Northwest Vermont’s luxury market encompasses a wide variety of options, ranging from waterfront property to Victorian mansions in Burlington.
This year has brought renewed activity for homes priced above $800,000, although this segment has been slower to recover than the market for mid-priced housing in Northwest Vermont. There is still substantial inventory available, refl ecting approximately a three year supply of homes.
The state’s relatively high property taxes might be discouraging second-home buyers from purchasing real estate in Vermont. While lakefront property has been a traditional pull with luxury buyers, our agents are also seeing increased interest in country properties, as well as homes that offer good values and are located near Burlington.
The luxury property market has been focused in Chittenden County so far this year, representing two-thirds of the over-$800,000 sales. Five sales were located in Addison County, while Grand Isle recorded three transactions.
A Shift to Country and City Estates
While waterfront property continues to be a draw for some buyers, country and city properties have dominated the market this year.
Close to Town
Buyers are particularly interested in high-end homes that are close to Burlington and its amenities, such as the University of Vermont Medical Center and its vibrant arts scene.
Waterfront Concerns
Concerns continue to linger after the floods after Tropical Storm Irene in 2011. Buyers are seeking properties with homes that are elevated above the lake, and with seawalls that are in good condition.
| MARKET INSIGHTS |
|---|
| Nine of this year’s 24 $800,000-plus home sales include waterfront access. |
| Two-thirds of the year’s luxury sales so far are located in Chittenden County. |
