Looking Back at a Successful Year in Residential Real Estate
LandVest closed some of the biggest real estate deals in New England last year. Among the many high-end transactions handled by our team in 2024, several properties sold as the highest-priced home in their respective markets during the entire year. These standouts included the highest sale price in the entire State of Vermont, as well as the top sale prices on Martha’s Vineyard and in the region of Mount Desert Island and Down East Maine.
These exceptional properties were just a part of our larger success in the New England market. Overall, LandVest’s residential real estate sales were up 27 percent year over year. Our brokers participated in 406 transactions for buyers or sellers at an average price of approximately $1.96M, representing a total of approximately $798M in sales.
Institutional Land Group & Consulting
Adding to these successes, our other business units also enjoyed banner years. The Institutional Land Group sold more than $1B worth of timberland—which represented more than a 25 percent increase over this business division’s 2023 performance.
And LandVest’s Real Estate Consulting group, which offers comprehensive land planning, appraisal, brokerage and project management services, also booked a record year of revenue while giving clients the tools to make informed decisions and manage complex real estate transactions.
Add it all up, and LandVest’s gross sales hit $1.8 billion for 2024. Thanks to the hard work of our entire team, 2024 was the company’s second highest sales total on record behind the pandemic-fueled market of 2021.
Sold: October 15, 2024 | David Speirs & Institutional Land Group
2025 Outlook: Rising Inventories are Creating Opportunity
With the new year underway, several of our key markets are currently seeing inventory outpace demand and delivering outstanding opportunities for buyers. The Adirondacks stand out among areas where the market is tilted towards buyers, especially among $1M+ properties. Similar buying opportunities exist across Vermont, particularly in the area of Woodstock and southern Vermont. During 2024, the Green Mountain state added inventory at a rate among the nation’s highest and buyers continue to reap the benefits. Mount Desert Island and Down East Maine are also seeing a markedly higher inventory of desirable listings for those interested in properties along the Maine coast.
Markets remain tighter for buyers across New Hampshire and most of Massachusetts, where sellers currently tend to have the numbers on their side. Martha’s Vineyard is an exception, where solid numbers of listings have kept the island’s real estate market in balance.
In all these regions, LandVest is poised to be a leader in 2025 with our available inventory of exceptional properties outpacing the market as a whole. The year-over-year growth in the number of LandVest’s listings is tracking well ahead of the MLSPIN database, which is the largest multiple listing service in all of New England. Our available listings are up 35 percent from this time last year, while MLS PIN’s inventory is up just 10 percent. This ability to outperform the benchmark shows the consistent ability of our brokers to win, service, and sell special properties.
And these strong inventory numbers are likely to continue heading in a favorable direction. LandVest’s brokers report that there is a lot of good inventory currently sitting on the sidelines, perhaps waiting for a Spring thaw. Those properties should continue to strengthen in number, and boost buyer options, as the weather warms and the market heats up.
