Multi Family Sales Soar With Robust Increases in Units Closed & Median Sale Prices

Great Victorian, well maintained, two unit home in quaint village of Bakersfield. MLS# 4689279

Northwest Vermont    
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$310,000 (+10.7%)$450,155 (+39.9%)78 (+36.8%)98 (-16.2%)109 (-0.9%)

Chittenden County     
Median Sale Price:Average Sale Price:Units Sold:Newly Listed:Days on Market:
$382,800 (+13.4%) $575,218 (+40.6%)51 (+41.7%)56 (-17.7%)86 (-7.5%)

Investors continue to show strong demand for multi – family properties especially in Chittenden County which accounts for 65% of the total units closed in northwest Vermont during the 1st six months of the year.

The number of properties listed during the time frame dropped more than 16% and, since 2015, the properties available has declined 38%. Limited inventory coupled with the demand pushed the median price of multi-family homes up 11% across the region and 13% in Chittenden County. A few high-priced sales in Burlington drove the average sale price up to more than $575,000. Despite the building of newer apartment complexes and a slight easing of the historically low vacancy rate – demand is still high from renters. Amenities included in the newer complexes are appealing to tenants – however, these units may come with higher rents. Therefore, investors seek out opportunities by purchasing more traditional, multi-family buildings or single-family properties in neighborhoods to meet the pent-up demand.