The Colorado real estate market is very healthy right now, and prices are expected to pick up over the course of 2024. Mortgage rates have been high lately, but they have recently dipped and will continue to decline throughout 2024 in Colorado.
Property Values Dipped
Average home values in Colorado decreased by 0.9% over the past year.
Home Prices Slightly Down
Colorado’s average home currently sits at $528,285 according to Zillow.
Housing Inventory Still Tight
The supply of available homes for sale is decreasing across Colorado. There is currently only a 4-month supply of homes on the market to meet buyer demand.
The number of Homes Sold Decreased
The number of homes sold in Colorado decreased 0.36% year-over-year.
30-Year Fixed-Rate Mortgage Rate Decreased
According to Freddie Mac, current mortgage rates in Colorado are currently 6.42% for a 30-year fixed-rate mortgage, 5.66% for a 15-year fixed-rate mortgage, and 6.85% for a 5/1 adjustable-rate mortgage (ARM).
The number of homes sold in Denver dipped by 5.2% year-over-year.
Denver’s Home Prices Decreased
According to Zillow, home prices in Denver decreased to $555,429.
Colorado Springs Home Prices Dipped
Colorado Springs had a moderate 2023 as home prices dipped slightly. According to Zillow, home prices in Colorado Springs are $441,990.
Cool Housing Market in Boulder
Boulder saw a 2.2% decrease in home prices this year, which now sits at $964,180.
Fort Collins Home Prices Remain Stagnant
Home prices in Fort Collins have not moved year-over-year. In fact, they are the same today as they were the same time last year. According to Zillow, home prices in Fort Collins currently sit at $543,093.
If you have questions about home loans in Colorado, we’re happy to help. Sammamish Mortgage is a mortgage firm local to Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, California and Colorado since 1992. Our experts will walk you through our mortgage programs to see which one is best suited for you. Contact us today with any questions you have about home loans in Colorado.
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