Coldwell Banker Hickok & Boardman's Northwest Vermont Fall Real Estate Market Report is an analysis of Northwest Vermont's third quarter market results. Read on to find out current market trends in your town. Contact me today with questions on your LOCAL real estate market!
This report provides detailed real estate market information on Chittenden County, Franklin County, Grand Isle County and Addison County counties. Having up-to-date information on current real estate market conditions in your area can help you both as a Buyer and a Seller! If you have any questions about this report or want to talk about a specific property or locale, please contact me today!
Northwest Vermont is continuing to witness healthy real estate demand
Buyers are retuning to the market, including an influx of first-time homebuyers, due in part to continued low interest rates and a healthy employment outlook. Vermont has one of the lowest unemploymrent rates in the country at 3.6%. Major local businesses such as the University of Vermont and Dealer.com continue to hire. With young professionals purchasing their first Vermont homes and the incoming millenial generation expected to be the biggest home-buying demographic in the next few years, the demand for Vermont real estate should continue to grow. Key challenges to the market are affordability and rising property taxes.
Coldwell Banker Hickok & Boardman is forecasting continued incremental growth in housing prices and steady demand for the remainder of 2015 and into 2016.
The resurgent Northwest Vermont real estate market continued to demonstrate healthy pricing and demand during the third quarter, after a strong spring and early summer. Sales jumped 13.7% during the first nine months of 2015, with each of the region’s four counties recording more residential transactions than a year earlier. Across the four counties tracked in this report, the median sale price rose 2.9%.
The real estate market in Chittenden County has demonstrated healthy conditions during the first nine months of 2015. Steady price increases in the 2% to 3% range represent sustainable gains, while pent-up demand from first-time homebuyers has resulted in a boost in activity this year. Read more on the current Chittenden County Market by clicking here!
Unit sales surged by 31%. Still, median pricing slipped 4.5% during the fi rst half of 2015, which indicates that buyers are seeking lower-priced housing. Affordability remains an issue in the Queen City and the surrounding areas.
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, reflecting 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. Lakefront property continues to be the main pull for luxury buyers, although we are 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.