In the luxury housing market, defined as residential properties priced at $1,000,000 or more, there was a notable increase in the number of units sold during the first half of 2024, even though the median sale price saw a 12% decline. This drop in median sale price does not reflect a decrease in the value of luxury properties but is attributed to the general rise in residential property prices. Over the past few years, home prices have surged by over 40%, pushing many homes initially priced in the $750,000 range into the $1,000,000+ range.
| LuxuryJanuary-June 2024 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $1,187,600 -12.0% | $1,717,355 13.7% | 48 29.7% | 32 -25.6% | 51 -5.6% |
Luxury homes are characterized not just by their price but by their quality and location. Traditionally, the top 10% of the market has been considered luxury. However, as the market evolves, future reports will likely see an increase in the benchmark for luxury homes.
In 2024, there has been a reported slowdown in showings of high-end properties. While mortgage interest rates typically do not impact luxury buyers, factors such as rising property taxes and the new property transfer taxes for second homes, effective August 1, 2024, are expected to influence the market through the end of the year and beyond.
Our agents have successfully closed 1 in 4 luxury transactions in northwest Vermont, outperforming all other real estate companies in the area. This success is due to our agents’ expertise and comprehensive marketing approach, showcasing luxury homes to affluent buyers locally, nationally, and globally through our affiliation with Coldwell Banker Global Luxury.
| County | Top towns | Units Closed | Median Sale Price | Average Sale Price | Low | High |
|---|---|---|---|---|---|---|
| Addison | 6 | $1,249,000 | $1,656,930 | $1,008,580 | $3,600,000 | |
| Cornwall | 2 | $1,600,000 | $1,600,000 | $1,400,000 | $1,800,000 | |
| Ferrisburgh | 2 | $2,349,000 | $2,349,000 | $1,098,000 | $3,600,000 | |
| Chittenden | 39 | $1,200,000 | $1,769,163 | $1,000,000 | $14,100,000 | |
| Burlington | 6 | $1,300,000 | $1,359,833 | $1,029,000 | $1,835,000 | |
| Charlotte | 4 | $2,415,000 | $2,313,750 | $1,200,000 | $3,225,000 | |
| Colchester | 5 | $1,175,200 | $1,337,040 | $1,000,000 | $2,010,000 | |
| Essex | 2 | $1,449,500 | $1,449,500 | $1,249,000 | $1,650,000 | |
| Shelburne | 4 | $2,680,000 | $5,158,750 | $1,175,000 | $14,100,000 | |
| South Burlington | 3 | $1,053,000 | $1,102,835 | $1,005,504 | $1,250,000 | |
| Underhill | 4 | $1,117,500 | $1,259,750 | $1,004,000 | $1,800,000 | |
| Williston | 6 | $1,142,500 | $1,275,833 | $1,020,000 | $1,650,000 | |
| Franklin | 3 | $1,167,120 | $1,164,707 | $1,127,000 | $1,200,000 | |
| Lamoille | 27 | $1,495,000 | $1,866,574 | $1,000,000 | $3,550,000 | |
| Morristown | 3 | $1,550,000 | $1,928,667 | $1,036,000 | $3,200,000 | |
| Stowe | 24 | $1,462,500 | $1,858,812 | $1,000,000 | $3,550,000 | |
| Washington | 14 | $1,280,000 | $1,459,821 | $1,060,000 | $2,540,000 | |
| Warren | 6 | $1,300,000 | $1,359,833 | $1,029,000 | $1,835,000 | |
| Waterbury | 3 | $1,260,000 | $1,373,333 | $1,060,000 | $1,800,000 | |