Colorado Housing Predictions for 2021
Colorado is one of the most desirable places to live in the United States. In fact, Denver was ranked second on U.S. News & World Report’s 150 Best Places to Live in the U.S. in 2020-21 — after Boulder and before Colorado Springs and Fort Collins, no less!
Denver’s popularity isn’t a new thing. It’s scored high on the list of best places to live in America in previous years, too. And people are taking notice. Since 2010, about 63 percent of the city’s growth in population has come from new residents moving in from elsewhere in the U.S. or the world.
With more and more people moving to Denver, how will its popularity affect the housing market? What about the coronavirus pandemic? What can we expect to see in Colorado’s housing market in 2021? We break down our Colorado housing predictions for 2021 below.
What makes Colorado so desirable?
Why do so many of Colorado’s big cities make those “best places to live” lists? There are a lot of factors that attract new residents to the Centennial State.
A thriving job market
According to U.S. News & World Report, Colorado’s job market is one of the biggest factors that draw people in. People looking for careers in tech, academic research, aerospace and defense, health care, and hospitality will find a wealth of opportunities in Denver and nearby cities.
Companies of all sizes and ages have a large presence in the state, or are looking to move there. In the past few years, Arrow Electronics, Charles Schwab, Gusto, and Amazon expanded their operations in Colorado, to name a few.
Lots to see and do
Whether you’re an outdoors enthusiast who loves hiking and camping, or a city lover who enjoys arts and music, you’ll find the best of both worlds in cities like Denver, Boulder, Fort Collins, and Colorado Springs. Based on the city you choose, the mountains are only a short drive away, or right at your doorstep.
High quality of life
How does each big city in Colorado rank for quality of life? Pretty well, according to U.S. News & World Report. Their Quality of Life Index looks at crime rates, quality and availability of health care, quality of education, commute time, and general wellbeing to score quality of life. Boulder, Denver, Fort Collins, and Colorado Springs all scored above average, from 7 to 8.3 on a scale of 1 to 10.
Colorado home prices will increase
If you live in Colorado or are thinking of making the move, you might’ve noticed that cost of living is higher compared to other cities in the U.S. People might still be moving to Colorado, but what about the coronavirus pandemic? Has that affected house prices and the number of available homes?
Many Americans spent more time in their homes in 2020. You’d think that a global pandemic would decrease demand for new homes, or cause house prices to drop. But so far, that’s not the case. The Denver Metro Association of REALTORS found that there were a record number of pending sales over the summer. Denver’s housing market remains competitive and in-demand.
Demand isn’t limited to Denver city limits, either. Aurora and Colorado Springs maintained some of the strongest housing markets in the country, as well as the most affordable.
Combine high demand, lower supply of available homes, and historically low mortgage rates, and what do you get? A housing market in Colorado that probably won’t slow down any time soon. According to Jill Samuels, Managing Broker, Highland Team and Compass, “Denver’s real estate market has been hot for years, and with the influx of tech jobs to the area, the market is just getting more competitive. My advice to any homebuyer – buy now. Rates are low, and home prices will continue to rise.” U.S. News, Westword, and ColoradoBiz agree.
Colorado housing predictions for 2021 – buy before it’s too late!
Whether you’re moving to Colorado or looking for a new city in the state to call home, consider a townhome in West Line Village. A new and exciting community in Lakewood between downtown Denver and the Rockies, you can experience everything Colorado has to offer.
With so many newcomers moving to the state, as well as a strong housing market and plenty of job opportunities, you don’t want to miss out on a beautiful townhome in West Line Village. Our townhomes are going fast.
Call or text 303-912-0606 to take a virtual live tour of West Line Village, or set up a safe, socially distanced in-person appointment. You can also contact us online today!