What’s in Store for Colorado’s Housing Market in 2022?
The moving services professionals behind Moving Proz offer insights into the housing market and forecasts toward growing cities in Colorado.
In 2021, sales volume in Colorado resort counties grew over $2 billion compared to 2019. Many analysts predict that 2022 will be yet another strong year for the Colorado housing market.
Have you considered buying or selling property in The Centennial State? Are you looking for a helpful Colorado home prices forecast?
The following guide will explore the 2022 housing market in Colorado and what trends to expect.
Colorado Real Estate Prices Forecast
Colorado offers smart investment opportunities in several different thriving markets. Many will make the move to cities such as Denver, Greeley, Fort Collins, and Boulder in 2022.
There is currently a high demand and low inventory of homes, which makes buying options limited. Although, there are plenty of long-term and short-term rentals available in the state. It’s also the eighth best state in the country for Airbnb and traditional rent income. So, Colorado is a prime choice if you’re looking for rental properties or a vacation home.
The increased housing demand started back in 2020, when many people switched to remote work. Colorado residents began purchasing large houses to accommodate their new at-home lifestyle.
The low inventory of homes caused prices to rise substantially. But the higher prices and demand have made Colorado very attractive to investors. Colorado is the third best state in the U.S. for those seeking low property taxes.
The average 2022 Colorado home has a value of around $545,000. The construction of thousands of Colorado homes is planned for this year. New homes will add to the overall inventory, but don’t expect prices to lower in the coming years. Colorado home prices are expected to rise even further in 2023. Even home values in rural areas of the state will continue to grow.
Colorado Population Growth
In 2015, Colorado saw a staggering population increase by nearly 100,000 people (and near, steadily each year). Around six other states had compatible growth during that decade. However, 2021 only saw a population growth of around 27,000 people.
So, will those numbers continue to decline in 2022? Many believe there are several signs that the Colorado population will see an uptick and rebound this year. Experts say that 61,000 people will migrate to the state.
Growth often gets driven by industries like manufacturing and data centers. Other contributors include biopharmaceuticals, aerospace, and warehousing. Job openings are plentiful, and are rebounding nicely from the pandemic.
Top Colorado Cities for Investments
Denver is the most populated city in the state. Not only as the state’s capital, It’s also a popular tourist destination because of its wonderful views and recreational activities. Denver is an excellent location for a vacation rental.
Right now it’s a buyer’s market in Denver and listings don’t last long. It’s a great time to buy real estate in the city to renovate, rent, live in, or sell.
Boulder doesn’t get the recognition that Denver does, but its popularity continues to grow. College students often choose to stay in the city while studying. So, that makes Boulder very intriguing for rental investors.
Young professionals are also choosing to call Boulder home for work purposes. Which provides opportunities for townhome rentals, houses, apartments, and general resell value. Boulder has an active buyer’s market and prices will most likely climb in 2022.
Colorado Springs (pictured) is Colorado’s second-largest city. It has many attractions that bring in families such as zoos, museums, trains, and parks. It also has a surprisingly vast selection of restaurants and nightlife. It’s a bustling city surrounded by nature and makes a great option for those settling down and tourists alike. Currently, Colorado Springs is experiencing a buzzing seller’s market.
Colorado Cities on the Rise
Greeley, Colorado is home to the University of Northern Colorado. Many students decide to stay in the city because of its job opportunities. Examples include healthcare, oil and gas, renewable energy, and agriculture.
The city may not be directly compatible with Boulder or Denver, but it has built its own identity. Greeley has an orchestra, unique public art, distilleries, and breweries. The downtown area is known as the Creative District. Renters also flock to Greeley because of its accessibility to other thriving cities. It sits between Denver and Fort Collins and it’s only an hour from Loveland.
Fort Collins is another Colorado city on the rise. It has over hundreds of miles of bike lanes, several breweries, and many acres of public parks. The city is home to Colorado State University and the average citizen’s age is 29. It’s also known for its laid-back culture, food trucks, and excellent river rafting. Many view Fort Collins as a young city with lots of room to grow in the coming years. Keep this city on your list of real estate locations to watch.
Lakewood has been gaining traction because it’s close to both Denver and the Rocky Mountains. It’s a convenient place to live for nature lovers who still want access to a major city. There are great schools, restaurants, and employment opportunities in Lakewood. The location attracts a diverse range of residents and serves as an excellent Denver real estate alternative.
Choosing the Colorado Housing Market
Now you know why so many choose the Colorado housing market for their next home or investment. Major cities like Denver still show growth potential and there are several cities still waiting to boom.
Colorado’s attractions, job market, and home values make it a top choice for any investor. Remember this guide and consider the colorful state for your next real estate decision.
Moving Proz is a family-owned and operated, professional, residential, and commercial moving company serving Kansas City, Denver, and surrounding areas. They are an SBA-certified (minority) woman-owned and operated member of the AMSA with an A+ BBB rating. They provide services for the entire Kansas City and Denver metro areas with fast, effective moves of all sizes at affordable prices. Whether it’s a residential or a business move, they are there for the community.