| Multi-Family | ||
|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: |
| $274,000 (-13%) | $329,430 (-7.1%) | 101(-1.9%) |
Sales and prices of multi-family properties in all four counties have been soft through 2017, but there were significant and strong signs of improvement in the third quarter — especially in Chittenden County and its population centers.
The number of multi-family properties sold in Q3 increased by 12.5% with the average sale price increasing by 4%. Our Realtors have noticed that optimism over recent Burlington development projects, such as the redevelopment of the Burlington Town Centre, has generated interest from out-of-state investors — from New York City and Boston, more specifically — who want to diversify their portfolios with affordable multi-family properties. The quick movement of well-maintained, well-located multi-family properties has produced multiple offers in many cases.
Finally, our Realtors have noticed that buyers who are priced out of the single-family housing market are investing in owner-occupied duplexes; this way, they can still own a home while putting their tenant’s rent toward their mortgage.