Colorado Housing Recap 2024

Colorado Housing Market Recap: 2024

Median Sale Price: $625,700 (up 7.2% YoY as of November 2024).
Homes Sold: 6,805 homes in April 2024 (up 4.7% YoY).
Market Trends: A seller’s market persisted due to low inventory, with nearly 30% of homes selling above list price earlier in the year. However, increased listings later in the year signaled a shift toward a more balanced market.
Affordability Challenges: Colorado remains one of the most expensive states to live in due to high demand, limited construction, and rising interest rates.

Median Sold Price: $585,199 (down 6.1% YoY).
Days on Market: Average of 44 days in November 2024.
Market Trends:
- Denver faced a significant housing shortage, needing an estimated 53,000 additional homes to meet demand.
- Inventory decreased by 4.4% month-over-month in November.
- Prices declined across all bedroom categories, with the steepest drop seen in homes with five or more bedrooms (-9.7%).

Median Sale Price: $475,000 (down 2.1% YoY).
Average Days on Market: 54 days (up by 30% YoY).
Market Trends:
- Colorado Springs experienced a soft buyer’s market with rising inventory (+29% YoY).
- November saw the fewest home sales in over a decade despite increased options for buyers.
- The city’s median home price remained relatively stable over the past two years.

Median Sold Price: $488,423 (up 2.8% YoY).
Days on Market: Average of 44 days (up by 127.3% YoY).
Market Trends:
- Aurora’s housing market showed moderate price growth but faced challenges with longer selling times.
- Inventory slightly declined by 3.1% month-over-month in November.
- One-bedroom homes saw a price decrease (-5.5%), while larger homes experienced modest gains.

Median Sale Price: $573,483 (up 2.2% YoY).
Median Days on Market: Around eight days for pending sales as of mid-year.
Market Trends:
- Fort Collins exhibited a balanced market with stable single-family home prices and rising townhouse-condo values (+2.8% YoY).
- New listings for single-family homes dropped (-5.3%), while townhouse-condo listings increased (+7.2%).
- Homes sold close to their list prices with a median sale-to-list ratio of nearly 1.

Median Sold Price: $993,564 (up 1.3% YoY).
Days on Market: Average of 64 days (up by 51.4% YoY).
Market Trends:
- Boulder remained the most expensive city among the five analyzed.
- Inventory decreased by 6.6% month-over-month in November.
- Prices for smaller homes declined slightly (-2.6% for one-bedroom units), while larger homes saw more significant drops (-4.1% for five-bedroom properties).

Buyers: Increased inventory and slower price growth in some markets present opportunities for negotiation.
Sellers: Longer days on market and stabilizing prices may require competitive pricing strategies.
Investors: Cities like Fort Collins and Aurora offer potential due to their balanced markets and moderate price growth.

The state is expected to continue its path toward stabilization as inventory grows and price increases moderate further.
Legislative measures promoting affordable housing near transit hubs may also help alleviate supply constraints over time.

For more insights into Colorado’s real estate trends or to explore your next home, visit Lucky to Live in Colorado.