Building Costs Per Square Foot in the State of Vermont – Single Family Homes

Last Updated on April 8, 2024 by admin

Under Construction – Newly Built House in Vermont 31 Bradley Bow Road Lot 11 Jericho VT05465 – 4 Bed and 3 Baths with 2 Attached Garages on Gross Floor Area 2,516 sqft – Built in 2022 – Price $1,150,000 (6)

As of 2024, building costs in the state of Vermont are -4% below the national average. The charts below show a comparison of costs between luxury, semi-luxury, best, good, average and minimum standard single-family houses. Costs are also given for manufactured housing in five quality classes.

2024 Building Costs Per Square Foot for Single Family Homes in the State of Vermont, USA

• Class 1 – Luxury Homes – $372.35 to $583.75 per sqft
• Class 2 – Semi Luxury Homes – $226.31 to $354.77 per sqft
• Class 3 – Best Standard Homes – $146.38 to $227.24 per sqft
• Class 4 – Good Standard Homes – $106.75 to $167.43 per sqft
• Class 5 – Average Standard Homes – $86.67 to $135.73 per sqft
• Class 6 – Minimum Standard  Homes – $68.37 to $107.15 per sqft

Vermont Single Family Houses 2024 Building Costs

2024 Building Costs Per Square Foot for Manufactured Housing in the State of Vermont, USA

Manufactured housing is composed of one or more prefabricated modular units which are delivered to the site and assembled on a RC foundation or slab.

• Best Quality Housing – $134.56 to $154.45 per sqft
• Good Quality Housing – $113.13 to $136.27 per sqft
• Average Quality Housing – $91.32 to $118.68 per sqft
• Low Average Quality Housing – $77.18 to $103.40 per sqft
• Lowest Quality Housing – $66.19 to $91.47 per sqft

Vermont Manufactured Housing 2024 Building Costs

2022 Residential Construction Market Analysis in the State of Vermont, USA

Building costs are 5% below the national average in the state of Vermont, and equivalent to the states of Florida, Maine, Oklahoma and West Virginia. Known for being a New England state with an independent spirit, Vermont has stunning scenery in the fall and dozens of snow-covered ski slopes all winter long.

Notable areas in Vermont include Burlington and Montpelier, but even the largest cities in the state are relatively small. Quaint towns like Norwich, Charlotte, and Shelburne are popular destinations for families due to their small-town atmosphere and excellent public schools.

As a result of the COVID-19 pandemic, a greater number of families and people, in general, are looking for houses in quieter places, to get away from the hustle and bustle of the city and be close to nature. This makes Vermont seem like an ideal choice, but unfortunately, it’s not a well-known state, and many people tend to forget about it.

If you are one of those people who do not know much about Vermont or are considering buying a property in that state, then you are in the right place. Keep scrolling down this article as here we will cover everything about the real estate market in Vermont in relation to residential construction. You will be able to learn more about its constructions, its values, and the real estate projects that are coming in the future.

Vermont Construction Outlook

Vermont, also known as the “Green Mountain State”, is the perfect state for people who are introverted or who enjoy peace and quiet. It is a state where you are always surrounded by nature but within the comfort of a cozy small town (even when you are in its biggest cities).

Its capital is Montpelier and other important cities are Burlington, Rutland, and Barre it has a population of just 625 thousand inhabitants, making it the second least populated state in the entire country, only behind Wyoming.

Their houses are small, made of brick or wood, with a colonial style of English and French influence. Although it has the four seasons of the year well marked, they are not usually extreme climates, although it does have intense snow in the mountainous part and, in general, throughout the state. For this reason, properties are usually built to withstand all this, and with steep roofs so that when the snow melts it can drain easily.

There are not the typical buildings of big cities, but they are simple multi-family houses or buildings with less than 10 floors. It is certainly a good place to live a modest life with all the comforts.

Vermont Housing Market Analysis and Forecast

Vermont list prices are rising at a steady rate, but homes are on the market and have been sitting unsold for quite some time. This suggests that sellers could be overly ambitious with their listing prices and that those listing prices could experience a drop in the near future, especially in light of the state’s subdued inventory.

There’s a lot of supply, but not much demand in Vermont, so chances are if you’re looking to buy you can get a good price if you’re willing to bargain.

It’s currently a vendor’s market in Vermont, but things are cooling down fast. Ambitious sellers have put their properties up for sale at too high a price, causing homes to stay on the market for longer periods. This lack of demand is something that worries the state government since Vermont is the second least populous state in the United States. That is why his government seeks to encourage the arrival of workers through the “Aid Program for Remote Workers”, which offers aid for two years and a sum of up to US$10,000 for those who settle to live there.

Investing in real estate in Vermont is a good idea, especially in a city like Burlington where there is a constant demand for homes. The most expensive properties are in this city, more than Colchester and Brattleboro, but they are also the ones that give the most profits if you are looking to invest.

