VHFA today released an analysis of median home prices based on 2019 sales data. Statewide, home prices increased 6.5% over 2018. In Addison County, the increase was more modest at 2.7%; however, while the statewide median sales price increased to $229,000, the median home in Addison County sold for $246,500, or nearly 8% higher than the statewide median. In order to afford a home at the median sales price, an Addison County resident would need to earn about $70,000 annually and $23,000 available in cash for a downpayment and closing costs. Median household income in Addison County is about $65,000.
ACCT's Shared Equity Program helps buyers earning up to 120% of area median income afford a downpayment and keeps homes in our program permanently affordable. Of 13 homes resold through our program since 2016, the median appraised value was $180,000 and the median net purchase price after grants was $140,000, making homeownership affordable to residents earning about $40,000 per year. Check out available homes on our Resale Bulletin Board.
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