The median price of a non-vacation home in Vermont rose to $244,000, according to Vermont property transfer tax records for homes sold through September 30, 2020. While the 7% increase from 2019 may reflect increased demand from the pandemic’s “race for space,” Vermont is no stranger to rising home prices which have increased steadily since 2014.
While Chittenden County’s median price remains the highest statewide, the biggest jumps in 2020 relative to the prior year are in the three eastern counties of Windsor (17%), Caledonia (17%) and Orange (15%). Every county in the state experienced higher median home prices with the exception of Essex County, according to updated data released today on the Vermont Housing Data website for all Vermont towns and counties.
The number of non-vacation homes sold in January through September was virtually unchanged between 2019 and 2020. Although the volume of Vermont home sales spiked up in August and September 2020, this may have resulted primarily from postponed home buying that would have occurred in the spring were it not for the pandemic.
In August 2020 alone, the number of homes sold for more than $400,000 more than doubled compared to August 2019, according to MLS data. At the same time, the number of homes sold for prices of less than $200,000 decreased by 10%. This makes programs like those offered by VHFA for down payment and closing cost assistance and low fixed rate mortgages even more critical for people looking to buy a home in Vermont. Learn more on our website or sign up for a free, informational webinar this Wednesday at 10 am.