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What is in store for the Colorado housing market in 2019?
Real estate investors are searching for the best places to buy and invest in properties in 2019. Is Colorado one of these places? Some people think Colorado is in an isolated bubble. However, we can’t ignore the fact that Denver, CO made it in the PwC’s Emerging Trends in Real Estate Report as one of the top 10 housing markets to watch in 2019! This should be a positive indicator of real estate in the state of Colorado.
In this blog post, we study the different trends affecting the Colorado housing market to see if it truly has the potential to offer profitable investment opportunities. This will help property investors understand what makes a Colorado rental property a good investment in 2019. Furthermore, we list the top 10 cities in the state to consider if you’re looking to buy traditional or Airbnb rental properties. Let’s get started.
Economic and Population Growth Trends
For long-time residents in the Colorado housing market, it’s not really a surprise that the state is the seventh fastest growing in the country. It’s been a hidden gem for a long time, but there has been a massive spike in newcomers in recent years. The Centennial state grew by nearly 80,000 people last year, which is a population growth of 1.4%. This outperformed the national average of 0.6% according to the U.S. Census Bureau. Once a primarily rural state, Colorado is now rapidly urbanizing.
Furthermore, the last few years have been very impressive in terms of economic growth for Colorado. The economy in Colorado grew 4.5% year-over-year in Q1 2018 according to the Bureau of Economic Analysis (BEA). In addition, the state added about 72,200 jobs last year (year-over-year growth of 2.7%). As of June 2018, the unemployment rate in Colorado is 2.7%, much lower than the national average of 4%!
Not surprisingly, these factors helped Colorado rank in the top 10 states in America where you are most likely to land your dream job. With a booming population and strong economy, it’s expected that the Colorado housing market 2019 will remain a good place for real estate investors.
Interested in finding an investment property in Colorado? Use our Property Finder to find lucrative investment properties that match your criteria in a matter of minutes!
Home Prices and Values Continue to Climb
Experts say builders “went to town” in Colorado after the Great Recession by building a lot of homes. That pace, however, is now slowing down. Because there are fewer new homes for sale across the state, prices have started and will continue to go up. The Colorado housing market also has been deeply impacted by the increased cost of living as well as the rising mortgage interest rates across the US. According to Mashvisor’s data and analytics, the median price of Colorado homes for sale is $547,100 ($697 median price/square foot).
As for property values, the median is $374,100 according to Zillow’s data. This is a 6.6% increase over the past year and Zillow predicts they will rise 4.5% in 2019. For real estate investors, these numbers indicate Colorado is enjoying substantial real estate appreciation. For homebuyers, on the other hand, this shows that it has become unaffordable for many to buy a house in the Colorado housing market. This leads us to the next market trends that Colorado real estate investors should know.
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