Vermont Multi-Family Real Estate Market Report – Page 2

Multi-Family Homes Market Report 2025

July, 2025August, 2025 by Coldwell Banker Hickok & Boardman

103 Caroline Street, Burlington, VT – Located at 103 Caroline Street in Burlington’s sought-after Five Sisters neighborhood just moments from Callahan Park. This rare duplex offers incredible potential.

By County	Median Price	VS 2024	Units Sold	VS 2024	New Listings	VS 2024	Average DOM
All Five Counties	$536,000	26.9%	87	27.9%	163	11.6%	69
Chittenden County	$596,463	3.6%	58	75.8%	90	13.9%	51
Addison County	$475,000	6.7%	4	0.0%	11	37.5%	111
Franklin County	$356,250	8.9%	8	-27.3%	13	-27.8%	142
Grand Isle County		0.0%		0.0%	2	0.0%
Washington County	$320,000	14.9%	17	-15.0%	47	20.5%	85
Lamoille County	$625,000	145.1%	8	60.0%	13	62.5%	141

Multi-family properties across northwest and central Vermont are experiencing significant price appreciation and renewed buyer activity in 2025. The median sale price across all five counties rose to $536,000, up 26.86% year-over-year, while the average sale price increased over 33% to $652,704. Sales volume also climbed, with 87 multi-family properties sold, a nearly 28% increase over 2024.

New listings were up as well—163 properties listed, marking a healthy 11.6% increase—providing more opportunities in a segment often marked by tight supply. Despite rising interest rates nationally, the average days on market (DOM) rose only modestly to 69 days, suggesting that properties are still moving at a reasonable pace relative to their price points.

Chittenden County remains the most active and competitive market for multi-family housing, with 58 properties sold, representing a 76% increase in sales and a median sale price of $596,463. Washington County had more moderate pricing but steady activity, with 17 sales and a nearly 15% increase in median price. In contrast, Franklin County experienced a decline in activity, with only 8 properties sold (down 27%) and listings down as well. Addison County remained flat in sales but posted moderate price appreciation.

Footnotes:

PrimeMLS, PrimeMLS.com,

Multi-Family Market Report

January, 2025February, 2025 by Coldwell Banker Hickok & Boardman

167-169 North Union Street, Burlington, VT ~ This unique multi-family property blends Colonial Revival and Queen Anne styles, featuring 3 units and a 2-story garage/outbuilding and off-street parking.

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.

Multi-Family Homes Mid-Year Report

July, 2024July, 2024 by Coldwell Banker Hickok & Boardman

39-41 King Street, Burlington, VT ~ This multi-family 4-unit building presents a lucrative prospect for both investors and residents alike.

Over the past year, many real estate investors paused as higher mortgage interest rates adversely affected the purchase opportunities in the market. These properties are a desirable property class in large part due to low vacancy rates, rising rents, steady appreciation and tax benefits therefore, owners seemed to be holding on to their properties longer than normal. We are starting to see a slight shift in this part of the market now with a significant increase in newly listed properties. The effect of more inventory available should be evident through the remainder of 2024.

Single-Family January-June 2024
Median Sale Price:	Average Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$525,000 +3.5%	$572,285 +1.4%	48 -4.0%	107 +40.8%	58 +20.8%

MULTI-FAMILY	MEDIAN SALE PRICE	VS 2023	UNITS SOLD	VS 2023	NEWLY LISTED	VS 2023	DAYS ON MARKET	VS 2023
Chittenden County	$576,000	0.20%	$33	-5.7%	79	51.90%	44	25.7%
Addison County	$445,000	55.60%	$4	-42.9%	8	0.00%	60	-46.9%
Franklin County	$327,000	13.70%	11	37.5%	18	20.00%	100	112.8%
Lamoille County	$255,000	-29.70%	$5	25.0%	8	0.00%	58	-32.6%
Washington County	$278,500	-2.30%	$20	-31.0%	39	14.70%	70	37.3%

Vermont Multi-Family Market Results

February, 2024February, 2024 by Coldwell Banker Hickok & Boardman

Multi-Family January-December 2023
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$484,852 -1.1%	118 -35.5%	184 -10.2%	49 -9.3%

