NORWICH MARKET AREA
The Norwich, Vermont real estate market had a very strong year in 2020 with forty-seven (47) sales of single-family homes, up from thirty-two (32) in 2019.
Despite falling short of an all-time high sixty-one (61) transactions in 2015, a record nine (9) homes priced over $1 million sold during the course 2020, driving the average price of homes and the total dollar volume of 2020 to record marks at $829,663 and $38,994,160, respectively.
Because of the extraordinarily competitive market, not only did homes spend less time on the market prior to sale than ever before (an average of 57 days), but buyers paid closer to sellers’ asking prices than ever before as well. In fact, roughly 50% of homes that sold in 2020 did so at or above a seller’s asking price, with the average negotiating discount– percent difference between a home’s list price and sale price– dropping to an all-time low of 1.08%.
With a surge in sales, however, came a void in regard to available inventory left on the market at the close of the year. Specifically, there were just three (3) single-family homes listed as of December 31, the same count as 2019 but down from eleven (11) in 2018. Though we remain optimistic about the market in 2021, Norwich will likely need a significant infusion of listings to boost depressed inventory for what we expect to be another year of high buyer demand.
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.
NORWICH FY 2020 BY THE NUMBERS
- 47 SOLD single-family homes
- Average Price: $829,663
- Median Price: $667,500
- Total Volume: $38,994,160
- Average Negotiating Discount: 1.08%
- Average Days on the Market: 57
- 6 ACTIVE UNDER CONTRACT/PENDING single-family homes
- Average Price: $460,500
- Median Price: $464,500
- Average Days on the Market: 95
- 3 ACTIVELY LISTED single-family homes
- Average Price: $1,009,667
- Median Price: $885,000
- Average Days on the Market: 47
Charts illustrating portions of the above information can be found below, followed by a complete list of all 47 properties that sold in Norwich in FY 2020.
A list of all 47 properties that sold/closed in Norwich in FY 2020 is below.
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