Colorado Real Estate & Home Prices

Living in Colorado

Without a doubt, Colorado is one of the most geographically diverse states in the country. With the Rocky Mountains to the northeast, the deserts to the west, and the agricultural plains to the far east, this state is a hub for people of all ages.

If you’re thinking about buying a home in Colorado, you’ll have plenty of reasons to make the move. For one, it’s a haven for four-seasons sports. The winter months offer a prime opportunity to ski in world-class facilities like Vail or Breckenridge (or the two dozen other major ski slopes in the state), while summer is a great time to hike in Rocky Mountains National Park. Fall, on the other hand, offers breathtaking foliage at the Grand Mesa. 

With plenty of major metropolitan areas to choose from, including Colorado Springs and Denver, you don’t have to spend all your time in nature. Visit the Denver Art Museum for some fine art, or check out the Wings Over the Rockies Air and Space Museum to get a look at iconic aircraft and space vehicles. You can even try a flight simulator! 

Colorado is considered one of the top states for business and major players in the economy include mining, government and defense, technology, agriculture, and tourism. Of course, Colorado is also known for its award-winning wine and beer producers, along with its cannabis tourism. 

Architecture and history of homes in Colorado

Although the architecture and home designs in Colorado are just as diverse as the state itself, there are a few common styles and themes that you’ll likely find echoed around the state. 

Denver, in particular, roared back to life in the 1990s. It was in this decade and immediately following when the city (like the rest of the state) saw an explosion in the housing market. Realm’s data analysis supports this, showing that most homes in Colorado were built in 1999. Thousands of single-family homes were built in the ‘90s and beyond, many of which remained consistent with classic styles while also adding new, modern elements. 

Today, you’ll find that bungalows, raised ranches, rustic, and mid-century modern homes dominate Colorado’s housing market. In the American bungalow, covered porches are a common characteristic, along with wide stairways, cedar shingles, and clapboard siding.

Raised ranches are wonderful for Colorado families, offering more space and practicality. These homes generally have two stories with attached garages, asymmetrical features, and plenty of access to bright natural light. Mid-century modern homes are minimalist and have open floor plans. 

The mountain rustic style is another that’s popular in Colorado. These offer the look and feel of traditional log cabins with all the contemporary features you need to be comfortable. Common features include wood floors, expansive decks and patios overlooking the scenic mountain vistas. 

Across all home styles, there are some common popular features. Realm’s data analysis revealed that patios topped the list, showing up in 29,797 recent real estate listings, while decks came in a close second, with mentions in 25,006 listings. Also popular among Colorado homeowners? Wood flooring, which was the third most popular feature, mentioned in 23,824 recent listings. 

Tips for Colorado homeowners

When you’re considering buying a home in Colorado, one of the most important factors to consider is where exactly you’ll buy. The state is incredibly diverse, so there are lots of cities and towns to choose from regardless of your personality or hobbies.

If you work in the tech industry, focus your search on cities like Boulder or Denver. Denver’s also a hub for finance, oil, and gas industries. If you work in aerospace, Colorado Springs and Littleton are your best bet. The RTD light rail system connects Denver and the surrounding metro area, so you may want to consider this in your planning. 

What is perhaps most interesting about Colorado real estate is that the housing market fluctuates quite a lot depending on the season. If you want to buy a home, you’ll find more competition for houses (and higher prices) in the spring and summer. However, inventory also tends to be higher at this time, too. If you can hold out until the winter, you might have fewer homes to choose from, but you’ll also have less competition and lower prices.

When you’re buying a home in Colorado, know that home buyers must receive a letter confirming their pre-approval for funding up to a certain dollar amount. The goal of this letter is meant to serve as evidence to the seller that you have the money you need to buy their home. So if you’re house hunting in Colorado, make sure to get one of these letters in advance.

Buying a home in Colorado is a great investment not just because the housing market here is booming but also because these homes offer relatively low risk with excellent value. Violent and property crime rates here are lower than the national average and most homes aren’t at risk from natural disasters, like floods and wildfires. Realm’s data analysis found that 99.98% of all homes are not located in a designated perimeter for a wildfire that has occurred within the last five years and 98% of homes aren’t in a flood zone.

The elements shouldn’t prove too challenging to deal with, regardless of where you live in Colorado. Heavy snowfall is the only factor to consider, though it varies depending on where you live in the state. In your home inspection and walkthrough, pay close attention to the roof. Make sure it’s sloped to ensure that heavy snowfall can slide off with ease. 

Frequently asked questions about Colorado real estate

Why is housing so expensive in Colorado?

Colorado, like many other states in 2021, is facing a severe housing shortage. While there are plenty of jobs to be found in Colorado, many do not pay enough to get a family into the typical starter home. Prices are rising with fewer homes to choose from. 

What is the average home cost in Colorado? 

As of August 2021, the median home price in the Colorado housing market was $520,000 — a 15.6% jump from the previous year. But home prices vary depending on where you are in the state, as well as other factors, like home age and size.

Is moving to Colorado a good idea?

Colorado offers plenty of benefits for any homeowner. Not only are you sure to love the scenery, but buying land or developed properties in this state is a solid investment. Real estate taxes are among the lowest in the country, so you may find that you are able to save some money if you’re moving here from another state.