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What Can $300,000 Buy You in Vermont?

Updated: Sep 29, 2023

In such a competitive market, many are wondering, what can $300,000 get you in the Greater Burlington area of VT? When it comes to Vermont real estate, I wanted to help shine some light on that, starting with the area I primarily service: Chittenden County.



Types of Homes Available

When exploring real estate in Vermont, prospective homebuyers will quickly notice that in towns like Burlington, South Burlington, and even Essex, which used to have many ranch homes under $300k, that the majority of available properties in the area are condominiums. For those seeking single-family homes, finding an affordable option can be a bit more challenging, as most homes priced under $300,000 are likely to be considered fixer-uppers requiring significant investment in renovations.


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Condos

So, what should you know about Condos? Well, they offer several advantages, such as low maintenance, shared amenities, and often a convenient location close to urban centers or scenic landscapes. These properties are particularly popular among young professionals, empty nesters, and individuals seeking a hassle-free lifestyle. Additionally, the wide range of condos available cater to different budgets, styles, and sizes, making them a viable choice for many homebuyers in the area. So far in 2023, there have been 56 condos under $300k that have come available in Chittenden County. Of those pending or closed, the median days on market is just six, and the closing price average is 3.5% over the list price.


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Single-Family Homes

While there are many benefits to buying a condo, many are in search of a Single-Family Home under $300k. However, these are few and far between. Earlier this year, I conducted a search for homes that came to the market so far this year in Chittenden County priced under $300k. Here’s what I found:


• There were 29 homes total, 14 of which closed.


• 7 of these homes sold to cash buyers.

• 7 sold for more than the asking price.

• The average price at sale was $256,008.


These homes often present an opportunity for buyers who are willing to invest time and money into transforming a property to meet their specific needs and design preferences. However, the trick in the current market is being ready and knowledgeable about your needs as well as the cost of repairs, as 50% of these homes went pending within seven days of listing. This only leaves between one and three days after potentially seeing the property to be ready with an offer.


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How to Prepare to Make an Offer

To make sure you’re prepared to make an offer on the home that’s best for you, let’s start with a consult to carefully evaluate your needs, budget, and preferences. We will then take a close look at the market and put together a strategy that aligns with your goals.


With the right approach and resources, finding the right home in Chittenden County is certainly possible, whether it's a move-in-ready condo or a fixer-upper waiting to be transformed into your dream home.



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