Zoom and Climate Change starts the migration to Vermont.
Most of you will remember that the lockdowns and shutdowns really took hold as we came into the spring of 2020 and people weren’t really sure what to expect in their local real estate markets. Would properties still be selling when people were afraid to leave their homes to do anything? This question was added on top of the concerns that many have had over the future of climate change and the effect on rising sea levels and the value of properties in those areas. Greater Burlington and other parts of Vermont were already considered to be fairly good climate change safe-havens, since Vermont does not border an ocean, has moderate summers and is relatively free from most natural disasters, including the types that might be intensifying due to climate change.
Then the Zoom Boom happens and prices really take off.
What really added to the demand for condos in Vermont was the influx of people who could now work from home. Vermont had always been a desirable destination due to its natural beauty but, with its smaller population and less job opportunities, many native Vermonters and university graduates had to look for work elsewhere. With the advent of the Zoom meeting and other video conferencing, many workers who were forced to work from home during the pandemic discovered that they could be just as effective at their job no matter where they were in the world, as long as they had access to a good internet connection. The arrival of StarLink, in conjunction with Vermont’s inventory of amazing condos in areas that are off-the-beaten-path, additionally opened up many more housing opportunities to the migrating work-from-home crowd of buyers. Many employers realized the economic benefits of giving some staff the option of working from home permanently and, not surprisingly, many workers jumped at the chance.
What does this mean for the future of the Vermont Condo Market?
We believe that this trend is just starting. With prices of condos in nearby locations like Boston pushing 1 Million for a 800sqft condominium Vermont is still relatively cheap for what it has to offer. This in combination with the fact that most employers being willing to let high level talent work from home will continue to drive prices further up in VT. So, if you own a condo that's great news and if not...get in soon before it is too late:)