Month: January 2025

Multi-Family Market Report

167-169 North Union Street, Burlington, VT ~ This unique multi-family property blends Colonial Revival and Queen Anne styles, featuring 3 units and a 2-story garage/outbuilding and off-street parking.

The multi-family property market in Vermont presented both opportunities and challenges in 2024. In the northwest region of the state (Chittenden, Addison, Franklin & Grand Isle Counties), the median sale price for multi-family homes rose by 7.5% to $521,000, while the average sale price increased modestly by 1.6% to $581,913. New listings surged by 14.7%, yet units sold declined by 3.4% to 114, reflecting both affordability challenges and cautious investor sentiment as interest rates remained higher than expected.

By CountyMedian PriceVS 2023Units SoldVS 2023New ListingsVS 2023Average DOM
Chittenden County $585,000 -0.9%775.5%15640.5%54
Addison County $420,000 7.3%10-37.5%12-33.3%45
Franklin County $327,000 14.7%27-6.9%40-24.5%98
Grand Isle County$-0.0%00.0%350.0%0
Lamoille County $262,000 -27.2%70.0%1820.0%55
Washington County $285,000 0.0%45-18.2%7611.8%63

Chittenden County continues to dominate the multi-family market, with the highest number of sales and a 40.5% increase in new listings. In Washington County, the median sale price remained unchanged over the prior year at $285,000, while new listings on the market rose by 12%. However, Days on Market (DOM) rose by 28.6% to 63 days in northwest Vermont. Sellers need to manage their expectations and be well advised when pricing their investment properties for sale.

Multi-family properties remain a cornerstone of Vermont’s real estate market, particularly as the state grapples with a housing shortage and increasing rental demand. Coldwell Banker Hickok & Boardman led the way in this crucial segment, working with more multi-family buyers and sellers than any other firm in Vermont, securing a 28% market share. Our deep understanding of market dynamics, rental trends, and financing strategies has made us the trusted partner for investors seeking to maximize returns in this competitive sector.

For both seasoned investors and newcomers to the segment, working with an Agent from Coldwell Banker Hickok & Boardman offers unparalleled expertise to evaluate properties, analyze rental income potential, and successfully close transactions.

Land Market Report

41 Sunset Beach Road, South Hero, VT – This charming lakeside retreat in South Hero boasts 75 feet of prime Lake Champlain frontage, offering breathtaking sunset vistas and serene lake panoramas surrounded by lush mature trees providing a sense of seclusion and tranquility.

The Vermont land market faced notable challenges in 2024, with sales volume declining despite steady price growth. The median sale price for land in northwest Vermont rose by 6.8% to $148,500 – a 75% increase over the past eight years.

By CountyMedian PriceVS 2023Units SoldVS 2023New ListingsVS 2023Average DOM
Chittenden County $225,000 7.1%450.0%9451.6%81
Addison County $120,000 -10.1%47-21.7%75-9.6%100
Franklin County $90,000 -3.7%43-20.4%103-4.6%126
Grand Isle County $90,000 -4.0%23-11.5%44-8.3%189
Lamoille County $152,500 27.1%587.4%11116.8%122
Washington County $145,000 7.4%66-33.3%1240.0%83

The average sale price dipped by 6.3%, reflecting variability in parcel types and development potential. Units sold dropped by 14.6%, with only 158 transactions, as rising costs and regulatory barriers continued to deter many buyers.

New listings in the region grew modestly by 5.0%, with a 52% increase in land for sale in Chittenden County. But ongoing challenges such as labor shortages, infrastructure limitations, and permitting complexities hampered the pace of development. The average days on market (DOM) decreased slightly by 2.5% to 115 days, suggesting that buyers remain active but are increasingly selective about the properties they pursue.

Land is still a critical segment in Vermont’s real estate market, particularly as developers seek opportunities to address the state’s housing shortage. However, building on undeveloped land often requires a substantial investment in utilities, road access, and zoning compliance. Buyers looking to navigate these complexities need the expertise of an experienced Agent who understands local regulations and market trends.

For Sellers, pricing land competitively, thoughtfully, and, if appropriate, highlighting its development potential will be key to attracting serious buyers. Looking ahead, Vermont’s focus on housing initiatives and infrastructure investment may unlock new opportunities for land sales and development in 2025, offering optimism to a market poised for growth.