Overview of the Commercial and Residential
Real Estate Market in Vermont
Vermont comes in at number 49 for population. According to the U.S. Census, just 626,562 people make their home in the Green Mountain State. The state's median home value is $216,800 and the state median household income is $54,267. More than 34 percent of residents have a bachelor's degree or higher and just under 12 percent live below the poverty level. The largest city in Vermont is Burlington. It has a population of 42,284, a median home value of $253,300, and median household income of $42,677. Just over 25 percent of people live below the poverty level. Vermont's capital city of Montpelier has a population of 7,755, a median home value of $211,300, and a median household income of $62,276. The homeownership rate state-wide is 71 percent. For Montpelier the homeownership rate is 57.6 percent.
Overall, the commercial real estate market across Vermont is strong and continues to improve. According to the December 2014 report by appraisal firm Allen & Brooks, the office sector, especially that in the outer regions of Burlington, is the weakest. Retail ended 2014 with a vacancy rate of 4.3 percent. The office sector of Burlington finished with a vacancy rate of 11.2 percent. Industry analyst expect the office market to remain oversupplied through 2016. For industrial space, the vacancy rate is at about 6.8 percent. Like most of the country, the demand for multi-family property remains strong and is expected to continue that way for the foreseeable future. The multi-family vacancy rate has remained below two percent for the past two years.
How to Become a Realtor in Vermont
Operating under the Office of Professional Regulation, the Vermont Real Estate Commission establishes the licensing requirements and education standards for all agents across the state. The Commission requires applicants be at least 18 years old and successfully complete 40 hours of approved real estate education courses. Applicants must apply for their license within one year of passing the state exams and be sponsored by a Vermont broker. They need six closed transactions as the listing agent or selling agent during that active year. If you hold an active license in another state, you may not have to complete the education and exam requirements to become licensed in Vermont.