Arts & Leisure Real Estate Advice

Real estate advice: Nancy Foster

NANCY FOSTER

Can you give us a brief history of the Addison County real estate market?

When I try to answer a question about the real estate market, I always start by looking at a little history. It often gives us a good indication of what to expect in the immediate future. The years since the start of COVID have been very interesting, and totally unlike any other period of time since I have been selling real estate, which is about 45 years. 

In the calendar year 2023, the Multiple Listing Service for Vermont reported a total of 291 sales with an average sale price of $483,426 in Addison County. This covers a price range of $40,000 to $2,600,000. 

In the calendar year 2022, the Multiple Listing Service reported that there were 306 sales with an average price of $457,760 in Addison County. The price increase between these 2 years is not that large, especially if you look at the last 6 months of 2023. If you look back to as recently as the calendar year 2018, you see a very different market. In that year there were 364 sales with an average price of $293,220. In 2018, it always seemed like there was a nice selection of properties to show to a potential Buyer, especially in the price range that people who work in this area can afford. 

After COVID, it has not felt that way. The listings on the market right now illustrate the problem. Today in MLS, there are 28 active listings ranging in price for $75,000 to $3,950.000. However, 10 of these listings are over $850,000, which is well over the price range of almost all the potential buyers in this area. 

The conclusion I see from all this is that the market will continue to be excellent for sellers who have property to sell that is priced under $500,000, and really difficult for buyers who need to purchase in this price range. The increase in prices has significantly slowed down. I think this will continue as long as mortgage interest rates stay over 5%. The housing market in Addison County desperately needs more properties that are in the more affordable price range for people who live and work here. 

Reach Nancy Foster of Champlain Valley Properties at [email protected].

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