| Northwest Vermont | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $324,400 (+13.8%) | $423,239 (+17.9%) | 156 (+19.1%) | 201 (-11.1%) | 95 (+2.2%) |
| Chittenden County | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $377,500 (+13.8%) | $519,974 (+15.4%) | 107 (+23%) | 123 (-12.8%) | 72 (+4.6%) |
The super-hot investor market shows no sign of letting up as the number of properties sold increased by 19% while inventory remained scarce. Low supply and heavy demand pushed the median sale price up nearly 14% across the market.
Chittenden County, accounting for 68% of the total multi family sales in northwest VT, saw an average sale price of almost $520,000 – driven by some high-priced sales in Burlington. Some long-time investor owners are deciding to part with portions of their portfolio to realize price gains – while new investors to the market need to be well qualified and ready to act if an opportunity presents itself.
Despite newer apartment complexes becoming available over the last couple of years- and a number of new projects on the horizon – the vacancy rate for rentals remains low as compared to the national average. Demand from renters remains strong likely due to the shortage in inventory for first time home buyers – and the demand of college students in downtown Burlington. Positive job growth in Chittenden County also contributes to the strong demand.
