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Homeowners are unlikely to trade in their 3% mortgage for a new home with a 7% loan unless necessary. As a result, there are chances that the housing supply will remain low. Home listings will no longer go out of inventory at a faster pace. With the observed trend, higher interest rates could cause a 10% drop in home sales next year. If you’ve got a new job or decided to retire, relocate to a new state.
Renters also flock to Greeley because of its accessibility to other thriving cities. It sits between Denver and Fort Collins and it’s only an hour from Loveland. Not only as the state’s capital, It’s also a popular tourist destination because of its wonderful views and recreational activities. Many believe there are several signs that the Colorado population will see an uptick and rebound this year. The most expensive Colorado Springs neighborhoods to rent apartments in are Briargate, Northgate, and Central Colorado City. The cheapest Colorado Springs neighborhoods to rent apartments in are East Colorado Springs, Southeast Colorado Springs, and Northeast Colorado Springs.
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The Colorado Springs MSA encompasses El Paso County and Teller County, Colorado. Colorado Springs home values have gone up 21% over the past year and will continue to rise in the next twelve months. If this forecast is correct, Colorado Springs home prices will be higher in the 3rd Quarter of 2023 than they were in the 3rd Quarter of 2022. Months Supply of Inventory was 0.9, an increase from May 2021 (0.6 months).
No matter your preferences, we have the knowledge to find your match. View featured rental properties in the Denver metro area and throughout Colorado to find a place you can call home. It has over hundreds of miles of bike lanes, several breweries, and many acres of public parks.
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Hepp’s list of the states most vulnerable to home price declines includes California, Washington, Oregon, Idaho, Utah and Colorado. That softness could spread throughout a region that benefitted from strong tech hiring and large home price gains during the pandemic and in the years leading up to it. Find out where to invest in Colorado real estate in 2021 according to Mashvisor’s data. Historically, Colorado real estate has continued to appreciate. Even during the pandemic, Colorado home values were on the rise. Each month, we compare locations in Colorado based on different criteria.
It took an average of 20 days to sell a home in the region, which is up 11 days compared to the second quarter of the year. Year over year, prices rose by double digits in Clear Creek and Douglas counties and rose by single digits in the rest of the market areas. Home prices may continue to fall but will not be enough to offset the higher interest rate.
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The Aurora real estate market 2020 is seeing rising prices & rents. It has a bright future, and it is poised for rapid appreciation and increasing rental rates. This is a good time to invest in the Aurora real estate market.
Due to the surge in demand for homes, home prices have increased in most regions throughout the state. It has increased the difficulty of finding a home to call your home. Above all, educating and guiding our buyers and sellers is our greatest motivator. We know how to sell properties that appeal to ideal prospects and consistently command top dollar — without forsaking our clients’ personal needs. Please do not make any real estate or financial decisions based solely on the information found within this article.
What's Next for the Colorado Housing Market?
While Colorado’s market is cooling directly due to rising mortgage rates, the state’s market is resilient. Inventory levels are still low and will remain low until construction levels pick up. While year-on-year growth is still at 5%, Redfin’s data shows a clear downward home sales trend starting May 2022. September’s data showed that Colorado’s median sale price dropped to $549,900 from a high of $596,600, however, this is still at seasonally adjusted record highs. It’s possible that the market dip that seemed to be starting at the start of 2020 is now hitting the state. 2022 has seen the Federal Reserve go to war against out-of-control inflation.
While this is down from the January 2022 median sale price of $596,600, it still shows a massive appreciation in home values and reflects the strong seller’s market of the past. However, in recent months the real estate market seems to be normalizing. Colorado’s population is no longer experiencing the high levels of growth it did in the 2010s. In addition, buyers’ purchasing power is getting squeezed by market pressures. Although all jobs that were lost during the pandemic have now returned and 54,700 new jobs have been added, this has not saved the housing market from cooling.
The Fort Collins area is another great market to invest in real estate. The area is growing both as an outer suburb of Denver and for its reasons, making it the fourth-largest city in the state. The city offers an ideal mix of jobs, affordable living, and a decent quality of life that will keep it strong for years to come. Not just limited to Denver or Colorado but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience.
Let us look at the home price appreciation trends recorded by Zillow over the past few years. Colorado's strong economy gives buyers the ability to spend more on housing, consequently increasing real estate prices. Many real estate investors have asked themselves if buying a property in Colorado Springs is a good investment? You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2022 & 2023.
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