Colorado Real Estate Market Surpass National RecoveryPosted on Jun 16, 2017
While the housing recovery is in full swing across the country, the Colorado real estate market is exceptionally red-hot. A recent 100-city Trulia report of metro areas placed Colorado cities in the top as far as surpassing pre-recession value. According to a recent piece by The Denver Post, only one-third of the homes analyzed showed full recovery. Meanwhile, 99 percent of homes in metro Denver surpassed prices or at least regained value after the housing decline. Trulia’s report, “The Housing Recovery That Wasn’t,” showed Colorado as one of the best states in the country for housing values.
Moving to other hot cities
The Trulia report showed that about 93 percent of homes in Colorado Springs made up the sixth-best recovery stats. In Colorado Springs, the median home value is about $250,000 compared to the pre-recession peak of about $206,000. Values in metro Denver, in comparison, went up 50 percent compared to the pre-recession levels of about $230,000.
Looking at the zip codes
When it comes to the Colorado real estate recovery, experts also looked at 396 Colorado zip codes. Of the 396 zip codes, only 23 had no homes below the pre-recession peak. About 80 percent showed a 99 to 100 percent recovery rate.
Other interesting findings include massive gains for zip codes such as 80828 or Limon where median home values surged from about $92,000 to $235,000, representing a more than 150 percent increase. Other tremendous gains occurred in Arriba or 80804 zip code where the median value went up about 130 percent. Some counties in Colorado that did not fare as well included struggling Trinidad and Pueblo counties. While other states such as California and Florida enjoyed significant gains since the recession, Colorado is a leading state in terms of desirability. At Team Lassen, we strive to help buyers and sellers get the most value and success with their real estate transaction. For more information on the Colorado real estate market trends, contact us today.