| Northwest Vermont Luxury January-June 2022 | ||||
|---|---|---|---|---|
| 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% |
| Chittenden County Luxury January-June 2022 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $1,305,000 +7.4% | $1,875,484 +25.9% | 31 +26.1% | 15 -46.4% | 63 -12.5% |
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 |