Located in the northeastern part of the USA, Vermont over-delivers when it comes to stunning year-round sceneries and recreational opportunities. In the summer, people can hike along the charming Appalachian Trail, explore idyllic lake islands, and visit fertile farms and fields. In the winter, they can head to thrilling ski resorts, bask in the beauty of its snowcapped mountains, and enjoy the state’s thriving art and culinary scene.
With its authentic maple syrup, historical sites and landmarks, and gorgeous natural beauty, the Green Mountain State is undoubtedly one of the most sought-after tourist destinations in New England. However, it isn’t just popular among tourists it’s also a haven for real estate investors, buyers, and sellers. According to Vermont Business Magazine, Vermont has the third highest increase in home prices across the country. In certain neighborhoods and cities in the state, home sellers are reaping massive returns on their investment, and there are six places in particular that are popular in the sellers’ market.
1. Winooski
Located in a fork of the Winooski River and east of Burlington, Winooski is a densely populated town that offers a unique urban experience. Although there are plenty of places to go and things to do in the area, the highlight of Winooski is its creative and diverse community of artists from the craftsmen of the Birdfolk Collective to the local musicians at the Waking Windows.
Winooski is also shaping up to be a prime location for sellers, thanks to the high demand and low inventory in the area. Whether you decide to sell to mortgage buyers or to a cash buyer like Burlington House Buyers Winooski, the following figures will show that now would be a good time to put your Winooski property up for sale:
- According to Realtor.com, the median list price of Winooski properties is USD$369,700, while the median list price per square foot is USD$215. This is 13.8% higher than last year’s.
- The most expensive zip codes have a median list price of USD$562,200, while the most affordable ones have a median list price of USD$339,900.
2. Essex
Bordered by the Winooski River and situated in the northwest part of the state, Essex is Vermont’s biggest and second most populous town. It features a number of memorable shopping places, tourist attractions, and restaurants.
Limited inventory and high demand have driven home values up in Essex, as illustrated below:
- The median list price of Essex properties is USD$399,900, while the median list price per square foot is USD$200. This is 9.9% higher than last year’s.
- The most expensive zip codes have a median list price of USD$562,200, while the most affordable ones have a median list price of USD$339,900.
3. Burlington
Lying on a hillside overlooking the Adirondack Mountains and Lake Champlain, Burlington is Vermont’s largest and only city. It has a thriving downtown, with a young and hip crowd. It also has a large population of quality artists and artisans.
In the past year, Burlington has seen crowded open houses and numerous listings that disappear in a matter of days. Below are some useful figures to help you decide whether it’s time to sell your Burlington property:
- The median list price of Burlington properties is USD$395,000, while the median list price per square foot is USD$215. This is 9.8% higher than last year’s.
- The most expensive neighborhood has a median list price of USD$537,000, while the most affordable one has a median list price of USD$299,000.
4. Shelburne
Situated along the shores of Lake Champlain, Shelburne is a picturesque town in the city of Burlington. Although it’s a relatively smaller market compared to the other places on this list, it offers a great selection of attractions and activities that truly capture the Vermont way of life, such as the local cuisine at Barkeaters, the eclectic collection of the Shelburne Museum, and the peaceful trails of Shelburne Farms.
Shelburne properties have garnered multiple offers that are way above the listing price. If you’re thinking about selling your home in this town, there seem to be plenty of reasons to go right ahead.
- The median list price of Shelburne properties is USD$562,000, while the median list price per square foot is USD$239. This is 15.2% higher than last year’s.
- The most expensive zip codes have a median list price of USD$659,000, while the most affordable ones have a median list price of USD$339,900.
5. Richmond
Located in the eastern side of Champlain Valley and at the foothills of the Green Mountains, Richmond is a tranquil town in Chittenden County. It’s home to one of the state’s most historic buildings the Old Round Church. It’s also very close to popular ski resorts, such as Cochran’s Ski Area and Bolton Valley Ski Resort.
It’s a great year for Richmond sellers, and bidding wars are common for some of their top-of-the-line properties. Sellers are benefitting from an increase in price, which is not insignificant, as shown in the figures below:
- The median list price of Richmond properties is USD$430,000, while the median list price per square foot is USD$187. This is 18.4% higher than last year’s.
- The most expensive zip codes have a median list price of USD$715,000, while the most affordable ones have a median list price of USD$339,900.
6. Jericho
Jericho is a small town located along Browns River. It’s about a 30-minute drive from Burlington and boasts a skyline that prominently features Mount Mansfield. It’s home to several historic buildings and is located close to the Underhill State Park and Mills Riverside Park.
Home sales remain consistent throughout the year in Jericho, but they’ve also experienced an increase in price this year.
- The median list price of Jericho properties is USD$435,000, while the median list price per square foot is USD$212. This is 20% higher than last year’s.
- The most expensive zip codes have a median list price of USD$715,000, while the most affordable ones have a median list price of USD$339,000.
Final Thoughts
Despite record-low supply, there’s still a high demand for homes in Vermont, especially with the steady stream of new and returning residents. In particular, the top sellers mentioned above have had a good year in the market so far. The frenzied competition among home buyers has driven a remarkable increase in property prices. Coupling that with historically low mortgage rates, sellers in these locations can expect to make a killing when they eventually decide to part with their properties.