In 2024, 824 new apartments were completed across Chittenden County, marking a record annual increase since tracking began in 2000. Most units arrived in the third quarter, which contributed to a significant rise in the vacancy rate—from 1.2% in June 2024 to 3.6% by December—bringing the annual average to 2.4%. This represents a notable shift above the five-year norm of 1.4%, allowing renters to secure housing more quickly than in past years.
Of the new apartments, South Burlington led with 422 units, followed by Burlington with 287. The rest—totaling 115—were distributed among Colchester, Shelburne, Williston, Milton, Winooski, Charlotte, and Westford. Of further note, 364 of these units were completed by UVM and the UVM Health Network and are not publicly available, rather they helped ease overall market strain by reducing the number of potential students and medical professionals seeking housing options in the broader market.
2025 Apartment Growth
Around 563 new apartments are projected for completion in 2025, still above the long-term average. South Burlington and Essex/Essex Junction are set to receive more than half of these units combined.
Source: Allen, Brooks, & Minor Report – December 2024
Apple Island Resort is located on the shores of Lake Champlain in South Hero Vermont. This idyllic community welcomes residents and visitors alike to experience a harmonious blend of natural beauty and luxurious amenities.
Grand Isle County experienced limited performance across property types in 2024 as few condos and multi-family options are available. Single-family homes saw a 8.27% increase in median sales price to $458,000, with units sold up 1.89%.
Single-Family January-December 2024
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$458,000.0 8.3%
$531,468.0 -11.3%
108 1.9%
158 9.0%
47 62.1%
Condos January-December 2024
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$416,500.0 -2.0%
$416,500.0 -2.0%
1 0.0%
2 100.0%
34 385.7%
Increased inventory (+8.97%) offered more options for buyers, but the average days on market (DOM) rose to 47 days, reflecting some moderation in buyer urgency. Buyers, many searching for their lakefront dream home, appear to wait for the “right” property to hit the market and then move quickly.
The land market saw a slight decline in median sales price (-4%) to $90,000, while inventory decreased by 8.33%. Whether buying or selling, a Realtor’s expertise is crucial for navigating this diverse market and achieving your goals.
185 South Cove Road, Burlington, VT – Escape to your own lakeside paradise! This home is a hidden gem, nestled on over an acre of lush land adjacent to an expansive 80-acre woodland park, offering unrivaled seclusion and serenity.
Vermont’s luxury property market* remained solid in 2024, driven by the desire for high-end homes that offer privacy, natural beauty, and exclusive amenities. The median sale price for luxury properties in northwest Vermont (Chittenden, Addison, Franklin, and Grand Isle Counties) reached $1,650,000, a 2.2% increase from the previous year, while the average sale price surged by 20.6% to $2,204,868 as a result of 2 sales above $10,000,000 in Chittenden County.
Single-Family January-December 2024
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$1,650,000 2.2%
$2,204,868 20.6%
57 0.0%
96 -5.9%
29 -21.6%
Despite limited inventory, with new listings dropping by 6 %, luxury homes sold quickly, averaging just 29 days on market (DOM)—a 21.6% decline that underscores the competitive nature of this segment. Discerning buyers in this market segment are ready to make a move when the property that meets their desires comes on the market.
As affluent buyers continue to seek Vermont’s premium properties, Coldwell Banker Hickok & Boardman has solidified its position as the dominant force in the luxury market. Representing more luxury buyers and sellers in northwest Vermont than any other firm, the company achieved an impressive 35% market share in this high-demand segment. Our Agents’ unmatched expertise, deep market knowledge, and personalized service have made us the go-to choice for both buyers and sellers navigating this fast-moving market.
For sellers, these conditions present a golden opportunity to capitalize on the demand for luxury property while inventory remains low. For buyers, partnering with an experienced Agent from Coldwell Banker Hickok & Boardman provides access to exclusive listings, expert strategies, and deep insights into Vermont’s luxury market. Vermont continues to attract high-net-worth individuals from metropolitan areas and out-of-state markets. Coldwell Banker Hickok & Boardman Agents are positioned to best market to and serve these discerning buyers.
*Luxury properties are defined as residential properties priced at $1,250,000 or more. Previous reports included properties priced at $1,000,000 or more. Due to increased median sale prices across all residential sales over the past 5 years, it was necessary to increase the benchmark to accurately reflect the top 10% of the market.
Sales by County
Units
Median
Average
Low Sold Price
High Sold Price
Chittenden
46
$1,650,000
$2,257,641
$1,250,000
$14,100,000
Addison
7
$1,700,000
$2,008,000
$1,390,000
$3,600,000
Franklin
0
Grand Isle
4
$1,660,000
$1,942,500
$1,450,000
$3,000,000
Lamoille
69
$1,600,000
$1,964,957
$1,250,000
$4,000,000
Washington
17
$1,696,500
$2,025,382
$1,260,000
$5,000,000
The Luxury Real Estate market defied broader market trends in 2025 – in Vermont and nationally. In addition the our local market trends, review this year’s Trend Report by Coldwell Banker Global Luxury for trends and influences in the year ahead.
