Vermont – Where the Housing Market Takes an Interesting Twist
In November 2012, Burlington saw its number of home sales jump by a whopping 50% when compared to the year before!
While that’s certainly an impressive increase – and one that realtors in Vermont definitely want to build on – it shouldn’t come as a huge surprise. After all, this state has one of the highest home ownership rates in the country.
However, there’s an interesting twist.
While the number of home sales all over Vermont was much higher in 2012 than it was in years past, the actual selling prices were not. In fact, home prices actually dipped in 2012.
The median sales price around the state dipped 4% -- which may not seem like a lot, especially when you consider all of the national uncertainty we faced in 2012 – but it was enough of a drop to catch the attention of realtors in Vermont. However, you won’t see concern on any of their faces!
Economists are quick to point out that Vermont’s economic recovery just isn’t moving as quickly as the rest of the country’s is. While jobs are being added, they aren’t being added fast enough to see measurable progress in the housing market yet. It’s not a major problem; it’s simply a fact of living in Vermont.
Adding to the twist, many of Vermont’s younger citizens are moving elsewhere. Many are doing so because the jobs market here just isn’t good enough. According to the Census Bureau, Vermont is one of two states that’s actually losing population. (Rhode Island is the other.) In fact, at the end of 2012, Washington D.C. had a larger population than the Green Mountain State did!
Because so many young people are moving out, it means that Vermont’s population is getting older and older – meaning that the state is slowly losing more and more of its labor force. That also makes economic recovery a little tougher.
At the beginning of 2013, Vermont’s state unemployment rate sat at 5.3%. Economists predict that, by the end of 2013, the rate will be 5% and should go into a long period of decline after that. They also think that the average income will go up throughout 2013. If their predictions come true, it means that far more Vermonters will have money to spend on homes for sale.
So, whatever you do, don’t count out Vermont’s housing market! The sales are there, and the price increases are only a few new jobs away!
Living in Vermont
Want to slow down and enjoy life a little more? How about enjoying Vermont’s breathtaking mountain panoramas?!
With Canada to its north, Massachusetts to the south, New York to the west and New Hampshire to the east, Vermont is the 7th-coldest state in the country. The gorgeous Lake Champlain, the state’s major fresh water lake, borders Vermont its west side.
Vermont is known for its gorgeous, mild summers, stunning fall foliage, and extraordinary snowy conditions in the winter. Depending on elevation, the annual snowfall averages between 60 and 100 inches!
Before you head off to Vermont, let’s go over some of the fast facts:
- What is the population of Vermont?
- The population of Vermont is 626,011
- What is the capital of Vermont?
- The capital of Vermont is Montpelier
- What is the largest city in Vermont?
- The largest city in Vermont is Burlington
Vermont relies heavily on tourism, and the state boasts some of the best skiing in all of New England. If you are a skier or a snowboarder, grab your hear and head to Stowe, Stratton, Mount Snow, Sugarbush, Bromley, or Smuggler’s Notch. These aren’t just winter-time resort towns, though. They’re also home to shops, antiques, and restaurants that are fun to visit year-round.
If you like fishing, Vermont offers trout, lake, and ice fishing. Because of its many outdoor activity opportunities, Vermont is also an ideal summer camp location!
Want some homemade tasty treats? Vermont is famous for its maple syrup production, and dairy farming is also a major source of agricultural revenue. The state is also well-known for its signature companies, Cabot Cheese and Vermont Butter and Cheese Company as well as Ben and Jerry’s Ice Cream.
Looking for some “grown up” fun? In 1985, Vermont entered the wine industry. Today, you can visit 14 different wineries.
There really is something for everyone here – both inside and out!