147 South Cove Road, Burlington, VT ~ An unique opportunity to have the location you need paired with the lakefront views you’ve always wanted.
Land January-December 2023
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$139,000 +0.4%
$210,078 -0.2%
185 -20.9%
301 -6.8%
118 -23.4%
The number of land parcels sold in 2023 declined sharply over the prior year on top of the 27% decline in 2022. This period of decline follows amplified sales realized in 2021. However, 2023 results do not accurately reflect buyer interest as much as the same shortage in available inventory we are seeing in other segments of the real estate market. The number of days on the market for land is just over 4 months, down from 5 months in 2022 and 8 months in 2021 demonstrating that buyers were ready to make a move when the right property hit the market.
Franklin County’s median sale price jumped over 18% yet remains more affordable than other northwest Vermont counties. Washington & Addison Counties posted the most sales in the region with 99 and 60 lots closed respectively.
South Bingham Street, Cornwall, VT ~ This 37-acre land offering is a wonderful mix of an old orchard, returned back to its natural state, to the west and a maturing woodland habitat to the east with a healthy 5-acre pond in the middle.
Single-Family January-June 2023
Median Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$144,500 -3%
92 -28%
162 -14.7%
130 -18.2%
The number of land parcels that have sold during the first half of 2023 declined sharply over the same period last year, on top of the 27% decline in 2022. This period of decline follows amplified sales realized in 2021. However, this year’s results do not accurately reflect buyer interest as much as the same shortage in available inventory we are seeing in other segments of the real estate market. The number of days on the market for land is just over 4 months, down from 5 months in 2022 and 8 months in 2021 demonstrating that buyers were ready to make a move when the right property hit the market.
Franklin County’s median price jumped nearly 28% to $126,000 yet remains more affordable than other northwest Vermont counties. Addison County and Franklin County, with more undeveloped land, posted the most sales in the region with 30 and 29 closed respectively.
Long term, the solution must include more and larger development to meet demand. Reputable and well-established builders are working hard to roll out new projects and additional phases of established communities. Extensive permitting and labor shortages are impacting cost, ultimately absorbed by purchasers. More action by state and local officials is needed to satisfy demand, address affordability, and positively impact our aging housing stock.
MEDIAN SALE PRICE
VS 2022
UNITS SOLD
VS 2022
NEWLY LISTED
VS 2022
DAYS ON MARKET
VS 2022
Chittenden County
$208,000
-13.3%
25
-34.2%
36
-43.8%
124
-34.3%
Addison County
$148,000
8.8%
30
-33.3%
51
21.4%
124
-33.3%
Franklin County
$126,000
27.3%
29
0.0%
52
-13.3%
120
-34.1%
Grand Isle County
$93,750
3.7%
8
-50.0%
23
-4.2%
211
-45.5%
Warning: According to American Land Title, real estate transactions have been a prime target of cybercrime over the past decade. There is little sign of this slowing. Instead, fraudsters continue to evolve their scam and money laundering tactics to avoid detection.
This latest trend involves vacant lots or unencumbered properties (no mortgage). Fraudsters impersonate property owners to illegally sell commercial or residential property. Sophisticated fraudsters use the real property owner’s Social Security and driver’s license numbers in the transaction, as well as legitimate notary credentials which have all been fabricated. Commonly, the real owner of the property does not live nearby and is not aware of the sale. While many of these properties are posted on national websites as “for sale by owner” (FSBO), scammers are beginning to connect with real estate agents to list the property while posing as the real seller.
To combat schemes like this, South Burlington residents can now register to be notified by email whenever a document (sale of house, lien, mortgage, etc.) is filed in the South Burlington Clerk’s office. Other municipalities may be considering programs like this.
According to American Land Title, a monitoring system like this doesn’t prevent fraud from happening, at least you will be alerted if or when a document is filed. Be extremely wary if you find a land parcel for sale below market price, with a seller who is urgent to sell, and not available to meet in person.
