The housing market in Colorado is in the midst of big changes in 2023. The state’s best places to live still offer plenty of reasons to put down permanent roots, including campus charm in Fort Collins and big-city opportunities in Denver.
As is the case across the country, higher mortgage rates are forcing buyers to rethink their plans and sellers to reconsider whether now is the right time to move.
According to the Colorado Association of Realtors (CAR), the average selling price for a single-family home in the state in January 2023 was $520,000. This is exactly the same average price as in January 2022, but it takes significantly longer for homes to sell. A typical house is currently on the market for 60 days, which is a significant increase from the 35 day period in 2022.
Quite a few more homes are also available, with inventories up more than 68 percent, according to CAR. An increase in homes for sale is helping the market feel less overwhelming for buyers – and less lucrative for sellers. However, there are still not enough homes for sale in Colorado to meet buyer demand. The supply is currently 1.5 months, a far cry from the five to six months of stock that normally defines a balanced market.