Chittenden County

While prices for single family homes have increased across the county by nearly 51% since mid-year 2020, growth has moderated in 2023 at a 7% increase.  Homeowners have seen increased equity over the past few years, while benefiting as the largest portion of their living expenses – their mortgage – remained stable. Year to date, although buyer demand remained strong, a drop of 16% in new listings resulted in a decline in closed sales.  Some buyers, many who paused searches in the second half of 2022 due to rising interest rates, have reentered the market this spring to face competitive offers.  This is more frequent in the more affordable price ranges. The decline in new listings is also beginning to moderate as lifestyle factors encourage many sellers to maximize gains and make moves long delayed since the pandemic.

Hillside East in South Burlington introduced one of the nation’s first 100% fossil fuel and carbon-free, climate resilient neighborhoods in the spring. With construction underway, a variety of single family and town home styles are available for reservation in the already established community.  South Village, also in South Burlington, is wrapping up development with the last lots under construction.

In Chittenden County, Coldwell Banker Hickok & Boardman agents represented clients in more than 1 in 4 sales.  Buying or selling your home is a big deal – the experience and results your Agent and real estate brokerage offer should be, too.

In Chittenden County, one of the most populous areas in northwest Vermont, the first quarter of 2023 saw a slight decrease in closed sales for single-family homes, with a decline of around 7.5% compared to the same period last year. This is due to the shortage of available inventory, as the number of new listings for single-family homes in the county dropped by approximately 24% year-over-year. This lack of inventory has led to increased competition among buyers, leading to higher prices for available properties. Despite these challenges, the real estate market in Chittenden County remains strong, with many buyers still looking to purchase homes in this desirable area. The demand for homes in good condition, priced in the $450,000 – $650,000 range seem to be the sweet spot, although most price points are moving quickly. Despite interest rates being significantly higher than the same time last year, we are predicting increased activity in the coming months.

• Chittenden County’s single-family home sales decreased by approximately 7.5% in the first quarter of 2023, compared to the same period last year.
• However, the median price for single-family homes in the county increased by around 14.4% year-over-year, indicating continued strong demand despite the lower sales volume.
• The number of new listings for single-family homes in Chittenden County dropped by approximately 24% compared to the first quarter of 2022, contributing to the limited inventory.
• The condo market in Chittenden County also saw a decline in sales volume, with a drop of around 32% compared to the same period last year. However, the median price for condos increased by around 9%, indicating that demand remains strong in this segment of the market.
• In Milton, a town located in Chittenden County, closed sales of single-family homes increased by an impressive 56% compared to the first quarter of 2022, outpacing the county-wide trend.

The demand for homes in Chittenden County remained strong throughout 2022, with a slight slow down during the second half of the year. With limited inventory – a decline of 17% for single family homes and 7% for condos – median sale prices rose substantially.

Less units sold in 2022 is not a reflection of the number of buyers participating in the market. Many purchasers faced multiple offers, needing to exercise patience while working closely with their REALTOR to close on a home that met their needs. The median sale price of a single-family home has risen 43% since 2019. Homeowners have built equity, while keeping the largest portion of their living expenses – their mortgage – stable. For this reason, buyers should remain in the market. The opportunity to build wealth, manage your housing expenses, and enjoy the many benefits of homeownership simply do not exist as a renter.

Both single-family homes and condos showed substantial price appreciation in Chittenden County. The median sale price of single-family homes rose to $505,050 – a record high. Newly listed properties dropped 15.4% to 559. Pending single-family homes in May, an indicator of home sales to come, were flat with last year and showed a 10.2% decline over a 12-month average. Limited choice and slowing buyer demand are two contributing factors to this decline.

While condominium options are slightly more plentiful in Chittenden County, new inventory was down 1.3% from 2021 with 376 new listings. Limited inventory continued to put pressure on prices as the median sale price of condominiums appreciated to $340,000, a nearly 22% increase over last year. Higher interest rates, coupled with inflation are slowing cooling demand. It is anticipated that inventory will gradually increase, slowing down price appreciation.

The demand for homes in Chittenden County remained strong throughout 2021. The modest increase in the number of homes sold during the year was a result of the limited and fast-moving inventory and not a reflection of the number of buyers participating in the market. Many purchasers faced multiple offers, needing to exercise patience and persistence, while working closely with their REALTOR, to close on a home that met their needs.