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.
41 Sunset Beach Road, South Hero, VT – This charming lakeside retreat in South Hero boasts 75 feet of prime Lake Champlain frontage, offering breathtaking sunset vistas and serene lake panoramas surrounded by lush mature trees providing a sense of seclusion and tranquility.
The Vermont land market faced notable challenges in 2024, with sales volume declining despite steady price growth. The median sale price for land in northwest Vermont rose by 6.8% to $148,500 – a 75% increase over the past eight years.
By County
Median Price
VS 2023
Units Sold
VS 2023
New Listings
VS 2023
Average DOM
Chittenden County
$225,000
7.1%
45
0.0%
94
51.6%
81
Addison County
$120,000
-10.1%
47
-21.7%
75
-9.6%
100
Franklin County
$90,000
-3.7%
43
-20.4%
103
-4.6%
126
Grand Isle County
$90,000
-4.0%
23
-11.5%
44
-8.3%
189
Lamoille County
$152,500
27.1%
58
7.4%
111
16.8%
122
Washington County
$145,000
7.4%
66
-33.3%
124
0.0%
83
The average sale price dipped by 6.3%, reflecting variability in parcel types and development potential. Units sold dropped by 14.6%, with only 158 transactions, as rising costs and regulatory barriers continued to deter many buyers.
New listings in the region grew modestly by 5.0%, with a 52% increase in land for sale in Chittenden County. But ongoing challenges such as labor shortages, infrastructure limitations, and permitting complexities hampered the pace of development. The average days on market (DOM) decreased slightly by 2.5% to 115 days, suggesting that buyers remain active but are increasingly selective about the properties they pursue.
Land is still a critical segment in Vermont’s real estate market, particularly as developers seek opportunities to address the state’s housing shortage. However, building on undeveloped land often requires a substantial investment in utilities, road access, and zoning compliance. Buyers looking to navigate these complexities need the expertise of an experienced Agent who understands local regulations and market trends.
For Sellers, pricing land competitively, thoughtfully, and, if appropriate, highlighting its development potential will be key to attracting serious buyers. Looking ahead, Vermont’s focus on housing initiatives and infrastructure investment may unlock new opportunities for land sales and development in 2025, offering optimism to a market poised for growth.
531 Kimball Dock Road, Ferrisburgh, VT ~ This enchanting Vermont estate on the shores of Lake Champlain is sited on 5 acres of landscaped woodlands, rock gardens, lawns, stone paths & ledges just minutes from the renowned Basin Harbor Resort.
After nearly five years of declining inventory, the number of single-family homes, condos, and multi-family homes rose during the first half of 2024. The first six months of 2024 saw a healthy increase in newly listed properties. Most of the increase in new listings came from April – June. The additional inventory did not temper the increase in the median sale price of single-family homes, which rose nearly 10% during the period. The impact of higher inventory will result in increased sales as the year progresses. However, 2024 (like 2023) will likely be one of the lowest sales years in history as the market continues to rebalance post-pandemic.
Single-Family January-June 2024
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$459,776 +6.9%
$569,738 +10.6%
728 -2.4%
1150 +7.7%
39 +18.2%
Condos January-June 2024
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$350,000 -1.4%
$403,755 -1.8%
286 +11.3%
427 +26.0%
23 +43.8%
MULTI-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%
Land January-June 2024
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$150,000 +3.8%
$204,693 +0.2%
79 -14.1%
153 -5.6%
134 +3.1%
Properties that were listed and went pending in May and June are scheduled to close in July and August. The additional inventory provides more options for buyers, slows the pace of the market, and eases the upward pressure on home prices. Home buyers who have stayed in the market have benefitted. The shift in inventory has enabled buyers to include inspection contingencies and request seller concessions, including help with closing costs and repairs.
It is unclear if there will be a Fed rate cut in 2024 – which many experts were hoping for. If mortgage rates finally decline, more buyers may move off the sideline – resulting in a surge in demand that will absorb the gain in inventory. We continue to see many homeowners “locked” into historically low mortgage rates, and they are challenged to move in exchange for a higher rate and possibly a higher-priced home. Mortgage rates fell just under 7% in June. Various experts predict the rates to end the year between 6.5% and 7.0%.
Despite the continuing upward trend in home prices, there is unlikely to be a “housing crash” in 2024. Over the past few decades, new home construction in Vermont has not provided enough new housing to fill the need. “Entry-level” homes are particularly scarce; the low level of inventory, coupled with the financial stability (equity in their homes) of most homeowners, is much different than during the Great Recession.
