Throughout the years, Colorado has increasingly become a hot spot for real estate. With the economic and job opportunities available, Colorado is one of the leading states to provide jobs, keeping the unemployment rate below the national average. Job growth is a direct correlation to real estate market growth. The outdoor life style that is present year-round in Colorado provides another appealing quality–between visiting any of the multitude of mountain towns and exploring the state parks, Colorado has a lot to offer residents – current and future.
Due to these attractive motives drawing people to move to Colorado, it has been one of the fastest growing states in the US in the last few years. According to an estimate by the US Census Bureau, Colorado’s population grew by 1.1% overall from 2020 to 2022. As the population increases because of the economic development occurring, available jobs are continuing to increase with Denver being a central hub for many businesses, therefore the number of renters increases with it. As renters live out their leases, the real estate market feels that demand as renters begin to search for home owning options.
For those who are looking to purchase a home in Colorado, the state was rated 13th for overall real estate investment and development due to the appeal of what the state has to offer, because of the economy and the lifestyle opportunities. According to the Colorado Association of Realtors, the median price for residential homes in the end of 2022 was $545,000, while the percent of list price received has dropped to 98%. Another note of good news is that inventory of active listings has increased by 67.8%, which provides those looking to buy a home more options to look through with less competition. These statistics show that the real estate market is beginning to normalize itself after the record-low rates encouraged home-buyers to hop on the next best house in the previous year. As the interest rates continue to balance themselves out from the inflation, housing will continue to become adequately affordable and obtainable.
All of this to say that Colorado continues to be a hot market for real estate. If you are searching for the location of your next home owning chapter, we highly recommend Colorado. Being an established Colorado real estate team with over 25 years of experience in the real estate industry, we can provide dedicated knowledge and tremendous insight to in-state and out-of-state buyers and sellers.
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