Colorado real estate is selling homes 24.2% better than in previous years. Compared to the last year, home prices have increased 1.9%, setting a median price of $546K as of January 2023. In the last three years, median sale prices have seen a peak of $619K in April 2022. The price kept dropping until October when it again rose to $580K. The finest shift was to December 2022, when the price came to $546K facilitating prospective buyers’ affordability in the Colorado real estate market.
Remember to pay attention to the season of these sales as the house prices in Denver, and Colorado, can change based on the best time to sell versus the worst. This is highly influenced by the seasons.
Colorado Housing Market Trends
If we compare this year with previous ones, it shows that home prices increased year after year despite being down from the past few months,
Colorado Housing Market | ||
Years (Base, January) | Median Sale Price ($) | YOY Growth (%) |
2023 | 546,000 | 1.9% |
2022 | 538,000 | 16.9% |
2021 | 461,000 | 12.3 |
2020 | 410,000 | 2.5 |
City Real Estate Fluctuation | ||||||||
City | 2023 | 2022 | 2021 | 2020 | ||||
Median Sale Price ($) | YOY Growth (%) | Median Sale Price ($) | YOY Growth (%) | Median Sale Price ($) | YOY Growth (%) | Median Sale Price ($) | YOY Growth (%) | |
Denver | 531,000 | 0.8 | 527,000 | 10.9 | 475,000 | 11.8 | 425,000 | 8.8 |
Fort Collins | 520,000 | 3.2 | 504,000 | 18.7 | 425,000 | 10.3 | 385,000 | 2.1 |
Boulder | 775,000 | -1.4 | 786,000 | 6.0 | 741,000 | 0.2 | 740,000 | 9.5 |
Louisville | 850,000 | 0.0 | 850,000 | 32.8 | 640,000 | 26.1 | 508,000 | 3.9 |
We Will Help You Make The Right Investment in Colorado
Know Your Requirements
Are you looking for a home? Or is it okay to stay in a condo? First and foremost, a home buyer must identify their own needs. Depending upon your living purpose, Colorado real estate can be broken down into townhomes, single-family homes, multi-family houses, and condominium home units. A luxury mansion can be 6000 square feet in size. A typical townhome’s size ranges from 1500-3000 sq. ft.
Navigate the Market With An Expert
Denver
Among Colorado cities, Denver comes first by population. The city can be reached by day drive from Grand Junction and Trinidad. You have plenty of options to make living affordable in Denver. This young city is an excellent job market, one reason why it has a growing resident population.
With a local realtor’s help, you can scrutinize available homes for sale in Denver. The city is a destination for luxurious real estate that appeals to its affluent population. As the market still heats up, it will not be easy to get hands on the right homes without a real estate agent.
Boulder
People love living in Boulder since it has vast career opportunities and a strong economy. The best combination of city life and outdoor adventure comes along with your secure residence in this city. Boulder improves the quality of life of its people. In 2021-2022, the city was ranked the most suitable place to live among new towns. However, the living cost is 67.4% higher than in other US cities. As a result, the market draws the richness of buyers.
Highlands Ranch
Highlands Ranch is home to scholars. Its ambitious young population has access to a top-notch educational system. Your life will never get boring in Highlands Ranch. Around the active neighborhoods, there are 26 parks and 71 miles of marathon training grounds.
Due to being close to some other metros, the living costs of the city need to be taken into account. You have mid-sized homes and condos available that can save money on real estate investment.
Know The City in Colorado
Colorado’s culture goes side by side. Recognizing city differences is the first step toward moving to an unfamiliar town and coping with its people. Doing so will contribute a great deal to creating a better environment to live in. In order to be a responsible resident requires you to understand the local practices, activities, social laws, and what else the surrounding expects from you. It helps you let go of generalizing people.
How to Choose A Lender?
You need to shop around to finally meet the most qualified lender for your home loan. Using your comparison, you will be able to find a mortgage lender who speaks your language. Some research can help you understand the different types of mortgages. Most lenders offer conventional home loans with a 3% down; some government-issued ones require no down payment while lending money. Expert assistance can help you come through all these.
Prepare Finances for Your Investment
Calculate affordability before you proceed. It gets your half job done. Depending on your salary, the down payment can be easy or grueling. Get a clear estimate of the cash on hand. Home loans are easy to obtain with a big down payment.
Preparing finances includes looking back at your credit score. If you still don’t meet the benchmark, the home-buying process stops midway.
Home Inspection Negotiation
A home inspection is a powerful tool to use when buying properties in Colorado. If there are glooming issues that are on the inspection report, you can use that as leverage when buying. Home inspections can reveal serious obstructions, like faulty electrical wiring, that could cause short circuits throughout the house. Although ‘wires’ may seem like a small thing, it can be an expensive renovation to rewire the entire property, especially if it’s larger. Use your home inspection to your advantage when talking about price with a Colorado home seller.
Gather All of Your Documents
While applying for a home loan, you are required to submit previous tax reports, bank statements, and some common verification documents. As you move towards the final step of the process, having this information readily accessible will not waste your time.
Is It A Good Time to Buy A House in Colorado in 2023?
The Colorado market is cooling down slowly. Thus, this is a good year to make a clever move. Research individual markets before investing until you make sure properties are at their best prices before investing. Real estate investing is risky and you can lose your shirt. Don’t be afraid to jump in after fully calculating the numbers on a deal.