Millennials will continue entering the home-buying market, maintaining demand this year. Current demographics support continued strong demand through the next several years. Nationally and locally, there needs to be more homes to meet demand. In Vermont, 5,000-6,000 new homes are needed to improve supply over the next five-plus years. Land use regulations and a limited labor force are two challenges in achieving that goal.
Nationally, the median price for existing homes in May rose 5.8% from a year ago to a new record high of $419,300. “Home prices reaching new highs are creating a wider divide between those owning properties and those who wish to be first-time buyers,” said Lawrence Yun, chief economist at NAR. We continue to advocate for more new construction at all price points in Vermont.
Remainder of 2024
For Buyers:
Expect Higher Prices: Home prices are likely to remain high, with potential slight declines in mortgage interest rates.
Financial Preparation: Save money for a down payment and work on your credit score. Consult with a local lender to learn about mortgage programs so you are ready when the right home is listed.
Market Understanding: Work with a skilled professional who can provide you with information on the market you are searching. Understand the pricing and inventory in addition to how quickly homes sell (DOM). This enables you to feel comfortable making an offer and moving forward.
Be Flexible: Be open-minded about your needs and wants. The best time to buy a home is based on your needs. When you find a home that meets your needs and that you can afford, it is the time to buy.
For Sellers:
Price Predictions: Fannie Mae, Mortgage Banker Association, and the National Association of Realtors predict home prices to rise around 4% over 2023 by year-end.
Work with Experts: Collaborate with an agent or team with proven results, market knowledge, and a strong marketing presence to best position your home to the broadest pool of buyers.
Competitive Pricing: Pay close attention to the homes for sale and sold in your neighborhood.
Recent comparable sales will help determine the sale price for your home. Some price points are not as competitive as others, so be prepared to accept some contingencies and make some concessions.
Maintenance and Appeal: Ensure your home is well-maintained with lots of curb appeal. Buyers are looking for homes that need few, if any, improvements since they are already under pressure with rising prices, mortgage interest rates, and property taxes.
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.
Single-Family January-June 2024
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$575,000 +4.9%
$680,847 +13.5%
404 -0.3%
605 +9.2%
31 +10.7%
Condos January-June 2024
Median Sale Price:
Average Sale Price:
Units Sold:
Newly Listed:
Days on Market:
$355,750 -1.2%
$413,025 -1.3%
254 +8.6%
390 +30.4%
23 +35.3%
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.
46 Riverview Street, Ferrisburgh, VT ~ Nestled on the banks of Otter Creek, with direct access to Lake Champlain, this property built in 2021 offers convenient one-level living with an open concept design.
The median sale price of single-family homes jumped nearly 10% in Addison County as inventory on the market did not see the rebound recognized in other areas of northwest Vermont. Closed sales dropped sharply, exceeding the rate of decline in previous years. Middlebury saw a 25% decline in closed sales, however, an increase in newly listed homes may turnaround those results in the 3rd quarter. While we may speculate that second home and luxury home purchasers paused during the first half of the year, the increase in the median sale price does not support that theory. With a small statistical sample over the 6 months of this report, we will have a better barometer as to the market trends in Addison County as the year progresses.
493 Nichols Road, Fairfax, VT ~ Experience tranquility and versatility in this beautifully-maintained, 3-bedroom, 2-bath home featuring an adjacent 2-bedroom apartment.
There is lots of good news for the housing market in Franklin County. Still the most affordable of the counties in this report, sales of single-family homes and condos surged this year. This was fueled by a 15% increase in homes listed for sale. The data by city/town shows a clear correlation between the increase in inventory and the increase in closed sales. St. Albans, Swanton, Georgia, and Enosburg lead the way, while sales and inventory dropped sharply in Fairfax. The new inventory to market bodes well for buyers’ options in their home search.
241 East Shore North, Grand Isle, VT ~ Discover serenity in this 3-bedroom, 3-bath lakefront home on 10.4 acres, offering majestic views of Lake Champlain & the Green Mountains.
The housing market in Grand Isle is typically cooler during the first 6 months of the year. With only 37 sales during this period, the reported data can be misleading. The median sale price of single-family homes was stable at $400,000 yet lower than the 2023 year-end median price of $423,000. No luxury home sales have been closed so far in 2024, which is very likely to change during the summer months. 81 single family homes were listed during the period which will likely result in an increase in units sold through the 3rd and 4th quarters of the year.
Of the new apartments, South Burlington led with 422 units, followed by Burlington with 287. The rest—totaling 115—were distributed among Colchester, Shelburne, Williston, Milton, Winooski, Charlotte, and Westford. Of further note, 364 of these units were completed by UVM and the UVM Health Network and are not publicly available, rather they helped ease overall market strain by reducing the number of potential students and medical professionals seeking housing options in the broader market.
It is unclear if there will be a Fed rate cut in 2024 – which many experts were hoping for. If 
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 