This increase in demand absorbed some property that had been on the market for a while and encouraged land owners to list. That surge has subsided in 2022 with a 14% decrease in properties coming to market and a 27% decrease in sales.
While there is still an appetite for homeowners to consider building their custom home, some builders may not be able to start the project for 2 – 3 years. This is affecting some land sales where land gains tax may be a factor in the event a primary residence is not completed within the prescribed timeframe.
A number of Developers have projects in the pipeline for late 2022 and 2023, which will provide much needed single-family and condominium inventory to the market. Still, more building is needed to satisfy demand.
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.
Enjoy every season with panoramic vistas of Mont Pinnacle in Frelighsburg, Quebec from this 5-acre lot in Richford.
Land January-June 2021
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$94,500 -14.10%
174 180.7%
244 +23.9%
219 -11.7%
233 -23.1%
Land sales in northwest Vermont have nearly tripled so far in 2021 with 174 parcels sold. Limited inventory for existing homes and buyer preferences for amenities, energy-efficiency, and newly envisioned living spaces contribute to this solid growth. While the median sale price across the region dropped slightly to $94,500 – a piece of land in Chittenden County is nearly double.
You can’t listen to the news without hearing about soaring lumber prices, labor shortages, and supply chain disruptions affecting housing starts nationally. The story is no different in Vermont. The builders that we work with are working diligently to control pricing, manage construction, and deliver beautiful homes timely. A number of options are available for buyers who can manage longer turnaround times and higher costs associated with building – but in the end, low-interest rates, energy-efficiency options, and the ability to customize their dream home make new construction very attractive.
20 acre lot with stellar Otter Creek Valley & Adirondack views! Approved 4 bedroom septic design. Minutes to Vergennes & Middlebury! | MLS# 4843107
Land January-December 2020
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$109,950 +10.0%
$159,496 +16.5%
244 +23.9%
495 +11.5%
321 +9.2%
After a brief slow down in early 2020, land sales ended up increasing across the region. The declining inventory for existing homes and buyer preferences for amenities, energy-efficiency, and newly envisioned living spaces contribute to this growth.
Options remain for purchasers looking to build their dream home. Factors to consider include the longer wait time to occupancy and higher costs associated with building a home during the pandemic.
More buyers in 2020 found the option to build new a wise choice. Demand for land and new construction is expected to be strong in 2021.
Rare 8.5 acre building site with mountain and Lake views. Great Vergennes area location + permitted for 4 bedroom septic! | MLS# 4758005
After posting increased sales for the past few years, land sales declined during the start of 2020. There are plenty of options for purchasers looking to build their dream home. Although there is a longer turn around time and typically higher costs associated with building a home, buyers with time and resources may find this a viable option.
10.1 acre parcel mixed level open field and woodland, within biking distance of Charlotte village. Waste water permits pending. MLS# 4312692
Land
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$100,000 +14.0%
$136,711 -8.7%
196 -3.9%
443 -4.3%
291 +1.4%
After posting increased sales for the past 2 years, land sales settled down in 2019. There still remains plenty of options for purchasers looking to right-size their lifestyle, and build a new, efficient home – or for investors wanting to own their small piece of Vermont for future development.
With a longer turnaround time and typically higher costs from land purchase to home completion, new construction may not be an option for many buyers. Some homeowners, with time and resources, have found building a viable option. We have begun to see their prior homes come to market as they move to their completed houses.
Our Agents have reported inquiries from investors across the country seeking land with soil ideal for hemp production. According to the Vermont Agency of Agriculture 7,800 acres of land has been registered for hemp cultivation—a 137% growth over 2018. While it remains to be seen whether the market demand for hemp and therefore agricultural land will remain hot—a lack of hemp processors has proved to be a roadblock.
Land across Vermont has long been used for agriculture—mostly for milk and maple syrup production.
