Colorado Housing Forecast for 2023

Published:
June 19, 2019
Last updated:
January 27, 2023
In This Article

The Colorado real estate market is very healthy right now, and prices are expected to pick up over the course of 2023. Certain markets, in particular, are very hot right now, including Denver and Colorado Springs, due largely because of shrinking inventory. Mortgage rates continue to be moderate in Colorado right now as well.

Colorado Housing Forecast for 2023

Property Values Soared

Average home values in Colorado increased by 7.2% over the past year.

Home Prices Up

Colorado’s average home currently sits at $573,348 according to Zillow.

Housing Inventory Shrinking

The supply of available homes for sale is decreasing across Colorado. There is currently only a 2-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 by 41% year-over-year.

30-Year Fixed-Rate Mortgage Rate Increased

According to Freddie Mac, current mortgage rates in Colorado are currently 5.80% for a 30-year fixed-rate mortgage, 4.79% for a 15-year fixed-rate mortgage, and 5.41% for a 5/1 adjustable-rate mortgage (ARM).

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Number of Homes Sold in Denver Increased

The number of homes sold in Denver dipped by 15.2% year-over-year.

Denver – CO’s Hottest Market

Denver was one of the hottest markets in CO in 2022 and is expected to continue sizzling into 2023. According to Zillow, home prices increased to $629,156.

Colorado Springs Market Hot in 2023

Colorado Springs is also expected to have a hot real estate market in 2023. According to Zillow, home prices in Colorado Springs are $475,251.

Heating Up in Boulder

Boulder saw an 8.5% increase in home price this year, which now sits at $1,048,104.

Fort Collins – A Hotspot For Buyers and Sellers

Fort Collins is expected to be one of the top hotspots across the country for buyers and sellers over the next couple of years. This is based on the fact that the population has increased by 17% recently, according to the National Association of Realtors Research Group (NAR). Zillow predicts prices will increase by 9.2% over the next year.

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Need a Home Loan in Colorado?

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, 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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