Housing data

A recent article in the New York Times suggested that Vermont is ranked first in the nation in vacant homes. This may be surprising to many Vermonters, given the state’s extremely tight housing market. Diving into the data more closely shows that the vast majority of Vermont’s vacant homes are seasonal or vacation homes, which are considered to be vacant under the Census Bureau’s methodology, but not necessarily available to buyers or renters.  Vacation homes have been prominent in Vermont’s housing stock for decades due to the state’s ski resorts and long-time desirability among tourists.

This article was written by VHFA Spring Housing Fellow Christina Cramer

The Joint Center for Housing Studies of Harvard University recently published its annual report, America’s Rental Housing 2022, which thoroughly examines all aspects of the rental housing market. The study detailed the demographics of rental housing, rental housing stock, the rental markets, rental affordability, and the challenges associated with rental housing. The study suggests that federal support associated with the pandemic relief was beneficial to helping families remain in their homes, but finds that renters continue to face significant affordability challenges. 

The median Vermont non-vacation home sold for $270,000 in 2021, a 10.2% increase from the prior year, and a 19% overall increase from prices in 2019, before the pandemic. This is the largest home price increase seen since 2005. 

The median single family primary home sold for $280,000, the median condominium sold for $247,250 and the median mobile home with land sold for $115,000, according to Property Transfer Tax (PTT) records from the Vermont Department of Taxes*. 

The median Vermont primary home sold for $259,900 during the first six months of 2021, compared to $245,000 throughout 2020, a six percent increase. This aligns with the 6.9% price increase seen between 2019 and 2020, suggesting that the state is on track for significant but steady growth in home sale prices. 

By 2030, the Upper Valley region will need to triple the pace of home building and conversions to meet projected demand from existing and future residents, according to the collaborative Keys to the Valley initiative. About one-third of the region’s households are cost burdened by paying more than 30% of their income for their housing. With the region’s aging population and declining average household size, these trends suggest a path forward that preserves existing homes, encourages new homes, improves housing affordability and fosters diverse, smaller housing types. 

Home sale prices in Vermont continued to rise in 2020 amidst the impact of the coronavirus pandemic. The median primary (non-vacation) home sold for $246,000, according to Vermont Property Transfer Tax records.

Earlier this year, the U.S. Department of Housing and Urban Development (HUD) released its latest report on the characteristics of tenants living in apartments funded by federal housing tax credits as of 2017. The data reveals that Vermont renters living in tax credit housing are older and more racially diverse than Vermont households overall. The report also suggests that Vermont’s subsidized apartments tend to be more affordable than those in other states. 

Despite the COVID pandemic's impacts on the 2020 Census, the statutory deadline for 2020 Census data collection has not been extended and complete and accurate data is critical.

Vermont is among states with the lowest response rates in the country.  We need everyone living in Vermont to be counted to ensure our taxpayer dollars come back to the state, and to ensure our legislative districts are accurate.  

Despite the impact of the coronavirus pandemic, Vermont home prices continued to climb in the first six months of 2020, based on the latest data from Vermont Property Transfer tax records. The median home sold for $234,940, a roughly 3% increase from 2019. Although the pandemic initially depressed the number of sales, the housing market appears to have returned to near-normal conditions as of the end of June.

Research conducted by VHFA for the 2020-2025 Vermont Housing Needs Assessment reveals that Vermont’s non-White households fare worse than White households according to numerous economic and housing-related metrics. Much of the data from the report is available on VHFA’s regularly updated Vermont housing data site.