,000 $3,500,000
Addison3$1,225,000 $1,324,667 $1,200,000 $1,549,000
Cornwall3$1,495,000 $1,415,000 $1,250,000 $1,500,000
Chittenden
County 		55$1,250,000 $1,654,373 $1,000,000 $4,500,000
Burlington13$1,250,000 $1,668,692 $1,025,000 $3,750,000
Charlotte7$2,375,000 $2,371,429 $1,100,000 $4,500,000
Colchester12$1,574,500 $1,861,000 $1,000,000 $3,550,000
Shelburne14$1,241,250 $1,414,500 $1,000,500 $3,090,000
South Burlington4$1,150,000 $1,255,625 $1,147,500 $1,575,000
Grand Isle
County		4$1,111,000 $1,654,373 $1,050,000 $1,379,000

Chittenden County Market Results

This updated home in a lovely South Burlington neighborhood was sold in June 2021
Single-Family January-December 2021
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$440,000 +13.8% $516,951 +14.1%1400 +4.1%777 +8.2%26 -40.9%
Condo January-December 2021
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$280,750 +5.7% $323,671 +11%
666 -7.5%693 -3.8%29 -34.1%

The demand for homes in Chittenden County remained strong throughout 2021. The modest increase in the number of homes sold during the year was a result of the limited and fast-moving inventory and not a reflection of the number of buyers participating in the market. Many purchasers faced multiple offers, needing to exercise patience and persistence, while working closely with their REALTOR, to close on a home that met their needs.

The median and average sale price increased for both single-family homes and condominiums again in 2021. With the prices of homes increasing by 29% over the past 4 years, homeowners have built equity, while keeping the largest portion of their housing expenses – their mortgage – reasonably stable. For this reason, buyers should remain in the market. The opportunities to build wealth, manage your housing expenses, and enjoy the many benefits of home ownership simply do not exist as a renter.

New construction projects such as Hillside at O’Brien Farms and South Village in South Burlington are nearing the end of their current phases of development – with Hillside preparing to offer additional homes in the near future. New construction projects throughout the county offer an opportunity for existing homeowners to use their strong equity position to “right-size” and for buyers who have a flexible timeline to purchase a new, energy-efficient, and low maintenance home.

Burlington, Essex, and South Burlington lead the county for closed sales while Hinesburg and Winooski posted the largest increases in closed units in 2021. With a relatively affordable median price, proximity to nearby Burlington, and a vibrant downtown the mill town of Winooski continues to be a desirable option for first time buyers.

Charlotte and Shelburne posted the highest median price in the county driven, in part, by the lakefront and luxury homes available.

Chittenden County offers a variety of housing options including a large number of condominiums. The median sale price for condos across the county rose slightly to $280,000 providing an affordable and low maintenance housing option for buyers.

SALE PRICE MEDIANVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Chittenden County Single-Family$440,000 13.80%14004.10%15060.70%26
Bolton$364,950 30.60%6-40.00%7-41.70%20
Burlington$450,500 18.60%2100.00%2325.50%19
Charlotte$650,000 2.90%40-35.50%46-30.30%61
Colchester$445,704 13.70%156-1.30%1720.60%56
Essex$400,000 9.20%2035.70%2281.80%13
Hinesburg$437,500 9.40%4658.60%4313.20%28
Huntington$387,000 50.90%17-22.70%21-4.60%25
Jericho$500,000 23.80%589.40%62-3.10%27
Milton$353,000 11.90%12913.20%1356.30%23
Richmond$527,500 37.00%28-24.30%350.00%12
Shelburne$679,750 9.60%9734.70%10017.70%27
South Burlington$520,000 8.80%1969.50%192-10.70%24
St. George$552,720 22.30%1122.20%9-10.00%15
Underhill$450,000 25.00%27-25.00%29-17.10%13
Westford$408,500 10.40%26-21.20%24-20.00%33
Williston$549,800 14.50%943.30%1071.90%19
Winooski$343,750 12.50%5647.40%6473.00%16
MEDIAN SALE PRICEVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Chittenden County Condo$280,750 5.70%666-7.50%693-3.80%29
Bolton$198,050 65.70%12-29.40%11-35.30%4
Burlington$301,000 3.80%107-2.70%105-12.50%23
Charlotte$435,000 n/a4n/a4n/a33
Colchester$265,000 -8.30%77-7.20%818.00%40
Essex$252,600 6.80%1392.20%129-6.50%21
Hinesburg$276,944 22.70%12500.00%9125.00%41
Jericho$303,000 9.20%10-28.60%10-28.60%14
Milton$247,250 5.20%20-25.90%22-15.40%22
Richmond$296,500 20.80%20.00%1-66.70%41
Shelburne$289,077 -5.30%25-19.40%3214.30%29
South Burlington$282,000 15.10%191-8.20%2159.70%43
Williston$351,000 14.20%46-25.80%50-24.20%13
Winooski$305,000 16.40%21-22.20%24-25.00%13

