Watch out, potential home buyers: the median price of a home in Vermont has increased by 19% during the pandemic.
According to data from the Vermont Department of Taxes, the median Vermont home sold for $270,000 in 2021. That number was $245,000 in 2020, and $227,500 in 2019.
“This is the largest home price increase seen since 2005,” Mia Watson of the nonprofit Vermont Housing Finance Agency said on the agency’s website.
The nonprofit agency compiled the data into an interactive chart, which shows the sharpest price increases of the past three decades occurring from 2000-2005 and 2018-2021.
Prices are for homes of “primary residence,” which includes single family, condominium, and mobile homes, but excludes vacation homes. Prices are not adjusted for inflation.
Caledonia, Lamoille, and Essex counties saw the largest price growth in the state, with 35%, 33%, and 31% increases, respectively.
Chittenden County saw a 20% price increase, but still has the highest median home prices in the state — at $385,000 in 2021.
Vermont housing prices will continue to “surge” by more than 10% in 2022, and will likely continue to increase by 8.9% in 2023, according to the latest financial report from the state’s Department of Finance and Management.
At the same time, homelessness also continues to skyrocket in Vermont.
According to data from the U.S. Department of Housing and Urban Development, there were 2,591 Vermonters in emergency shelters, transitional housing, or other temporary settings counted on one day in January 2021 — an increase of 133% from 2020.
Contact April Fisher at firstname.lastname@example.org. Follow on Twitter: @AMFisherMedia