Vermont home sale prices increase by 6.5% in 2019

By: Mia Watson
2/24/2020

The median Vermont primary home sold for $229,000 in 2019, according to Property Transfer Tax records, a 6.5% increase from 2018. This is the largest single year increase in median home prices since before the Recession, and a substantial increase over recent years’ home price growth. Since 2014, Vermont median home prices have increased by an average of 2.7% per year.

Statewide, the median single family home sold for $235,000, the median condominium sold for $216,000 and the median mobile home with land sold for $95,000. The number of non-vacation homes in the state increased from 7,401 in 2018 to 7,898 in 2019. However, the total volume of home sales in Vermont has yet to reach pre-Recession levels.

The increase in home prices has been uneven across Vermont. Franklin, Grand Isle, Washington and Windsor counties experienced higher price increases than the state as a whole. Meanwhile, median home prices in Bennington and Orleans counties decreased from 2018 to 2019. However, it is important to note that county-level home prices in Vermont tend to fluctuate much more than the state as a whole. The median home price actually declined slightly in Franklin, Grand Isle, and Windsor counties between 2017 and 2018. 

County

Median 2019 home sale price

% increase from 2018

Addison County

 $ 246,500

2.7%

Bennington County

 $ 191,000

-2.1%

Caledonia County

 $ 150,000

0.7%

Chittenden County

 $ 323,955

6.6%

Essex County

 $ 115,000

2.7%

Franklin County

 $ 224,550

10.1%

Grand Isle County

 $ 255,000

13.3%

Lamoille County

 $ 228,000

6.0%

Orange County

 $ 179,475

0.3%

Orleans County

 $ 150,000

-1.6%

Rutland County

 $ 157,900

5.3%

Washington County

 $ 223,000

11.2%

Windham County

 $ 190,000

0.8%

Windsor County

 $ 200,000

10.2%

Vermont

 $ 229,000

6.5%

The large increase in Vermont home prices occurred mainly during the second half of the year. During the first six months of 2019, the median Vermont home sold for $219,500, only 2% higher than the 2018 median price. The rapid increase in home prices during the second half of 2019 was experienced across the country. Housing market analysts point to several factors causing the national jump in prices, including decreases in mortgage interest rates this summer, a strong job market and decreasing inventory of available homes, increasing competition among buyers and driving up prices.   

Despite a strong economy, high home prices continue to make it difficult for Vermonters to afford to purchase homes, particularly first-time buyers. To be able to afford the 2019 median home price of $229,000, a household would need to earn at least $65,529 per year. However, the median Vermont renter household earns just $35,759.

Vermont Housing Finance Agency’s homeownership programs can help make it easier for homebuyers to purchase, by offering low fixed rates, 0% down payment options, down payment and closing cost assistance up to $5,000 and annual federal income tax credit for borrowers when they choose a Mortgage Credit Certificate (MCC).