Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.

New Listings decreased 11.8 percent for single-family homes and 20.4 percent for townhouse-condo properties. Pending Sales decreased 19.6 percent for single-family homes and 9.0 percent for townhouse-condo properties. Inventory decreased 22.3 percent for single-family homes and 38.5 percent for townhouse-condo properties.

The Median Sales Price was up 19.5 percent to $460,000 for single-family homes and 23.3 percent to $357,555 for townhouse-condo properties. Days on Market decreased 47.8 percent for single-family homes and 41.4 percent for townhouse-condo properties. Months Supply of Inventory decreased 12.5 percent for single-family homes and 33.3 percent for townhouse-condo properties.

With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.

Do you have questions about the current market? We're here to help. Contact us today.

Looking for the best places to eat in the Lake Champlain Islands? You’ve come to the right place! This local Vermont guide will direct you to the best eats in the area. 

1. Wally’s Place Bagel and Deli 

Wally's Place has delicious bagels, homemade bread, sandwiches, and sweet treats! Wally's has been South Hero's local bagel shop since 2008 and is conveniently located at Community Lane in South Hero. 

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2. Seb’s Snack Bar

Locally owned and operated this iconic South Hero staple is open daily from 11am to 6pm during the months of May through October. Indulge in fried food in the heart of the South Hero village and don’t forget to grab a creemee post lunch. 

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3. Hero’s Welcome General Store

Head to Hero’s Welcome for the best sandwiches in the Champlain Islands! Enjoy your lunch outside while taking in the views of Lake Champlain and the Green Mountains in the distance. This spot is located right in the North Hero Village on City Bay. 

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4. Steamship Pier Bar and Barbecue

Sit down for lunch on the shores of Lake Champlain at the pier bar located at the North hero Inn and Restaurant. Their lobster roll and BBQ options are some of the best in town. 

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5. Bravo Zulu Lakeside Bar

Bravo Zulu is the most recent addition to the Lake Champlain Islands. This eatery located at Shore Acres Inn and Restaurant. From sandwiches, salads, to larger plates their large menu will be sure to have something for everyone.  

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6. The Hive Cafe

Check out the Hive Cafe for salads, grilled sandwiches, burgers and more! It is located at Allenholm on South Street and is open from 11am-6pm during the summer months. Just note the cafe is closed on Wednesdays!

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7. Keeler’s Bay Variety 

Keeler’s Bay Variety Store and Liquor Store in South Hero has great to-go options if you’re in a hurry. They also have a great deli if you’re looking for a hearty sandwich.

8. Mckees Island Pub & Pizza 

Craving a slice? Mckees in South Hero has you covered. In addition to great pizza, they have an extensive menu with many different Italian options.

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Local eat and drink options are plentiful in the Lake Champlain Islands! Looking to plan your next Island adventure? Read our summer day trip guide. 

 

We are pleased to announce that Jackson Valley has joined Coldwell Banker Islands Realty as a licensed sales associate. Learn more about Jackson below. 

Jackson has been extremely blessed to call the Champlain Islands his home for the past 14 years. At the age of five, he moved to Grand Isle, Vermont with his mother, father, twin brother and the transition could not have gone smoother. This town quickly grew in importance and continues to hold sentimental meaning to him. He spent K-8th grade in the Grand Isle school system, making good friends and finding a love for sports. He kept busy year-round with soccer in the fall, basketball and snowboarding in the winter, and baseball in the spring. He graduated from Colchester High School, where he formed lifelong friendships and played varsity basketball for three years. In the summers, his most important memories would have to be of the time spent on the Champlain Islands. Golfing, camping, hiking, and boating are just a few ways he likes to spend the sunny days on the Islands.

Jackson is very goal driven, hardworking, and dedicated. He is very motivated and eager to learn new things and take on challenges. He is a member of the National Association of Realtors, as well as the Vermont Association of Realtors. He looks forward to helping guide folks through the biggest decision of their life, and getting to know more about them through the process. Please don’t hesitate to reach out to Jackson with any questions about the market or any other real estate-related questions you have. 

Connect with Jackson today!

 

Make the most of Summer 2022 by exploring all that the Lake Champlain Islands have to offer. We've created a guide for the top must-try activities in each Champlain Island town to add to your summer bucket list.

Rent a Boat in South Hero

What better way to explore the Lake Champlain Islands than on a boat? Apple Island Marina is conveniently located right over the Sandbar Causeway. They offer full and half-day boat rentals available throughout the summer months. 

Go Camping in Grand Isle

Grand Isle State Park is Vermont's most visited state park; it has great camping and even nature trails. The extensive shoreline is set up nicely for both fishing and swimming. Make sure to reserve your campsite before you plan your getaway.

Paddle to Knight Island in North Hero

Knight Island State Park is an island located around two miles from the North Hero Village on Lake Champlain's Inland Sea. Hero’s Welcome General Store has kayaks, canoes, and paddleboards available to rent for the day. On a calm day, launch from City Bay and head out to explore the unique Vermont State Park.

Bike Through History in Isle La Motte

Isle La Motte’s flat terrain, scenic views, and roads that run along the Lake make for a very relaxing bike ride. We recommend taking a break to explore the oldest fossil reef in the world, Chazy Fossil Reef or stopping by the town beach at Saint Anne’s Shrine for a picnic.

Golf in Alburgh 

Alburgh Golf Links is a sprawling 18-hole links style golf course that is open to the public. The course features incredible vistas of Lake Champlain and both the Adirondack and Green Mountains. After playing, drop by the clubhouse-taproom for some locally sourced eats and delicious brews by Kraemer & Kin. 

Make the most of the Summer months by exploring all that the Lake Champlain Islands have to offer. We've created a guide for the top must-try activities in each Champlain Island town to add to your summer bucket list.

1. Rent a Boat in South Hero

What better way to explore the Lake Champlain Islands than on a boat? Apple Island Marina is conveniently located right over the Sandbar Causeway. They offer full and half-day boat rentals available throughout the summer months. 

2. Go Camping in Grand Isle

Grand Isle State Park is Vermont's most visited state park; it has great camping and even nature trails. The extensive shoreline is set up nicely for both fishing and swimming. Make sure to reserve your campsite before you plan your getaway.

3. Paddle to Knight Island in North Hero

Knight Island State Park is an island located around two miles from the North Hero Village on Lake Champlain's Inland Sea. Hero’s Welcome General Store has kayaks, canoes, and paddleboards available to rent for the day. On a calm day, launch from City Bay and head out to explore the unique Vermont State Park.

4. Bike Through History in Isle La Motte

Isle La Motte’s flat terrain, scenic views, and roads that run along the Lake make for a very relaxing bike ride. We recommend taking a break to explore the oldest fossil reef in the world, Chazy Fossil Reef or stopping by the town beach at Saint Anne’s Shrine for a picnic.

5. Golf in Alburgh 

Alburgh Golf Links is a sprawling 18-hole links style golf course that is open to the public. The course features incredible vistas of Lake Champlain and both the Adirondack and Green Mountains. After playing, drop by the clubhouse-taproom for some locally sourced eats and delicious brews by Kraemer & Kin. 

The Champlain Islands incomparable state parks, close knit community, thriving local businesses and countless outdoor activities make it a wonderful place to enjoy year-round or seasonally.

Learn more about Life in the Lake Champlain Islands.