The multi-family property market in Vermont presented both opportunities and challenges in 2024. In the northwest region of the state (Chittenden, Addison, Franklin & Grand Isle Counties), the median sale price for multi-family homes rose by 7.5% to $521,000, while the average sale price increased modestly by 1.6% to $581,913. New listings surged by 14.7%, yet units sold declined by 3.4% to 114, reflecting both affordability challenges and cautious investor sentiment as interest rates remained higher than expected.
| By County | Median Price | VS 2023 | Units Sold | VS 2023 | New Listings | VS 2023 | Average DOM |
|---|---|---|---|---|---|---|---|
| Chittenden County | $585,000 | -0.9% | 77 | 5.5% | 156 | 40.5% | 54 |
| Addison County | $420,000 | 7.3% | 10 | -37.5% | 12 | -33.3% | 45 |
| Franklin County | $327,000 | 14.7% | 27 | -6.9% | 40 | -24.5% | 98 |
| Grand Isle County | $- | 0.0% | 0 | 0.0% | 3 | 50.0% | 0 |
| Lamoille County | $262,000 | -27.2% | 7 | 0.0% | 18 | 20.0% | 55 |
| Washington County | $285,000 | 0.0% | 45 | -18.2% | 76 | 11.8% | 63 |
Chittenden County continues to dominate the multi-family market, with the highest number of sales and a 40.5% increase in new listings. In Washington County, the median sale price remained unchanged over the prior year at $285,000, while new listings on the market rose by 12%. However, Days on Market (DOM) rose by 28.6% to 63 days in northwest Vermont. Sellers need to manage their expectations and be well advised when pricing their investment properties for sale.
Multi-family properties remain a cornerstone of Vermont’s real estate market, particularly as the state grapples with a housing shortage and increasing rental demand. Coldwell Banker Hickok & Boardman led the way in this crucial segment, working with more multi-family buyers and sellers than any other firm in Vermont, securing a 28% market share. Our deep understanding of market dynamics, rental trends, and financing strategies has made us the trusted partner for investors seeking to maximize returns in this competitive sector.
For both seasoned investors and newcomers to the segment, working with an Agent from Coldwell Banker Hickok & Boardman offers unparalleled expertise to evaluate properties, analyze rental income potential, and successfully close transactions.