Addison County Market Results

This classic country Ranch in Monkton was sold in August 2021
Single-Family January-December 2021
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$340,600 +19.5% $398,214 +24.1%422 +11.6%436 +0.9%60 -45.5%
Condo January-December 2021
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$255,000 +4.1% $289,607 +6.8%28 +40%25 -3.9%53 -71.8%

The real estate market is booming in Addison County, achieving the highest median sale price for a single-family home since our report began six years ago. The number of homes sold increased by 12% – nearly triple the increase across the region. The pace of the market accelerated as well with the average time from listing to close at only 2 months – down from 3 months mid-year. Middlebury, Bristol, Vergennes, and Ferrisburgh topped the county for the most homes sold in 2021, followed closely by Monkton, Orwell, and New Haven. The highest median sale prices were reported in Cornwall, Addison, and Lincoln. Accessibility to Lake Champlain, the mountains, and an easy commute to the greater Burlington area for employment are motivators for buyers. Farm to table dining options, art galleries, and a more rural landscape enhance the quintessential Vermont life experience.

MEDIAN SALE PRICEVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Addison County Single-Family$340,600 19.50%42211.60%4360.90%60
Addison$540,000 61.20%17-19.10%190.00%70
Bridport$324,250 66.30%1838.50%14-6.70%130
Bristol$323,500 22.10%4310.30%40-16.70%60
Cornwall$544,000 27.40%14-26.30%13-50.00%32
Ferrisburgh$339,500 6.10%28-17.70%27-40.00%80
Goshen$212,900 -17.80%30.00%40.00%174
Granville$150,000 -61.50%566.70%9125.00%84
Hancock$140,500 40.50%7133.30%525.00%151
Leicester$301,250 6.80%1820.00%1770.00%80
Lincoln$345,000 34.80%1550.00%1427.30%100
Middlebury$365,000 32.70%683.00%67-6.90%41
Monkton$420,000 24.60%24-14.30%24-29.40%34
New Haven$420,000 27.70%2237.50%23-4.20%28
Orwell$280,000 30.10%23130.00%2673.30%125
Panton$405,000 20.00%1066.70%1042.90%37
Ripton$349,000 26.90%6-40.00%8-33.30%35
Salisbury$337,500 36.00%20100.00%24100.00%17
Shoreham$330,000 6.50%15-11.80%1946.20%39
Starksboro$267,000 -22.20%14-17.70%18-5.30%48
Vergennes$265,000 9.70%2920.80%3252.40%13
Waltham$363,285 51.10%650.00%525.00%21
Weybridge$475,000 72.10%1344.40%1220.00%44
Whiting$264,500 124.20%4300.00%6100.00%255

Multi-Family Home Market Results

Burlington Portfolio offering 15 units in six buildings with lots of parking on 2.4 acre lot near UVM and hospital. Prime rental location! Sold in 2021.
Multi-Family January-December 2021
Median Sale Price:Units Sold:Newly Listed:Days on Market:
$430,000 22.9%244 48.8%303 41.6%60 -31%

In northwest Vermont, the strong investor market is driven by low-interest mortgage rates and solid equity positions in existing properties for owners. The number of investment properties coming on the market grew by more than 40% fueling a 49% increase in the number of units sold. Although the median price rose to $430,000, investment properties offer affordable opportunities for owners who plan to occupy the property and offset their housing costs with rental income.

