Chittenden County Real Estate Market Report

Footnotes:

1. PrimeMLS, PrimeMLS.com,

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.

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.

A surge in newly listed condos and single-family homes resulted in 658 closed sales during the first 6 months of the year. This is the first time in over 5 years that the number of closed sales has not declined. Burlington, Essex, Williston, Hinesburg, and Jericho all posted increases in sales.

South Burlington’s drop-in single-family sales reflects a shift in new construction sales during the first half of 2023 vs 2024. As O’Brien’s Hillside East closes many new homes through the remainder of 2024, the results in South Burlington will shift.

Condos were a bright spot in Chittenden County sales, increasing nearly 9% with a 30% jump in available condos. South Burlington, Essex, Colchester, and Burlington lead the market.

While prices for single-family homes have increased across the county by 42% since 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. Although buyer demand remained strong, a drop of 11% in new listings resulted in a decline of closed sales. 

Some buyers, many who paused searches due to rising interest rates, will reenter the market this spring to face competitive offers. This is more frequent in the more affordable price ranges. The decline in new listings is predicted to moderate as lifestyle factors encourage many sellers to maximize gains and make long delayed moves.

Several new construction projects in the county neared completion in 2023 which affected the new inventory coming to market as well as the number of closed sales. In the spring, Hillside East in South Burlington introduced one of the nation’s first 100% fossil fuel and carbon-free, climate resilient neighborhoods. With construction well underway, and more than a dozen homes scheduled for completion and closing by this summer, a variety of single-family homes and townhomes are available for reservation in the already established community.

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.

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.