It’s time for a quick look!
The Colorado real estate market has undergone significant changes in recent years, driven by a combination of factors such as strong economic growth, an influx of population, and a limited supply of available homes.
While the market has cooled off slightly from its peak in 2022, it remains a seller’s market with high demand and rising prices.
In January 2024, home prices in Colorado were up 7.7% compared to the previous year, with a median sale price of $591,400. The number of homes sold decreased by 1.3%, while the number of homes for sale increased by 2.8%. This indicates that the housing market is still robust, but supply constraints persist
Price Appreciation: The median sale price has been steadily rising, reflecting strong demand from buyers. However, recent data suggests a slight decline in prices, which could be an opportunity for buyers.
Housing Supply: There were 21,301 homes for sale in Colorado in January 2024, indicating a modest increase in inventory. However, the supply is still relatively tight, contributing to the competitive market
Competitiveness: Approximately 17.7% of homes in Colorado sold above list price, highlighting the competitiveness of the market. Buyers are facing challenges due to limited options and affordability concerns
Regional Variations: Different cities within Colorado exhibit varying market dynamics. For instance, Boulder, Ken Caryl, and Lakewood have experienced significant sales price growth, while other areas have seen more moderate changes.
Interest Rates: Mortgage rates have reached a 20-year high of 6.79%, impacting affordability for potential buyers.