The rental vacancy rate has been reported at 0.8%, and while rental rates increased only modestly during the pandemic, rates are projected to go up locally and nationally in 2022 and beyond. Many would-be home buyers are opting to stay put in their rentals after unsuccessfully writing multiple offers for purchases.

Some would be first time buyers, struggling with price appreciation and the competitive market, are staying put in rentals providing demand for area landlords. With local businesses hiring more new employees, the demand on the rental market doesn’t look to ease up. Price appreciation, demand for rentals, and a lack of new rental properties coming to market will continue to add to the desirability of owning multi-family properties.

MEDIAN SALE PRICEVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Chittenden County$480,000 15.00%$17663.00%22160.10%44
Addison County$367,500 47.00%$2033.30%2525.00%61
Franklin County$231,150 0.60%$425.00%533.90%86
Grand Isle County$96,250 -46.50%$6500.00%4-20.00%349

Land Market Results

This 1.6-acre lakeshore building lot in Alburgh was sold in October 2021.
Land January-June 2021
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$104,298 -5.1%316 29%244 +23.9%372 -25%241 -24.7%

Land sales in northwest Vermont increased by 29% in 2021 to 316 parcels sold. Limited inventory of existing homes coupled with buyer preferences for amenities, energy-efficiency, and newly envisioned living spaces contributed to this solid growth. While the median sale price dropped slightly across the region, land prices in Chittenden County grew.

Supply chain disruptions, lumber prices, and labor shortages affected housing starts nationally. Vermont is no different. The builders we work with are working diligently to control pricing, manage construction, and deliver beautiful homes timely. Buyers who can manage longer turnaround times and the higher costs associated with building will be able to customize their dream home while benefitting from low mortgage rates, energy-efficient construction, and often much lower maintenance costs.

MEDIAN SALE PRICEVS 2020UNITS SOLDVS 2020NEWLY LISTEDVS 2020DAYS ON MARKET
Chittenden County$187,000 10.00%$82-4.70%98-24.60%214
Addison County$95,000 5.60%$10142.30%109-17.40%273
Franklin County$62,000 -7.50%$8943.60%114-23.00%211
Grand Isle County$96,450 -10.30%$4469.20%51-40.70%275

Chittenden County Rental Market

Two-story townhomes & one-level apartment located on the edge of Burlington & Winooski

Even with a slight increase in the vacancy rate, the rental market in Chittenden County continues to be tight. The pool of renters has very limited inventory to choose from, which means some units are highly sought after and extremely competitive. Many leasing/property managers have a waiting list for available units.

The 532 new units projected to open in 2023 is 53% higher than the average Chittenden County growth  over the past 3 years, and 82% higher than the long-term average since 2000. Of the 532 expected units, 57% (304) are already completed as of June. For comparison, the total of new units constructed in 2022 was 291, a promising indicator.

Of the 532 units expected to open, 206 (39%) are projected to open in South Burlington. Essex/Essex  Junction is expecting 96 (18%) units, followed by Colchester 78 (15%), and Burlington 72 (13%). The rest are opening in Shelburne, Williston, and Milton. Most of the new units are identified as market rate units with a growth in “Affordable, Family” units over the prior year.

The apartment vacancy rate in Chittenden County increased slightly for the first time since the June 2020
report to 1%. For comparison, the national average is just under 5%.

Due to limited inventory, the average monthly rent has continued to increase, with the average cost of a
2-bedroom being reported at just over $1,600 a month as of the latest rent survey* with a more typical cost hovering around $2,000 per month.

As with the residential housing market, the need to act quickly is now more important than ever.  Landlords do not hold apartments, the first person to provide the necessary deposit and signed lease are the ones who secure the apartment. Unfortunately, renters often must push their wants to the side and focus on their needs to find a rental option within the timeframe they require.

Source: Allen, Brooks, & Minor Report, December 2021