Northwest Vermont	MEDIAN SALE PRICE	VS 2022	UNITS SOLD	VS 2022	NEWLY LISTED	VS 2022	DAYS ON MARKET	VS 2022
Chittenden County	$590,000	12.40%	73	-46.30%	$111	-28.40%	30	-23.10%
Addison County	$391,500	25.30%	16	0.00%	$18	-14.30%	133	22.00%
Franklin County	$285,000	10.50%	29	3.60%	$53	103.90%	52	-49.50%

Many real estate investors paused during 2023 as reflected in a 35% decline in properties sold and the minimal change in the median sale price. While residential property sales are largely driven by “life stages or life changes”, the purchases of multi-family and investment properties are driven by analytics. Higher mortgage interest rates adversely affected the purchase opportunities in the market. The number of multi-family units coming to market dropped 10%. These properties are a desirable property class in large part due to low vacancy rates, rising rents, steady appreciation, tax benefits, and a hedge against stock market fluctuations. Owners may be holding onto properties as they perceive a lack of alternative investment options and don’t want to give up their pre-2022, low mortgage rates.

Vermont Multi-Family Market Results

August, 2023August, 2023 by Coldwell Banker Hickok & Boardman

Single-Family January-June 2023
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$507,500 2.6%	50 -52.8%	76 -48.5%	48 -2.0%

The multi-family market continues to provide owners with solid and predictable investment opportunities. In Northwest Vermont, the median price grew a modest 2.6% while posting a 45% gain since 2020. Despite the increase in mortgage interest rates over the past year, demand remains strong for Burlington and Chittenden County properties. In Chittenden County, where 70% of the multi- family sales closed, the median price jumped 10% over the same time last year.

These properties are a desirable property class in large part due to low vacancy rates, rising rents, steady appreciation, tax benefits, and a hedge against stock market fluctuations. Owners may be holding onto properties as they perceive a lack of alternative investment options and don’t want to give up their pre-2022, low mortgage rates. The 53% decline in sales is a direct correlation to lack of inventory versus demand. Well-located and well-maintained properties, as usual, continue to draw the most interest, selling quickly, in many cases at or above list price.

	MEDIAN SALE PRICE	VS 2022	UNITS SOLD	VS 2022	NEWLY LISTED	VS 2022	DAYS ON MARKET	VS 2022
Chittenden County	$575,000	10.1%	35	-57.3%	52	-51.9%	35	-12.5%
Addison County	$286,000	-32.7%	7	40.0%	8	-46.7%	113	79.4%
Franklin County	$287,500	-3.2%	8	-55.6%	15	-16.7%	47	-44.1%

Multi-Family Home Market Results

February, 2023 by Coldwell Banker Hickok & Boardman

24-28 Orchard Terrace, Burlington, VT ~ 4-unit Multi-family in a prime student rental neighborhood with 12 bedrooms.

Multi-Family January-December 2022
Median Sale Price:	Average Sale Price:	Units Sold:	Days on Market:
$490,000 4.0%	183 -25.0%	204 -32.9%	54 -8.5%

The multi-family market continues to provide purchasers with solid and predictable investment opportunities. In northwest Vermont, the median sale price rose 14% and in Chittenden County – where 75% of the multi-family sales occur – prices increased by 9.4%. Once again, these increases are driven in large part by strong demand from local and regional investors, lack of inventory, and the increases in rents for the 2022-2023 cycle. Rents had been stable the previous 2 years as landlords held off on increases during the pandemic.

The Chittenden County rental vacancy rate remains below 1%, and despite several new developments coming to the market, locally we still suffer from a lack of available rental properties. Well-located and well-maintained properties, as usual, continue to draw the most interest and are selling quickly and, in many cases, at or above list price.

