2024 Colorado home price forecasts are seeing a positive shift!
One expert says this and another says that, it’s exhausting sometimes if I’m honest. But the latest outlook could impact your real estate decisions in 2024 so I wanted to shed some light.
Those same experts have crunched the numbers again, armed with the newest data and market signals, and guess what? They're now even more confident that home prices will rise, not fall, this year.
Currently on a national level, according to the National Association of Realtors,
Home sales are down -4.3%
"Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves. In March 2024, sales fell in the Midwest, South, and West, but rose in the Northeast for the first time since November 2023. Year-over-year, sales decreased in all regions.
Prices went up +4.8%
The median existing-home sales price rose 4.8% from March 2023 to $393,500 – the ninth consecutive month of year-over-year price gains and the highest price ever for the month of March.
Inventory went up +4.7%
The inventory of unsold existing homes grew 4.7% from one month ago to 1.11 million at the end of March, or the equivalent of 3.2 months' supply at the current monthly sales pace. "
*Source: Read full NAR article here
On a Local Level
Here in Douglas County we are seeing home sales growth of 7% since the start of 2024. While there are similar hyper-local patterns of limited inventory as compared to national averages, and slower than normal sales compared to years past, our local market is proving to be showing signs of growth and steady and increasing prices as well.
There were 580 homes sold in Douglas County last month compared to 545 in April of 2023 which is a 6% increase month over month.
Prices have held steady at a median home price of $700,000, and went up 1% month over month.
The increase in total home sales compared to last year has led to an 8% growth in total sales volume which speaks to a growing market.
And homes are looking to be selling more quickly as median days on market fell from 17 to 10. At the higher price points, above $1M, homes are on the market longer with over 3 months of inventory for buyers.
And the bigger picture is even more optimistic as year to date, total home sales volume in Douglas County is actually up 10% compared to last year! And total homes sold is up 7% through the end of April, as there were 1,933 homes sold compared to 1,809 homes sold last year.
Recent Sales Trends
Current Period Apr 2024 | Last MonthMar 2024 | Change FromLast Month | Last YearApr 2023 | Change FromLast Year |
Homes Sold Year to Date | 1,933 | 1,353 | 43% | 1,809 | 7% |
*The statistics below highlight key market indicators for Douglas County, Colorado. The data in the Sold Listings table is based on homes sold within the month of April 2024.
So why live in Douglas County?
Don't know much about the area?
Douglas County essentially runs from Highlands Ranch in the north to just above Palmer Lake in the South. And from the mountain community of Deckers in the west to Parker in the east. Also included are the towns and cities of Castle Pines, Castle Rock, Lone Tree, Sedalia, Larkspur and our eastern rural areas of Elizabeth and Franktown.
Explore each area by clicking their link for their individual community guides, and find the latest information for Douglas County here:
My Take
Originally the housing market consensus was that prices will climb. But more recently the shift is significant, highlighting a stronger market than anticipated.
What’s Fueling the Fire? Two big players are keeping the market hot: Scarce Inventory: There’s just not enough homes out there. It’s been like this for a while, pushing prices up and keeping them there. Don’t see that changing anytime soon.
And Buyers are taking action. There is a general feeling in the air that buyers are moving on their purchases again. They are tired of waiting and optimistic that even if they pay a bit higher on their mortgage rate now, that they will be able to refinance within the next year to be able to get a lower rate when rates do come down.
Buyers are also seeing that this may be a better time to buy as they realize that if interest rates go down (as they usually do in election years) , there is likely a buyer frenzy waiting in the wings as there is a two year build up of buyers who have been waiting on the sidelines which will create a competitive market driving prices up again.
Mortgage Rates: Last year, those rates were climbing, making buyers retreat. Since then, rates have come down from their peak, breathing new life into buyer demand. This resurgence, coupled with the persistent low inventory, is why experts are revising their forecasts. Bottom line for you…what was once a cautious outlook for 2024 has transformed into a more optimistic forecast for home price growth. If you’re looking to make moves, now’s the time to strategize.
Whether buying, selling, or just wanting the lowdown, I’m always here to help!
~ Rachel