The median and average sale price increased for both single-family homes and condominiums again in 2021. With the prices of homes increasing by 29% over the past 4 years, homeowners have built equity, while keeping the largest portion of their housing expenses – their mortgage – reasonably stable. For this reason, buyers should remain in the market. The opportunities to build wealth, manage your housing expenses, and enjoy the many benefits of home ownership simply do not exist as a renter.

New construction projects such as Hillside at O’Brien Farms and South Village in South Burlington are nearing the end of their current phases of development – with Hillside preparing to offer additional homes in the near future. New construction projects throughout the county offer an opportunity for existing homeowners to use their strong equity position to “right-size” and for buyers who have a flexible timeline to purchase a new, energy-efficient, and low maintenance home.

Burlington, Essex, and South Burlington lead the county for closed sales while Hinesburg and Winooski posted the largest increases in closed units in 2021. With a relatively affordable median price, proximity to nearby Burlington, and a vibrant downtown the mill town of Winooski continues to be a desirable option for first time buyers.

Charlotte and Shelburne posted the highest median price in the county driven, in part, by the lakefront and luxury homes available.

Chittenden County offers a variety of housing options including a large number of condominiums. The median sale price for condos across the county rose slightly to $280,000 providing an affordable and low maintenance housing option for buyers.

The demand for homes in Chittenden County continued through the first half of 2021, increasing by more than 13% over 2020. Navigating the challenges of the global pandemic in 2020, many contemplated their living and employment situations; either relocating, right-sizing, or renovating their home. A modest improvement in the number of properties listed for sale this year (+8%) has not proven enough to satisfy the number of buyers searching for a home.

Many purchasers, facing multiple offers, needed to exercise patience and heed the guidance of their REALTOR before entering into a contract to purchase. In most cases, persistence paid off, and buyers found the home that met their needs.

The median sale price of single-family homes in Chittenden County jumped 18% in 2021, increasing 27% since 2018. Still, homes remain an affordable option over renting, with record-low mortgage interest rates offering the opportunity to build equity.

New construction projects such as South Village and Hillside at O’Brien Farm, both in South Burlington, introduced a variety of much needed, new housing options to the market – including townhomes, single-family homes, carriage homes, and “flats.” Buyers had time to make selections in location, floorplans, and custom finishes while not competing in the frenzied re-sale market. New construction projects throughout the county gave an opportunity for exiting homeowners to use their strong equity position and “right-size” to a new, energy-efficient, and low-maintenance home. Options for new builds are still available with Spring 2022 delivery dates for buyers with flexible timelines.

The median sale price for single-family homes in Chittenden County increased by nearly 9% in 2020 and 14% over the previous 2 years. Newly listed homes went under contract quickly – many with multiple offers creating upward pressure on pricing in an already undersupplied market.

Many buyers have turned to new construction in communities like Hillside at O’Brien Farm and South Village – both in South Burlington. New builds offer buyers time to make selections in location, floorplans, and finishes while not competing in the frenzied re-sale market. However, supply chain disruptions and increased cost for materials are pressuring builders who want to deliver a high-quality product on time.

With the increase in median sale price comes an increase in the equity position for many homeowners. The time to list may be right for Sellers who have postponed a move to list their home. Showing practices during COVID-19 are efficient and less intrusive then they were pre-pandemic. In most cases, only well-qualified buyers who have viewed homes online – via video and photos – narrowed their search to your home will physically enter your property. Many qualified buyers are waiting for the right property to hit the market; so savvy sellers, with guidance from their agent, will list their home now and not wait until the spring.

Our mid-year report includes data for the first 6 months of 2020, as well as data for the 2nd quarter of 2020 alone. We cannot analyze the trends in the northwest Vermont real estate market without understanding the effects of COVID-19 which struck Vermont in mid-March.

The median sale price for single-family homes continued the year over year climb to $360,000; a 7.5% increase over the same period in 2018. Condominium pricing also rose while still providing a more affordable and low maintenance option for home buyers. Newly listed homes dropped 26% during the second quarter amidst the spread of COVID-19 – increasing the pressure on an already undersupplied market. Sellers, hesitant to open their homes to in-person showings yet motivated to keep their home listed for sale, worked with our marketing team to create video tours of their property.

Buyers acted quickly when the right property caught their eye resulting in only 42 days on the market (DOM) – the number of days from list to contract; the lowest we’ve seen in many years. In some key price points and locations, the “DOM” is in the single digits.