HARTFORD MARKET AREA
The Hartford, Vermont real estate market experienced a record-breaking year in 2020 with 102 sales of single-family homes, up from eighty-three (83) in 2019 for a total of $28,645,651 in dollar volume. At the time of this writing there were an additional eleven (11) single-family homes active under contract or pending and likely to close within the coming months.
While many neighboring towns were seeing a dip in sales at the midway point of the year– likely due to COVID lockdowns and travel restrictions– the Hartford market was one of few that overall continued to perform well and showed a slight increase in sales from its 2019 numbers. That performance then reached unprecedented heights in the second half of the year, as the 2020 Hartford market closed out with record highs in total sales, total dollar volume, and average price ($280,840) of sold/closed homes, while also registering an all-time low average negotiating discount (2.10%)– the percent difference between a home’s list price and sales price.
With record-breaking sales, however, comes a record low of inventory left on the market. As of December 31, there were just five (5) single-family homes actively listed in Hartford, down 77% from the same point in 2019. While we remain optimistic about sales in 2021, markets such as Hartford will likely require a significant infusion of new listings to meet continued high demand in the area.
GREATER HANOVER-LEBANON MARKET AREA
The Greater Hanover-Lebanon market area (Hanover, Hartford, Lebanon, Lyme, Norwich, Plainfield, Strafford) also had a banner year in 2020 with 439 sales of single-family homes, eclipsing its 2019 total of 338, a 30% increase. Like the Greater Woodstock area, each town in the GHLA either met or exceeded its 2019 figures for total sales, with Hanover, Hartford, and Lyme setting all-time records. In 200 of the 439 sales that transacted over the year, buyers paid either at or above a seller’s asking price, with the average price of a home reaching $505,604. Not surprisingly, these record totals have left a vacuum in terms of available inventory, as there were just twenty-eight (28) single family homes actively listed in the entire Greater-Hanover market area on December 31 compared to eighty-four (84) at the same point in 2019.
In regard to luxury sales, the Greater Hanover-Lebanon market area saw thirty-six (36) sales of homes that sold/closed for $1 million or more. Snyder Donegan was pleased to represent the buyers, sellers, or both in the highest priced 2020 individual home sales in Hanover (24 Occom Ridge – $3.1 million) and Lyme (42 Claflin Lane – $2.575 million).
Inventory is now genuinely tight at most price points up to about $1.5 million, and prices clearly rose, particularly in moderate price points and in properties closer to well-known towns like Woodstock and Hanover. Because of this, we are starting to see buyers move both outwards in location from traditional “centers” and upwards in price. And more rural, even “remote” properties have special appeal to those seeking more permanent safety from the COVID storm or a simpler way of life.
HARTFORD FY 2020 BY THE NUMBERS
- 102 SOLD single-family homes
- Average Price: $280,840
- Median Price: $256,250
- Total Volume: $28,645,651
- Average Negotiating Discount: 2.10%
- Average Days on the Market: 79
- 11 ACTIVE UNDER CONTRACT/PENDING single-family homes
- Average Price: $276,436
- Median Price: $275,000
- Average Days on the Market: 31
- 5 ACTIVELY LISTED single-family homes
- Average Price: $273,680
- Median Price: $254,000
- Average Days on the Market: 140
Charts illustrating portions of the above information can be found below, followed by a complete list of all 102 properties that sold in Hartford in FY 2020.
A list of all 102 properties that sold/closed in Hartford in FY 2020 is below.