In the first quarter of 2021, U.S. home prices rose at an annual rate of 14.8%. In the state of Colorado it was a 13.0% annual rate increase. The 10 year average appreciation rate for Colorado is 8.4% so this was a major increase in the average home price.
The colorado housing market has been hot for a very long time as people really want to live on Colorado’s Front Range. An increase in demand for homes for millenials or others who have been renting has put a major squeeze on housing inventory and created a faster housing appreciation rate.
Across the US, home prices have risen at a 7.9% average annual rate over the last 3 years. The ten year average is 5.9%. Comparing that to the current rate of 14.8%, you can see that the nation is seeing a major housing market crunch.
Bottom line for Sellers:
Your home is probably worth a lot more money than you think it is. Now would be a great time to reach out to Andy Hawbaker for a free market evaluation.
Bottom line for Buyers:
This is a difficult market for buyers but there are opportunites out there. Work with a professional Real Estate Agent and put together a strategy to get yourself into a home before you are priced out of the market.