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Vermont real estate

Vermont – Where the Housing Market Takes an Interesting Twist

In November 2012, Burlington saw its number of home sales jump by a whopping 50% when compared to the year before!

While that’s certainly an impressive increase – and one that realtors in Vermont definitely want to build on – it shouldn’t come as a huge surprise. After all, this state has one of the highest home ownership rates in the country.

However, there’s an interesting twist.

While the number of home sales all over Vermont was much higher in 2012 than it was in years past, the actual selling prices were not. In fact, home prices actually dipped in 2012.

How much?

The median sales price around the state dipped 4% -- which may not seem like a lot, especially when you consider all of the national uncertainty we faced in 2012 – but it was enough of a drop to catch the attention of realtors in Vermont. However, you won’t see concern on any of their faces!

Why not?

Economists are quick to point out that Vermont’s economic recovery just isn’t moving as quickly as the rest of the country’s is. While jobs are being added, they aren’t being added fast enough to see measurable progress in the housing market yet. It’s not a major problem; it’s simply a fact of living in Vermont.

Adding to the twist, many of Vermont’s younger citizens are moving elsewhere. Many are doing so because the jobs market here just isn’t good enough. According to the Census Bureau, Vermont is one of two states that’s actually losing population. (Rhode Island is the other.) In fact, at the end of 2012, Washington D.C. had a larger population than the Green Mountain State did!

Because so many young people are moving out, it means that Vermont’s population is getting older and older – meaning that the state is slowly losing more and more of its labor force. That also makes economic recovery a little tougher.

At the beginning of 2013, Vermont’s state unemployment rate sat at 5.3%. Economists predict that, by the end of 2013, the rate will be 5% and should go into a long period of decline after that. They also think that the average income will go up throughout 2013. If their predictions come true, it means that far more Vermonters will have money to spend on homes for sale.

So, whatever you do, don’t count out Vermont’s housing market! The sales are there, and the price increases are only a few new jobs away!

Living in Vermont

Want to slow down and enjoy life a little more? How about enjoying Vermont’s breathtaking mountain panoramas?!

With Canada to its north, Massachusetts to the south, New York to the west and New Hampshire to the east, Vermont is the 7th-coldest state in the country. The gorgeous Lake Champlain, the state’s major fresh water lake, borders Vermont its west side.

Vermont is known for its gorgeous, mild summers, stunning fall foliage, and extraordinary snowy conditions in the winter. Depending on elevation, the annual snowfall averages between 60 and 100 inches!

Before you head off to Vermont, let’s go over some of the fast facts:

  • What is the population of Vermont?
  • The population of Vermont is 626,011
  • What is the capital of Vermont?
  • The capital of Vermont is Montpelier
  • What is the largest city in Vermont?
  • The largest city in Vermont is Burlington

Vermont relies heavily on tourism, and the state boasts some of the best skiing in all of New England. If you are a skier or a snowboarder, grab your hear and head to Stowe, Stratton, Mount Snow, Sugarbush, Bromley, or Smuggler’s Notch. These aren’t just winter-time resort towns, though. They’re also home to shops, antiques, and restaurants that are fun to visit year-round.

If you like fishing, Vermont offers trout, lake, and ice fishing. Because of its many outdoor activity opportunities, Vermont is also an ideal summer camp location!

Want some homemade tasty treats? Vermont is famous for its maple syrup production, and dairy farming is also a major source of agricultural revenue. The state is also well-known for its signature companies, Cabot Cheese and Vermont Butter and Cheese Company as well as Ben and Jerry’s Ice Cream.

Looking for some “grown up” fun? In 1985, Vermont entered the wine industry. Today, you can visit 14 different wineries.

There really is something for everyone here – both inside and out!

This is the Census data for Vermont

Population

Total population estimate for Vermont (July 1) 2012
626,011
Total population change for Vermont- April 1, 2010 to July 1, 2012
NA

Age

Percentage of the population that's under 5 years old in Vermont, 2011
5.0%
Percentage of the population that's under 18 years years old in Vermont, 2011
20.1%
Percentage of the population that's 65 years and over Vermont, 2011
15.0%

Gender

Percentage of the population that are females in Vermont, 2011
50.7%

Race breakdown for Vermont in percentages

White alone, 2011
95.5%
Black alone, 2011
1.1%
American Indian and Alaska Native alone,2011
0.4%
Asian alone, percent, 2011
1.4%
Native Hawaiian and Other Pacific Islander alone, 2011
NA
Two or more races, 2011
1.7%
Hispanic or Latino Origin, 2011
1.6%
Not Hispanic, White alone, 2011
94.2%

A little more about the residents of Vermont

Percentage of residents who lived in the same house 1 year ago, 2007-2011
86.2%
Percent of residents who are foreign born 2007-2011
3.9%
Percent speaking a language other than English at home, 2007-2011
5.2%

Education

Percent high school graduates or higher for residents 25 years old and over in Vermont, 2007-2011
91.0%
Percent with a bachelor's degree or higher for residents 25 years old and over in Vermont, 2007-2011
33.8%

Veterans

Total number of Veterans living in Vermont 2007-2011
51,981

Communting

The average travel time to work for workers in Vermont (16 years and over not working at home), 2007-2011
21.7 mins

Real estate stats in Vermont

Housing unit estimates, 2011
324,389
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
71.4%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
23.0%
Median value of specified owner-occupied housing units, 2007-2011
$213,000.00
Households, 2007-2011
256,711
Average household size, 2007-2011
2.34

Income

Per capita income for Vermont in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$28,376.00
Median household income in Vermont, 2007-2011
$53,422.00
Percentage of people living in poverty in Vermont 2007-2011
11.3%

Business and commerce info for Vermont

Private nonfarm establishments, 2010
21,451
Private nonfarm employment for pay period including March 12, 2010
264,099
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
4.2%
Total number of businesses in Vermont, 2007
78,729
Percentage of Black-owned businesses in Vermont, 2007
NA
Percentage of American Indian- and Alaska Native-owned businesses in Vermont , 2007
0.5%
Percentage of Asian-owned businesses in Vermont, 2007
0.8%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Vermont, 2007
NA
Percentage of Hispanic-owned businesses in Vermont, 2007
0.6%
Percentage of Women-owned businesses in Vermont, 2007
26.0%

Land size and population

Size of Vermont in Square Miles, 2010
9,216.66 mi²
Population per square mile in Vermont, 2010
67.9

Vermont real estate