	MEDIAN SALE PRICE	VS 2021	UNITS SOLD	VS 2021	NEWLY LISTED	VS 2021	DAYS ON MARKET
Chittenden County	$525,000	9.40%	136	-22.70%	155	-29.90%	39
Addison County	$312,500	-15.00%	16	-20.00%	20	-20.00%	109
Franklin County	$258,000	11.60%	28	-33.30%	26	-51.90%	103
Grand Isle County	$385,000	300.00%	3	-50.00%	$3	-25.00%	12

Multi-Family Home Market Results

July, 2022October, 2022 by Coldwell Banker Hickok & Boardman

175 River Street, Montpelier, VT ~ This 100% renovated Duplex has been thoughtfully rebuilt from the ground up and is ready for a new owner/investor.

	MEDIAN SALE PRICE	VS 2021	UNITS SOLD	VS 2021	NEWLY LISTED	VS 2021	DAYS ON MARKET
Northwest Vermont Multi-Family	$494,500	19.0%	106	0.0%	142	-14.5%	49
Chittenden County	$522,500	15.1%	82	6.5%	108	-12.2%	40
Addison County	$425,000	4.9%	5	-28.6%	15	36.4%	63
Franklin County	$297,000	31.2%	18	-14.3%	18	-37.9%	84
Grand Isle County	$385,000	483.3%	1	0.0%	$1	-66.7%	29

The multi-family market continues to provide purchasers a more predictable investment opportunity vs. the stock market and other more volatile options. In the first half of 2022, 82 units sold in Chittenden County at a median sale price of $522,500, representing a 6.5% increase over 2021. Most multi-family properties, and therefore transactions, are in Chittenden County.

Rental Market Update

In 2020, rents were held level by many landlords focused on tenant retention during the pandemic. Now, in 2022 based on market conditions and tenant demand, there is significant upward pressure on rents. From the Allen, Brooks & Minor June 2022 report, the average 1 bedroom rent is $1309/month; 2 bedroom rent is $1534; 3 bedroom rent is $2120. The average increase from 2021 was approximately 3.8%. That is likely to sustain or increase in 2022.

Chittenden County, home to most of the region’s rental units, has a historically low vacancy rate. In June 2022, the Allen, Brooks & Minor report recorded a new historic low of 0.4%. The deficient number of available properties puts pressure on tenants to find suitable homes, despite 451 new units coming to market in 2021. The last 10 years averaged 448 units per year.

The modest pace of new construction and population growth continues to pressure an already low vacancy rate. 520 new units are projected to come to market in 2022, located primarily in Burlington, Williston, South Burlington, and Essex/Essex Junction. Much more production is needed to significantly impact the challenging vacancy rate.

Multi-Family Home Market Results

February, 2022 by Coldwell Banker Hickok & Boardman

Burlington Portfolio offering 15 units in six buildings with lots of parking on 2.4 acre lot near UVM and hospital. Prime rental location! Sold in 2021.

Multi-Family January-December 2021
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$430,000 22.9%	244 48.8%	303 41.6%	60 -31%

In northwest Vermont, the strong investor market is driven by low-interest mortgage rates and solid equity positions in existing properties for owners. The number of investment properties coming on the market grew by more than 40% fueling a 49% increase in the number of units sold. Although the median price rose to $430,000, investment properties offer affordable opportunities for owners who plan to occupy the property and offset their housing costs with rental income.

The rental vacancy rate has been reported at 0.8%, and while rental rates increased only modestly during the pandemic, rates are projected to go up locally and nationally in 2022 and beyond. Many would-be home buyers are opting to stay put in their rentals after unsuccessfully writing multiple offers for purchases.

Some would be first time buyers, struggling with price appreciation and the competitive market, are staying put in rentals providing demand for area landlords. With local businesses hiring more new employees, the demand on the rental market doesn’t look to ease up. Price appreciation, demand for rentals, and a lack of new rental properties coming to market will continue to add to the desirability of owning multi-family properties.

