The real estate market in Colorado is making headlines for its swift pace and surging demand for homes. Denver Metro has recently hogged the spotlight as one of the most popular places to buy and sell properties over the last few months, but many consumers are also looking outside of the metropolitan marketplace for their next residence.
With the pandemic still top-of-mind for consumers nationwide as they try to navigate life changes such as expanding families, extended work-from-home circumstances, and necessary relocation to a new city or state, less-dense communities have become more attractive. When considering where to plant their roots, buyers have shifted their priorities from walkability to local restaurants and proximity to social attractions and work, to focus on access to more socially distant activities, home offices, and fitness spaces, and creating some distance between them and their neighbors.
For these reasons, Colorado is an incredibly appealing place to invest in real estate because of its desirable mountain and more suburban areas.
Throughout the summer Vail Valley has really soared through the real estate market. For example, this world-famous mountain community, the average list price, average sold price, and highest sold price have grown by 11%, 12%, and an impressive 39% respectively, according to the Monthly Market Report for July. These increases in prices are driven by the high demand for homes with access to open spaces, more square-footage, and larger lot sizes than can be typically found in more urban areas.
Buyers want their own space. The hectic atmosphere and population density of a city is not for everyone anymore. Many buyers, who are now working from home permanently, are wanting a more serene oasis, which is what many of Colorado’s resort communities provide. That thought process has driven real estate activity up in Colorado’s high country.
Recently named the “Hottest Zip Code in the U.S.” by USA Today, Colorado Springs has become a destination for consumers looking for all of the amenities of a major metropolitan area but on a smaller scale with the added benefit of more space. Colorado Springs’ average price runs approximately 25% less than the Denver Metro area, making it an affordable option for buyers looking in Denver’s southern suburbs.