House of the “Mile High City,” Rocky Mountain Nationwide Park, and world-renowned ski resorts, Colorado boasts 245 days of annual sunshine and 4 distinct seasons.
It’s the proper locale for anybody wanting an abundance of out of doors recreation, mountain views, and a way of historical past paired with trendy tradition. Should you’re contemplating a transfer to The Centennial State, when is the perfect time to purchase a home in Colorado?
We talked to Colorado actual property agent Johnna Corridor of Reside Actual Property, who sells properties 50% sooner than the typical agent in her Aurora market. Let’s study Corridor’s insights and the components that have an effect on when to purchase.
Contained in the Colorado home-buying market
The pandemic housing growth introduced skyrocketing costs and shortly transferring stock to the Colorado actual property market. As we speak, we’re seeing indicators that issues are leveling out. Throughout the state, circumstances are shifting from a sizzling vendor’s market to a extra steady vendor’s market.
Markets are extremely native, and relying on the place you’re seeking to purchase, it could (or is probably not) an excellent time to throw your hat within the ring. For consumers on a decent price range, there are nonetheless numerous markets in Colorado with median residence values under $300,000.
In accordance with Uncover Colorado, listed below are the median property values for 15 of the most cost effective cities to dwell within the Mile Excessive state:
- Walsenburg: $90,400
- La Junta: $91,400
- Lamar: $99,400
- Sterling: $129,221
- Trinidad: $134,900
- Pueblo: $141,000
- Alamosa: $164,600
- Fort Morgan: $169,900
- Cortez: $170,300
- Craig: $173,600
- Cañon Metropolis: $184,829
- Fruita: $223,500
- Fort Lupton: $240,500
- Rifle: $246,300
- Greeley: $247,700
When is the perfect time of yr to purchase a home in Colorado?
Nationwide, summer season is usually cited as the costliest time to purchase a home. For that reason, many trade publications will advise that you just purchase in January or February for a greater value. However in Colorado, the perfect time to purchase will depend on your targets and priorities. It additionally will depend on the state of the market, which is at present being formed by low stock and excessive mortgage charges.
Traditionally, Corridor says that the perfect time to purchase is between July and December, however, once more, it fluctuates primarily based in the marketplace the place you’re house-hunting. Forward, we’ll pinpoint the perfect time of yr to purchase a home in just a few Colorado cities.
Colorado Springs
In accordance with the Pikes Peak Affiliation of Realtors, the median sale value of a single-family residence within the Colorado Springs area was $485,000 in September 2024, a 2.1% improve over the identical interval final yr. Houses stayed in the marketplace for a median of 44 days, and the months’ provide — aka how lengthy it will take to promote all the houses in the marketplace on the present tempo of gross sales — elevated from 2.5 months in September 2023 to three.6 months in September 2024.
In accordance with HomeLight information, Colorado Springs residence costs are highest in July and August and lowest in February and January. Houses promote the quickest in July and August and the slowest in January and February.
Denver
The Denver metro space recorded a median residence sale value of $576,171 in September 2024, and the standard itemizing went from “active” to “pending” in 25 days, in response to the Denver Metro Affiliation of Realtors. Denver is seeing elevated demand from homebuyers who’re hungry for brand spanking new stock.
In accordance with HomeLight information, Denver residence costs are highest in June and Might and lowest in January and February. Houses promote the quickest in June and Might and the slowest in January and February.
Fort Collins
In Fort Collins, the median residence sale value in September 2024 was $586,750, down 5% year-over-year. The everyday single-family residence spent 64 days in the marketplace, or 1 day shorter than in September 2023, in response to the Fort Collins Board of Realtors. House costs fell, however “inventory has continued to grow across the country.”
In accordance with HomeLight information, Fort Collins residence costs are highest in December and Might and lowest in January and February. Houses promote the quickest in July and August and the slowest in January and February.
