Table of Content
- Frequently asked questions about Colorado real estate
- Market Trends & Statistics
- Sponsored: Holidays, interest rates continue Denver home sales slowdown in November
- Condos vs. apartments: The multifamily construction boom in Colorado
- Tips for Buying a Home Today
- Common Housing Market Terms and Their Trends
The residential median home price in Denver hovers around $530K. That’s a steal for the migrants from California, but the sheer numbers of them coming in is pricing locals out of the housing market. The median monthly rent here – and that includes one-bedroom apartments – is around $1100 a month.
Use our directory of local real estate experts to connect with an agent that will guide you every step of the way. Colorado offers smart investment opportunities in several different thriving markets. Many will make the move to cities such as Denver, Greeley, Fort Collins, and Boulder in 2022.
Frequently asked questions about Colorado real estate
Conditions in the Colorado Springs real estate market seem to be in a sustainable, upward direction and show no signs of slowing down. Colorado Springs's real estate appreciation rate in the latest quarter was around 3.02%, which equates to an annual appreciation rate of 12.63%. You can either choose to invest in your future or market your home to potential buyers.
Real estate market forecasts given in this article are just an educated guess and should not be considered financial advice. Real estate prices are deeply cyclical and much of it is dependent on factors you can’t control. Many variables could potentially impact the value of a home in Colorado Springs in such as big changes in the distressed, new-construction, or luxury home segments. There are also a wide variety of economic and political factors that can and do impact real estate markets.
Market Trends & Statistics
Rents increased sharply in other cities across the state, with Colorado as a whole logging rent growth of 10.0% over the past year. Stricter lending standards in the past decade should limit the number of at-risk borrowers forced to sell into a declining market. At the start of the year, mortgage rates on a 30-year loan were at 3.3% and now they are above 7%, according to the Mortgage Bankers Association. Clever’s Concierge Team can help you compare local agents and negotiate better rates. In addition, there’s been a reduction in bidding wars and 43.4% of homes have dropped their prices. This gives buyers a little more breathing room in their decision-making process and more leverage on their offer.
The Colorado housing market varies by the overall health of the economy. Economic indicators include GDP, employment ratio, manufacturing activity, the prices of goods, etc. Over a given period, the median house price is the middle sale price among all homes ranked from highest to lowest.
Sponsored: Holidays, interest rates continue Denver home sales slowdown in November
So, Colorado is a prime choice if you’re looking for rental properties or a vacation home. Demand would raise the price of your Colorado Springs investment real estate and you should be able to flip it for a lump sum profit. Many people know that the Air Force Academy is located in Colorado Springs.
Several parameters affect the real estate housing market Colorado prices. To summarise, these factors are broadly categorized into 4 key segments. There is currently a high demand and low inventory of homes, which makes buying options limited. Although, there are plenty of long-term and short-term rentals available in the state. It’s also the eighth best state in the country for Airbnb and traditional rent income.
Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings. Low-interest rates, high demand, and low inventory levels were the perfect recipe to drive up home prices across the state. Cites that experienced the biggest home price gains are Steamboat Springs, Estes Park, and Silverthorn. Colorado experienced its fastest period of growth in mid-2021 with year-on-year growth rates topping 25%. These Colorado real estate reports, data, forecasts, and market trends are provided for informational use. If you find it useful, please properly attribute this resource with a link.
Year over year, sales rose in Gilpin County but fell in the balance of the region. Sales increased in Gilpin, Clear Creek, and El Paso counties over the second quarter. The CO housing market has been red hot since the pandemic, but it is cooling fast. Prices will fall, but not to the extent homeowners experienced during the Great Recession. Many sellers waiting for the market to turn around will likely give in and increase the inventory. Also, the median days on the market might reach up to 35 days or more in the next year, with a current avg of 29 days.
Synlait Milk continued its good run, rising 11c or 3.1 per cent to $3.66; Port of Tauranga gained 10c to $6.30; and Tourism Holdings was up 7c or 2.06 per cent to $3.47. The rarely-traded Auckland Real Estate Trust surged 14c or 17.22 per cent to 93c on three trades worth $387. The Treasury will also be detailing its half-year economic and fiscal update. Once all this data is digested, investors should definitely have a clearer view of where the economies are heading. The New Zealand sharemarket lacked impetus as the holiday season draws near – but it will surely be reawakened by a plethora of economic data later this week.
The “Zumper Denver Metro Area Report” analyzed active listings last month across the metro cities to show the most and least expensive cities and cities with the fastest growing rents. Boulder ranked as the most expensive cities with one bedrooms priced at $1,890 whereas Laramie was the most affordable city with one bedrooms priced at $680. Although prices are generally expensive across the state, there are specific areas that have become more attractive since the start of the pandemic.
Doesn’t matter if you’re in a hot seller’s market or a slow buyer’s market. Almost 90% of buyers are represented by a buyer agent who shares access to the local MLS. To buy or finance a house, it is necessary to be in a stable financial condition. Despite the economic downturn and rising mortgage rates, you must look for opportunities to boost your income.
You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2023. Denver is ranked as the country's 16th-most walkable city, with 600,158 residents. Downtown is the most walkable neighborhood in Denver with a Walk Score of 93. Colorado’s mountain real estate markets have also seen a rise in prices and a drop in inventory, thanks to the soaring demand during COVID-19. Over the past 5 years, Colorado saw a 48% increase in home values. The average sale price in September 2017 was $370,500 and today that price is $558,500.
The European Central Bank and Bank of England will also be making rate decisions. Choosing the right city or neighborhood is just as important as choosing the right home. From quiet mountain towns to bustling downtown Denver, Colorado offers many different communities so you're sure to find the perfect fit for your lifestyle. Whether you’re looking for quick access to the city center or a place where you can get away from it all, we’ve got you covered.
