The U.S. Department of Housing & Urban Development (HUD) has published its Housing Market Profile for Q4 2010 for the Burlington/South Burlington area.
Some highlights:
- The median sales price for residential homes in Chittenden County, which accounts for more than 75 percent of recent home sales, increased by nearly 4 percent in 2010, to $251,500, compared with the median price in 2009.
- The median home sales price, however, remained 2 percent below the peak median price of $257,250 in 2007.
- The median sales price for condominiums in Chittenden County was $197,900 in 2010, up 3 percent from the median price in 2009, but down 2.5 percent from the peak median sales price of $202,900 in 2007.
- As home sales and median home sales prices have started to increase, foreclosure rates have remained among the lowest in the country.
- The rental market in the metropolitan area is extremely tight because of limited new additions to the inventory and growing student demand. According to data from Allen & Brooks Associates Inc., the apartment vacancy rate in Chittenden County for December 2010 was 1.4 percent, down from 2.7 percent a year earlier.
Read the full report (PDF).