| Single Family | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $322,000 (+4.2%) | $367,836 (+3.4%) | 1,256 (-1.0%) | 1,571(-3.6%) | 72 (-5.3%) |
| Condo | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $232,000 (+4.0%) | $259,649 (+3.9%) | 642 (-4.0%) | 713 (-0.8%) | 81 (+17.4%) |
The median and average sales prices of single-family homes and condos rose in Chittenden County by 3-4% for the second straight year, while the median price for land rose by 8%.
Chittenden County is an example of how a change in market demand has caused an increase in land sales, which were up here by almost 14% compared to all of 2016. Downsizing homeowners (Baby Boomers) and rightsizing first-time buyers (Millennials) are in the market for the same homes — small and efficient, and near amenities — so developers are seeking parcels and starting the permitting process to fill those housing needs.
Therefore, the boost of land sales in Chittenden County could be a direct result of a decreased inventory in single-family homes and condos since 2015. New developments such as Hillside at O’Brien Farm in South Burlington are creating buzz in northwestern Vermont as homeowners look toward easy-maintenance living near town, village and city centers. (Construction has started on Hillside. The first homeowners move in this spring.)
The number of newly listed single-family homes and condos dipped across Chittenden County, but Burlington, Colchester and South Burlington all saw increases in newly listed properties, compared to 2016. Those towns also saw a boost in closings, because inventory increased. These results are positive — and bode well for the market overall — but these increases come in the wake of dramatic declines in 2016 inventory and sales in those towns.
