Burlington Real Estate Values to $499K in March 2024

Overview of Burlington, VT Real Estate Trends

Burlington home values have seen an upward trajectory, climbing from $430,000 in January 2024 to $499,000 by March this year. Average sale prices per square foot in March was $342, a slight decrease from $343 in January.

This discrepancy suggests that while overall property values have increased, on a per square foot basis, the sale price has seen negligible decline or may also indicate that larger properties, which often have a lower price per square foot, have constituted a bigger portion of the sales mix.

Interestingly, average sale prices have also fluctuated, peaking at $525,000 in February before falling to $483,872 in January, and settling at $501,351 in March. The market’s fluidity is underscored by Burlington’s real estate volume, showcasing an impressive 203 properties sold in March alone. The Burlington segment’s health is further highlighted by its average price per square foot of $403, though in terms of sold properties, the price per square foot averages lower, at $342.

Comparatively, nearby cities exhibit their own distinctive patterns, which may reflect different local market dynamics. Each city’s individuality becomes evident when scrutinizing the figures, and understanding these market variables is key for prospective buyers and sellers operating in or around Burlington, Vermont.

Comparative Analysis with Nearby Cities

Winooski, Vermont, has shown some volatility in average property values, with a peak of $415,000 in early 2024, falling to $382,500 by March. The sale price in March landed at $405,906.5, yet without average sale price per square foot data, it’s challenging to draw detailed comparisons with Burlington.

South Burlington, on the other hand, presents an intriguing case of significant value fluctuations. Initially, average values stood at $699,000 in January, but by March, they sharply decreased to $329,000. However, this considerable dip in value does not align with the average sale price per square foot, which actually rose from $324 to $335.5 over the same period. The average sale price in March was notably high at $520,849, despite the lower average value figure, indicating a complex interplay of factors affecting property valuation and sale prices.

Colchester exhibits a remarkable increase in average value soaring from $310,000 in February to a substantial $876,230 in March. The average sale price per square foot also saw a growth spurt—from $318.5 to $323. However, Colchester’s average sale price was $453,026.5, not quite reflecting the high average value reported for March.

Shelburne’s market appears to be the most volatile, with the average value shooting up to $7,442,500 in February—likely due to a high-value sale skewing the data—before returning to a more typical $495,000 in March. The sale price in this city was an average of $540,494, indicating strong sale prices regardless of the average value inconsistency.

Lastly, Williston witnessed a gentle dip in average value from $684,000 in June 2023 to $680,000 by March 2024. A drop in average sale price per square foot from $287 to $259.5 complements this decrease in average value.

These patterns signify a real estate environment rife with change, where certain locations may appeal to different buyer segments or experience unique market pressures. As such, prospective participants in these markets must stay abreast of these variances and use them to inform their decisions. The fluctuations reveal much more than just numbers; they reflect a narrative of economic shifts, demographic movements, and changing consumer preferences that impact the real estate market.