If you are looking for properties to live in, then cities like Rutland, Essex, and Bennington have the cheapest properties, and also have a lower cost of living, so they are a great option to go to live with your family.

Vermont Average House Price (Median Home Price)

The median home value in Vermont is $345,045, which is 19% higher than it was in the same period last year. Remember that by median home we mean a house with 3 bedrooms, 2 bathrooms, a kitchen, a living room, a garage, and a small garden.

This price varies depending on which part of the state you are in. For example, in Bennington, the value is less than $300,000, while in Burlington it is $345,000, in line with the state average. If you search you are likely to find cheaper properties, as the inventory has a large number of properties and some have been listed for a couple of months, so owners do not see it as a bad thing to lower prices.

Proposed Residential Building Projects in Vermont

In Vermont, there are not many real estate projects in relation to the construction of homes or residential buildings, but they are innovating from other aspects, which are more than striking to mention here.

For example, a trend that is happening in the recycling of properties is to give them a new life. This recycling has to do with the needs that exist in the region, where residents and members of the Vermont government jointly choose what is the best decision. For example, the Macy’s department store was converted into a school, this remodeling project required an investment of 3.5 million dollars, which was supported by the local government.

Another innovation that took place in Vermont has to do with new methodologies in means of payment, taking advantage of technological advances. In Vermont, a pilot test was carried out to carry out a real estate registry completely with blockchain technology, which basically grants a digital seal that prevents alterations. This transaction is part of a pilot program between the City of South Burlington, Vermont, and the startup company Propy. It is expected that this program will expand to other parts of the state and even be replicated throughout the country and the world.

Other real estate projects, more related to residential construction, are condominiums or mobile homes, with low and affordable prices for the middle class that lives or wants to live in Vermont.

Under Construction – Newly Built House in Vermont 526 LeDuc Road New Haven VT05472 – 4 Bed and 3 Baths with Basement and Parking on Gross Floor Area 3,200 sqft Two Storeys – Built in 2022 – Price $739,500 (5)

2020 Building Costs Per Square Foot for Single Family Homes in the State of Vermont, USA (NATIONAL ESTIMATOR)

Building costs are 5% below the national average in the state of Vermont, and equivalent to the states of Florida, Maine, Oklahoma and West Virginia.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Vermont ranges from $327.65 per sqft to $502.27 per sqft, with the average being $386.67 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Vermont ranges from $199.13 per sqft to $305.24 per sqft, with the average being $234.99 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Vermont ranges from $128.73 per sqft to $195.52 per sqft, with the average being $150.71 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Vermont ranges from $93.95 per sqft to $144.07 per sqft, with the average being $110.87 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Vermont ranges from $76.26 per sqft to $116.78 per sqft, with the average being $89.92 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Vermont ranges from $60.14 per sqft to $92.19 per sqft, with the average being $70.95 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

List of 9 Metropolitan Areas/Cities in Vermont – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 279 municipalities and 159 special districts grouped into 14 counties in the state of Vermont. The bar chart below indicates that building costs vary in each metro city/town. The construction cost per square foot in each of these metropolitan cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each metropolitan area in Vermont is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in Vermont:

Vermont Average -5% (-5% less than X)

• Beecher Falls 059 -8%
• Albany 058 -7%
• Rutland 057 -7%
• Bennington 052 -6%
• Springfield 051 -6%
• Vermont Average -5%
• White River Junction 050 -5%
• Battleboro 053 -4%
• Montpelier 056 -4%
• Burlington 054 4%

The Metropolitan Area List above as well as the Bar Graphs below shows that Beecher Falls is the cheapest city to build a private home in the state of Vermont, and Burlington is the most expensive city to build a home. Building costs are -8% below the national average in Beecher Falls and 4% above the national average in Burlington.

Cheapest Places To Build in Vermont:

Beecher Falls is the cheapest place to build at -8% below the national average, followed by Albany and Rutland at -7% below the national average. The third cheapest places to build a house are Bennington and Springfield at -6% below the national average, followed by White River Junction at -5% below the national average. The fourth cheapest place to build is Battleboro and Montpelier at -4% below the national average. Construction costs in Burlington City are 4% above the national average.

Expensive Places To Build in Vermont:

If anything between 5% and 10% is considered expensive, then there is no such metropolitan area in Vermont.

More Expensive Places To Build in Vermont:

If anything between 10% and 15% is considered more expensive, then there is no such metropolitan area in Vermont.

Very Expensive Places To Build in Vermont:

The most expensive places to build a house in Vermont are those 15% above the national average. There is no such metropolitan area in Vermont.

Vermont State Average Costs:

Private home building costs in the state of Vermont are -5% below the national average. Building cost rates in the metropolitan areas of Bennington, Springfield, Battleboro and Montpelier are closer to the Vermont state average by a deviation of 1%. Residential development costs in White River Junction are equivalent to the state average. Burlington is the most expensive city to build a home in the state. Vermont is one of the cheapest states to build a home in the United States, at number 9 in the national ascending costs scale.