T
he Killington real estate market is experiencing a welcome slowdown after the pandemic-fueled frenzy, with prices stabilizing and inventory levels increasing. According to regional analysis by Sotheby's International Realty, the average sales price in Rutland County rose 9.7% year-over-year, while the Upper Valley saw an 8.4% increase. However, high-end homes continue to fetch record prices, with a $3 million duplex on Roundabout Road being one of the most expensive listings.

    Nathan Mastroeni of Elevations Real Estate Team notes that the market has shifted from investors buying short-term rentals to individuals seeking second homes or primary residences. "It's nice to see it's not just the investors that are looking," he says, adding that buyers are now more educated and less likely to overpay for properties.

    Bret Williamson, owner of Killington Valley Real Estate, agrees that the market is stabilizing, citing a return to a normal selling cycle after the pandemic boom. "Prices were escalating after the pandemic. Now, if homes are priced too high, they sit on the market," he explains. Williamson also highlights the unique opportunity presented by the $2.9 million development project on Roundabout Road, which features a modern-style duplex designed by Polar Life Haus in Finland.

    The town's scheduled reassessment this summer will bring much-needed updates to property values, with Heidi Bomengen of Prestige Real Estate predicting an influx of new listings as homeowners receive their reassessment notices. "People are going to get a shock," she warns, anticipating increased competition among buyers and more supply on the market.

    The construction of Killington Village is also expected to shake up inventory and home prices, with Williamson predicting that demand for land will increase significantly. "Those would be the most expensive parcels of land to sell ever in Killington," he says, referencing two 3-acre parcels listed at $650,000 each. The village's pedestrian-only Main Street and crystalline lodge are set to become a major draw for buyers and investors alike.

    As the market continues to evolve, real estate agents are bracing for the impact of these changes on prices and inventory levels. With the reassessment and Killington Village development on the horizon, it remains to be seen how the local market will adapt and respond to these shifts.