Fairfax, VT, Housing Market Prices, Trends, & Forecasts 2023

If your mental image of Vermont is small towns with charming homes, covered wooden bridges, and a spectrum of colors on the trees in the fall, Fairfax, VT, will live up to that picturesque description. Located in the alluring Franklin County, Fairfax promises a luxurious lifestyle. The town is known for its beautiful natural surroundings, with rolling hills, forests, and numerous waterways like the Lamoille River and Arrowhead Mountain Lake. These natural features make the community an excellent outdoor destination for hiking, fishing, kayaking, and skiing.

The town also has a vibrant atmosphere with several events and festivals planned throughout the year, including the Fairfax Egg Run, a popular annual 5K race and Easter egg hunt, and the Fairfax Festival, a celebration of the town's history, culture, and community. Fairfax features a variety of top-notch shops and restaurants, and there is also a public library, a community center, and several parks and playgrounds to enjoy.

Fairfax is a charming and peaceful town that offers a great mix of natural beauty, history, and lively spirit. If you’re considering making moves in the Fairfax, VT, real estate game, read on for an overview of the housing market trends and what to expect.

Fairfax, VT, real estate values have shown long-term gains in the long run but have experienced short-term losses in recent months. At the end of 2022, Franklin County had a median sales price of just a hair over $322,000 — lower than the state average and moderately down year-over-year. This is likely due to several factors, including rising interest rates and many prospective buyers hesitating to commit to a purchase.

Sellers may have an advantage in the current Fairfax, VT, real estate market. In Franklin County, new listings, inventory, and sales volume were all significantly lower as 2022 drew to a close. About 32% fewer new listings were publicly available compared to the end of 2021, with total inventory dropping by 17%. Meanwhile, sales volume was also down by 27.5% year-over-year. This means that fewer homes are available for buyers, which could lead to higher prices for properties.

The Federal Reserve has been raising interest rates to combat inflation. As interest rates rise, it becomes more expensive to borrow money, which drives up the cost of mortgages. The Federal Reserve is expected to continue raising interest rates throughout 2023. If you plan to buy a home, it is essential to factor the rising cost of borrowing into your budget, with the knowledge that you may be able to refinance in the long run.

According to the United States Census Bureau, Fairfax, Vermont, has experienced a net positive population migration since 2010. The population of Fairfax increased by 14% from 4,285 in 2010 to 5,014 in 2020. This growth was driven by a combination of factors, including a strong economy, a high quality of life, and a low cost of living.

The growth in Fairfax's population is expected to continue in the coming years. The town is in a desirable area with much to offer residents, including access to outdoor recreation, a vibrant downtown scene, and a strong sense of community. As a result, Fairfax is a popular destination for those hoping to relocate.

The Franklin County, Vermont, housing market is currently in flux. As mentioned above, sales volume is down. Entering 2023, inventory had reached 2.4 months — not quite a balanced market, but healthier than many comparable regions nationwide. Buyers are still facing intense competition, but they may be able to find more homes for sale if they are willing to be flexible with their location or price range.

As 2023 progresses, you can expect to find over 100 listings in Franklin County. Only a handful of homes throughout the county are listed at $1 million or more; for Fairfax, the mid-six figures are the high end of the market.

As of April 2023, we had 23 available properties in Fairfax. That total includes several lots available for purchase and subsequent construction. As for single-family homes, the listings are reasonably priced. You can find homes with 2,000 square feet and three bedrooms for under $400,000. 

As of this writing, the top home on the Fairfax market was an 18th-century replica on 11 acres offering panoramic views of Mount Mansfield. At $203 per square foot, this stunning luxury home is firmly on the low end of the luxury pricing spectrum. It’s clear that you can get more house for your buck in Fairfax.

The COVID-19 pandemic has significantly impacted the Fairfax, VT, real estate market. One of the significant changes observed is the increased demand for homes. This is due to several factors, including people moving to Fairfax from urban areas in search of a more rural lifestyle, people working from home who are no longer tied to a specific location, and people looking for more space and privacy.

Whether or not you should invest in the Fairfax, VT, real estate market depends on your specific circumstances and investment goals. If you're looking to buy a home in a truly charming community with plenty of appeal, Fairfax is an excellent choice. 

Nobody knows the Fairfax, VT, real estate market like expert Realtor Tamithy Howrigan. As a native Vermonter with 10 years of experience in real estate, she can show you all there is to know and guide you to the home of your dreams. Reach out to Tamithy's Team today to get started. 

 

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