HousingData Update: New Grand List analysis shows trends in housing development, seasonal homes, & corporate ownership

New analysis of Vermont’s Grand List on HousingData.org shows that in 2025, there were approximately 240k residential properties in Vermont, marking an increase of 13k residential properties in Vermont since 2015. Overall, these new properties represent a 6% increase in the total housing stock over the decade. 

The Grand List is Vermont's statewide record of municipal property values. The Vermont Department of Taxes collects the education Grand Lists from each municipality per 32 V.S.A. §5404(b) to implement the statewide education property tax system.

In Vermont property is organized into 15 categories, which specifies the property’s highest and best use. Only property types defined as "residential", “mobile home” or “commercial apartment” have been included in this dataset. The Grand List “residential” category includes residential properties with fewer than 4 units, while larger multifamily developments are included under the “commercial apartments” category.

Notably, values stated do not account for the number of units added – only the number of properties. The number of new units created over the last decade is likely significantly higher due to the increasing prevalence of multifamily housing development in Vermont based on Census Building Permit data. Based on the State’s Housing Development Dashboard, the number of multifamily units has increased by 4.5k since 2020, highlighting the impact of larger projects in recent years.

Over that same period, the number of residential properties classified as “corporation owned” marginally increased from 5k in 2015 to 7k in 2025, staying between 2-3% of the residential properties in Vermont. Corporate ownership includes all properties owned by a corporation, partnership, or other entity (such as a nonprofit). This also includes all properties owned by the state and federal government. 

Beyond the 240k properties defined broadly as residential, the number of homes defined as “seasonal” in the Grand List decreased from 18.5k in 2015 down to 14.5k in 2025. Seasonal properties include all properties with a “highest & best use” for seasonal occupancy, such as summer homes with inadequate heating/insulation, ski chalets, hunting camps, cottages on lakes and ponds, etc. 

For the Grand List, the highest and best use determines category – the present use of the property or ownership of the property are not deciding factors. This interpretation of “seasonal homes” is different from how the U.S. Census Bureau defines seasonal homes (by “current use” instead of “best use”), leading to disparity between the number of seasonal homes reported in the Grand List versus those reported on the most recent American Community Survey estimate of 50k seasonal homes in 2024.

This analysis was completed by the VHFA Research & Community Relations team for HousingData.org. On the site, visitors can view Grand List data at the town, county, and state level with multiple years of data available ranging back to 2011. With this new visualization, users can filter the Grand List for residential properties based on both property type as well as ownership type.

This post is part of a series highlighting new features and data indicators recently added to VHFA’s HousingData.org. VHFA manages HousingData.org to support data-informed decision making in state and local housing policymaking. For more information about HousingData.org, visit the site or follow the VHFA News blog for regular HousingData Updates.