The Chittenden County real estate market remained strong through 2024, with increased inventory offering opportunities for both single-family homes and condominiums. Single-family home median sale prices rose 6.6% to $586,000, while a 9% increase in new listings provided buyers with more options.
| Single-Family January-December 2024 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $586,000 | 6.6% | $676,017 | 10.7% | 980 | 1.3% | 1,209 | 9.0% | 27 | 8.0% |
| Condos January-December 2024 | ||||
|---|---|---|---|---|
| Median Sale Price: | Average Sale Price: | Units Sold: | Newly Listed: | Days on Market: |
| $379,900 | 2.3% | $431,838 | 4.3% | 601 | 19.7% | 711 | 24.7% | 28 | 27.3% |
Homes sold quickly, averaging 27 days on the market. The condominium market saw a 2.3% increase in median sales price to $379,900, with a notable 25% rise in inventory offering flexibility particularly in Burlington, South Burlington, and Essex.
2025 Market Outlook
Looking forward, inventory growth is expected to continue moderating price increases in 2025, moving buyers off of the sidelines as the reality of mortgage interest rates between 6 – 7% settles in. Despite an increase in inventory, demand still outpaces supply. Sustainability will play a role, with eco-friendly developments like Hillside East at O’Brien Farm gaining traction. The luxury market remains strong, particularly in Charlotte and Shelburne, while Burlington offers urban living options including historic homes and newly built, amenity-rich condominiums with spectacular Lake Champlain views at One25 Cambrian Way.
Whether buying or selling, navigating this dynamic market requires expertise. A knowledgeable Realtor can guide you through pricing strategies, market trends, and negotiations, ensuring you make informed decisions. Partner with an experienced professional to make your real estate journey seamless and successful in 2025.
The Impact of New Construction
One major trend to watch is the impact of new construction as builders help address inventory shortages. Nationally, newly built homes are expected to account for 30% of available listings this year—double the historic share. In Vermont, where supply remains tight, new developments are crucial for meeting demand. Housing is, rightfully so, a focus for Vermont leaders with proposals for making it “faster, easier, and less expensive” to build housing being put forth this legislative session. It is estimated the state will need more than 41,000 new homes by 2030 while only 25% of that goal is in the process of actually being planned and built.
Chittenden County Emerging Trends
- Inventory Growth: Both single-family and condominium markets are seeing needed increases in inventory, especially in towns like Burlington and South Burlington. This trend may moderate price growth in 2025.
- Affordability: Mortgage rates, property taxes, price appreciation, and strong demand continue to affect affordability in the area. Consumers are focusing on the total cost of housing.
Sustainability Focus: Developments like Hillside East in South Burlington highlight growing interest in eco-friendly and energy-efficient homes. - Luxury Market Strength: Premium properties in Burlington, and towns like Shelburne and Charlotte will remain a focus for high-end buyers. High-end buyers are discerning; condition and amenities matter in their decision making.
| Chittenden County Single-Family | Median Price | VS 2023 | Units Sold | VS 2023 | New Listings | VS 2023 | Average DOM |
|---|---|---|---|---|---|---|---|
| Bolton | $526,300 | 1.00% | 8 | 0.00% | 10 | 11.10% | 11 |
| Burlington | $538,000 | -4.80% | 175 | 23.20% | 215 | 36.10% | 25 |
| Charlotte | $925,000 | 8.50% | 34 | 21.40% | 51 | 37.80% | 18 |
| Colchester | $559,950 | 12.60% | 101 | -6.50% | 130 | -9.10% | 31 |
| Essex | $560,000 | 15.50% | 136 | 1.50% | 150 | 7.90% | 25 |
| Hinesburg | $690,000 | 18.60% | 38 | 31.00% | 45 | 28.60% | 39 |
| Huntington | $468,750 | 5.10% | 6 | 0.00% | 13 | 85.70% | 11 |
| Jericho | $626,950 | 14.40% | 46 | 15.00% | 55 | 1.90% | 43 |
| Milton | $497,500 | 10.40% | 80 | -15.80% | 81 | -19.00% | 23 |
| Richmond | $527,500 | -25.20% | 34 | 36.00% | 37 | 32.10% | 26 |
| Shelburne | $743,000 | 2.50% | 54 | -5.30% | 71 | 9.20% | 29 |
| South Burlington | $701,500 | 10.90% | 134 | -7.60% | 179 | 7.20% | 30 |
| St. George | $751,500 | 10.40% | 5 | -28.60% | 8 | 60.00% | 10 |
| Underhill | $705,000 | 13.70% | 27 | -6.90% | 32 | -3.00% | 49 |
| Westford | $415,000 | -28.90% | 15 | 7.10% | 21 | 10.50% | 17 |
| Williston | $699,500 | 15.10% | 60 | -17.80% | 77 | -6.10% | 21 |
| Winooski | $410,000 | 9.30% | 27 | 0.00% | 34 | 21.40% | 14 |
| Chittenden County Condo | Median Price | VS 2023 | Units Sold | VS 2023 | New Listings | VS 2023 | Average DOM |
|---|---|---|---|---|---|---|---|
| Bolton | $240,138 | -15.20% | 8 | 60.00% | 10 | 66.70% | 10 |
| Burlington | $375,000 | 1.60% | 112 | 24.40% | 156 | 60.80% | 27 |
| Charlotte | $382,500 | -38.30% | 2 | 100.00% | 2 | 0.00% | 12 |
| Colchester | $379,000 | 1.50% | 61 | 13.00% | 71 | 29.10% | 17 |
| Essex | $390,950 | 7.10% | 90 | 5.90% | 102 | 1.00% | 25 |
| Hinesburg | $447,500 | 54.30% | 5 | 66.70% | 6 | 50.00% | 5 |
| Jericho | $345,000 | -8.00% | 5 | -16.70% | 10 | 25.00% | 3 |
| Milton | $441,050 | 27.80% | 39 | 69.60% | 29 | -17.10% | 103 |
| Richmond | $365,000 | 2.80% | 1 | 0.00% | 1 | 0.00% | 20 |
| Shelburne | $517,500 | -13.70% | 34 | 21.40% | 44 | 57.10% | 23 |
| South Burlington | $340,000 | 0.00% | 181 | 39.20% | 198 | 33.80% | 23 |
| Williston | $457,250 | 5.10% | 50 | -9.10% | 64 | 6.70% | 17 |
| Winooski | $370,000 | 1.40% | 13 | -38.10% | 18 | -28.00% | 22 |