Boulder Real Estate Market Forecast 2024

June 29, 2022
Last updated:
February 1, 2024
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The Boulder real estate market forecast for 2024 holds out a sliver of hope for homebuyers wishing to secure a property as interest rates dip. Will inventory improve enough to give home buyers a fighting chance?

Buying a home in Colorado is a dream for many would-be property owners. The city is a beloved retreat for a massive number of vacation homeowners, and the luxury home market has exploded in recent years.

Of late, it’s been difficult to compete as a buyer in the Boulder area. Does the Boulder real estate market forecast for 2024 have room for those without the resources to offer a hundred thousand dollars over asking, or make a cash purchase?

The Top Boulder Real Estate Market Trends

Boulder, Colorado is a beautiful city that draws people from all around the country to buy homes, either as year round residents or vacationers enjoying the prime skiing terrain and upscale vibe.

Prices in Boulder are very high, despite having dipped year-over-year. In January 2024, Boulder home prices had decreased 1.9% over the same month in 2023. Boulder homes are selling for just under the seven-figure range, with a median price of $953,270.

On average, homes in Boulder spend 77 days on the market before selling. That’s 15 more days compared to January 2023. Total homes sold is down to 70 homes, down 17.6% from the same time last year, but this can be chalked up to low inventory.

Many homes put on the market are receiving multiple offers, and many buyers are waiving contingencies. RedFin describes the Boulder housing market as “somewhat competitive.”

Boulder Mortgage Rates

Last 12 Months For The Boulder Real Estate Market

The past year has certainly seen home prices continue to remain high in Boulder, Colorado. Inventory is in short supply, housing is in high demand, and interest rates reached incredible lows to create a massive crunch. People aren’t just buying residences, they are seeking investment properties.

It was still a seller’s market, with buyers vying desperately for real estate in one of the most popular cities in the country. Individuals with multiple homes in the area found themselves in the prime spot to sell for well above asking simply by listing their second home and watching the ensuing bidding war.

Although interest rates have risen, rates are on their way down. The housing market is still great for both buyers and sellers. While the barrier to entry for homeownership may feel high based on home sale prices, property investment is still the best possible hedge against inflation.

Upcoming Boulder Real Estate Market Forecast 2024

The outlook for the Boulder real estate market remains strong in 2024. A fire in December wiped out nearly a thousand homes in the area, making the housing situation even more critical. However, new construction is finally starting to make headway against the chronically short inventory that put a stranglehold on the local market.

Zillow experts anticipate the Boulder housing market to experience a conservative uptick, with a possible 2.6% increase in property values by the summer of 2024. Plus, rates are expected to dip down to around 6% by the end of the year, according to the Mortgage Bankers Association (MBA).

The modest increase in home prices and decline in mortgage rates might give buyers a push to make a purchase and encourage sellers to list.

Should You Buy in the Boulder Real Estate Market in 2024?

Conventional loan limits for Boulder in 2024 are set at $856,750, which can mean many homebuyers seek out jumbo home loans to help make up the difference in the average price of a home.

That said, if you are liquid enough to manage it, this could be the perfect time to buy a home in Boulder. Appreciation is still happening, and it’s happening faster than interest rate increases.

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Why Choose a Sammamish Mortgage?

At Sammamish Mortgage, we can help you get fully preapproved for a mortgage, including underwriting if you’re competing for a home in a tough market like Boulder. Our Diamond Homebuyer Program is a free supplemental service offered to our borrowers to help you get your offer accepted without paying cash or waiving contingencies.

Sammamish Mortgage has been in business since 1992 and has assisted many homebuyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help you get preapproved. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon, and Washington.

Contact a loan officer if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.

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