Home Values Rising in Colorado Amid Coronavirus Crisis
See how the housing market is doing in the Centennial State during COVID-19.
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Current home values in Colorado
Home values have been rising throughout Colorado and are up 4.2% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $993,715, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Colorado: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $993,715 home at 3.33% would give a typical Colorado homebuyer a monthly payment of $3,495, assuming a 20% down payment.
How the Colorado housing market stacks up
Colorado families can enjoy skiing for a day outside of big cities
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Colorado, they're predicted to rise 5%.
Homes right now are going on the market in Colorado at a median price of $212 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Colorado home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $407,140 |
| 2019 | $390,700 |
| 2018 | $375,842 |
| 2017 | $351,058 |
| 2016 | $321,000 |
| 2015 | $286,692 |
| 2014 | $255,242 |
| 2013 | $235,908 |
| 2012 | $219,300 |
| 2011 | $212,642 |
| 2010 | $220,892 |
| 2009 | $224,342 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Colorado is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $530,749 |
| 2019 | $620,000 |
| 2018 | $592,500 |
| 2017 | $555,000 |
| 2016 | $507,500 |
| 2015 | $462,500 |
| 2014 | $407,500 |
| 2013 | $377,500 |
| 2012 | $347,500 |
| 2011 | $335,000 |
| 2010 | $350,000 |
| 2009 | $352,500 |
*2020 price average through March 31, 2020.