	MEDIAN SALE PRICE	VS 2020	UNITS SOLD	VS 2020	NEWLY LISTED	VS 2020	DAYS ON MARKET
Chittenden County	$480,000	15.00%	$176	63.00%	221	60.10%	44
Addison County	$367,500	47.00%	$20	33.30%	25	25.00%	61
Franklin County	$231,150	0.60%	$42	5.00%	53	3.90%	86
Grand Isle County	$96,250	-46.50%	$6	500.00%	4	-20.00%	349

Multi-Family Home Market Results

July, 2021November, 2022 by Coldwell Banker Hickok & Boardman

New North End Duplex moments away from the shores of Lake Champlain! MLS 4862760

Multi-Family January-June 2021
Median Sale Price:	Units Sold:	Newly Listed:	Days on Market:
$415,500 18.70%	106 100%	166 127.4%	54 -42.6%

In northwest Vermont, the strong investor market was driven by low-interest mortgage rates and solid equity positions in existing properties for owners. The number of investment properties coming on the market grew by 127% resulting in double the number of properties sold over the same period last year.

Many would-be buyers are staying put or returning to the rental market after unsuccessfully writing multiple offers for purchases. As local businesses turn back to hiring and recover from the global pandemic, new employees struggle to find affordable housing options in the area. The vacancy rates remain the lowest in 6 years, at just over 1%. If demand, as expected, remains high for rental housing, the desirability of owning multi-family properties will continue.

Owner-occupied properties offer the opportunity for homebuyers to offset their housing costs with rental income – improving affordability.

	SALE PRICE MEDIAN	VS 2020	UNITS SOLD	VS 2020	NEWLY LISTED	VS 2020	DAYS ON MARKET
Chittenden County	$454,000	9.7%	77	114%	123	186.1%	36
Addison County	$405,000	103.0%	7	75%	11	57.1%	67
Franklin County	$226,300	30.8%	21	62%	29	31.8%	118
Grand Isle County	$66,000	N/A	1	N/A	3	20000.0%	0

Multi-Family Market Results

January, 2021January, 2021 by Coldwell Banker Hickok & Boardman

5-unit multi-family buildings for sale Burlington VT — Incredible investment opportunity to own a slice of Burlington with 3 buildings on a large corner lot in a great neighborhood sandwiched between the UVM Medical Center, colleges and the Old North End. | MLS# 4839746

	MEDIAN SALE PRICE	VS 2019	UNITS SOLD	VS 2019	NEWLY LISTED	VS 2019	DAYS ON MARKET
All Counties
Multi-Family	$350,000	0.30%	164	14.70%	214	-8.20%	87
Chittenden County	$417,300	7.00%	108	17.40%	138	-4.20%	57
Addison County	$250,000	13.60%	15	114.30%	20	-13.00%	220
Franklin County	$229,750	8.50%	40	-4.80%	51	-16.40%	111
Grand Isle County	$179,900	-44.10%	1	-50.00%	5	0.00%	475

The investor market remains strong in northwest VT, mostly driven by low-interest rates and strong equity positions in existing properties for owners. The median sale price of $350,000 was stable across the region with 7% growth to $417,300 in Chittenden County.

The number of units sold grew substantially over 2019, while properties coming on the market continued a year over year decline. Burlington, the largest city in Vermont, accounts for most multi-family sales in the region, boasting an average sale price in excess of $700,000.

According to the recently published Allen, Brooks & Minor Report, the apartment vacancy rate in Chittenden County is the lowest reported in the past six years at 1.1%. As long as tenants can stay on top of their rent payments – some struggling with unstable unemployment – and housing for college students remains in high demand, the desirability of owning multi-family properties in the region will continue.

The Coldwell Banker Hickok & Boardman Market Report is based on data collected from internal and external sources such as the Northern New England Real Estate Network and does not represent privately negotiated transactions unless so noted. All material herein is designed for information purposes only and has been drawn from sources deemed reliable. Though the data is believed to be correct, it is presented subject to omissions, errors, changes or withdrawal without notice. The report is not designed to solicit property already listed. The report is not intended to predict future results. This does not constitute and is not intended to constitute property investment advice or an offer to sell or the solicitation of an offer to buy any property.

Copyright © 2012 Northern New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable but not guaranteed. The data relating to real estate for sale on this web site comes in part from the IDX Program of NNEREN. Subject to errors, omissions, prior sale, change or withdrawal without notice. IDX updated hourly.