June 2021 Market Report

We continue to see increases in the median sales price in Chittenden and Franklin counties when comparing May of 2020 to 2021. In Chittenden County, 132 single family homes sold in May of this year compared to 108 last year, an increase of 22%. The median sales price rose from $321,450 in 2020 to $377,500 in 2021, an increase of 17%. Average days on market were nearly 50% lower in 2021 than 2020 but the pandemic contributed to that figure since there was a stop work order for several weeks. However, certain towns and cities increased at different percentages than the county in general. For instance, Burlington’s single family median sales price (this does not include condominiums) was $364,950 in May of 2020 and it rose to an incredible price of $488,250 in 2021. This was a 35.9% increase in median price year-over-year. It’s no wonder buyers are finding it difficult to afford Burlington housing prices.

For your own town statistics, visit the Northwestern Vermont Association of Realtors site. Of interest is that in Franklin County, the median sales price rose the exact same percentage as in Chittenden, 17%, however the median sales price is much lower in Franklin County, $245,000 in 2020 and $285,500 in 2021. The number of sales was nearly identical in 2021 compared to 2020, 49 homes sold in 2020 and 48 in 2021.

We continue to see multiple offers on homes which is driving prices higher. We are in a solid Seller’s Market with little end in sight. If you have been thinking of selling, now is the time. Our staging team, professional photographer, drone operator, 3D camera person, coupled with experienced listing agents have helped our sellers get top dollar for their homes. As for Buyers, it’s important to find an agent who listens carefully and advises you on the best way to craft an offer. Our team has been very successful helping Buyers navigate this challenging Seller’s market. Let us know if we can answer any questions you may have.