Chittenden County Sees Strong Buyer Demand, but Low Inventory of Homes for Sale

Enjoy amazing sunsets and westerly views of Lake Champlain and the Adirondacks from this very well kept Burlington Lakefront Cottage. MLS# 4638168

Single Family    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$322,500 (+4%)$367,324 (+3.5%)948 (+0.1)1323 (-7.9%)70 (-5.4%)

Condo    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$232,500 (+4.4%)$260,328 (+5.3%)465 (-7.7%)581 (-6.4%)85 (+23.2%)

Since 2014, the number of homes available for sale in Chittenden County has dropped by 31%, while the number of homes sold has jumped by 28% since Q3 2014. 

Chittenden County is still our region’s most diverse market, with properties ranging from $145,000 to $5 million — an unusual range for any market in the U.S.

The median price in Chittenden County is now up to $322,500 for single-family homes and $232,500 for condos sold YTD. Again, this increase is likely a result of healthy buyer demand coupled with the decrease in properties available for purchase, which has dropped 7.9% for homes and 6.4% for condos.

Single-family homes in Chittenden County are now on the market for an average of 70 days, while condos are listed for an average of 85 days — a moderate increase that might be affected by newly constructed condos that remain on the market until construction is complete.

Newly built homes in Chittenden County are selling anywhere from $400,000 to $600,000. The cost of new construction, higher efficient homes, automated home features, and neighborhood amenities are driving market value. A good example of this mix is in the neighborhood of South Village, a community of single-family homes and townhouses in South Burlington surrounded by on-campus amenities, including an organic farm and recreation trails.