Burlington’s housing market is experiencing notable shifts, with recent data indicating a median sale price of $573,000, reflecting a 2.4% increase from the previous year. Homes are now averaging 102 days on the market, a significant rise from 19 days last year, suggesting a more balanced market dynamic. Additionally, the number of homes sold in March rose to 22, up from 13 in the same month last year, highlighting increased buyer activity.
In the rental sector, the median rent in Burlington stands at $2,350 per month, marking a 3.3% year-over-year increase. This uptick underscores sustained demand in the city’s rental market.
Several development projects are contributing to Burlington’s evolving housing landscape. Cambrian Rise, a new neighborhood adjacent to Lake Champlain, offers a mix of residential options, including the Aurora and One25 developments, providing both purchase and lease opportunities.
Another significant project is the redevelopment of the former YMCA building at 266 College Street. Plans include preserving the historic brick façade while introducing 79 apartments, below-grade parking, and modern amenities, all designed to LEED Gold standards.
Additionally, the Millview Apartments project has transformed a former gas station site into affordable housing, featuring six one-bedroom units and six townhouses, contributing positively to the city’s housing density and affordability.
These developments, alongside current market trends, reflect Burlington’s ongoing efforts to address housing demand and provide diverse living options for its residents.