| Multi-Family | MEDIAN SALE PRICE | VS 2018 | UNITS SOLD | VS 2018 | NEWLY LISTED | VS 2018 | DAYS ON MARKET |
|---|---|---|---|---|---|---|---|
| All Counties | $349,000 | 7.40% | 141 | -10.20% | 233 | 14.20% | 87 |
| Chittenden County | $398,500 | 4.80% | $90 | -16.70% | 144 | 15.20% | 56 |
| Addison County | $220,000 | -8.30% | $7 | -41.70% | 23 | 43.80% | 499 |
| Franklin County | $211,750 | 10.00% | $42 | 1670.00% | 61 | 1.70% | 86 |
| Grand Isle County | $322,000 | -9.30% | $2 | 100.00% | 5 | 66.70% | 81 |
The investor market remains strong in northwest Vermont even though statistics may not reflect it. Multi-family properties coming on the market increased in 2019 – for the first time in a number of years. This increase provided options to buyers who may have been on the sidelines in the past. While the median sales price increased across the region, Franklin County offered affordability and investors responded, increasing sales there by 17%.
Buyers will still need to act quickly with multi-family properties closing in less than 3 months throughout northwest Vermont – and closing in only 56 days in Chittenden County which represents 62% of the units sold.
Despite newer apartment complexes becoming available over the last couple of years, and with 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 from college students in downtown Burlington.
In 2019, Coldwell Banker Hickok & Boardman participated in 30% of the multi-family sales in northwest Vermont. Both experienced and first-time investors should hire a skilled Agent with the market knowledge to help them navigate this unique segment of the market.