Will Denver's Housing Market Be Better in 2022?
Denver housing market has gone through a lot of traction since 2020. The question is, will it be any better in 2022? Let's see what recent reports have to say. Latest Denver Housing Forecast In the next 12 months of 2022, experts claim that the supply shortage and the rise in demand for housing will push prices even higher for the Denver housing market. If mortgage rates stay on the low-end, it could keep bolstering the property-buying activity, and keep the skyrocketing prices. If you're looking to sell, it is best time to put your property on the list. Based on recent data, the home value of property in the Denver, Aurora, Lakewood Metro has increased by 22.1%. And experts estimate that these values can go up by 17.5% in the following months. All because of the demand-supply imbalance. It's not just Denver, housing prices are reaching an all-time high in Colorado Springs as well. And it is estimated that it could take some time before this slows down. Some believe that the supply chain issues from the pandemic have resulted in short-term bottlenecks in the construction industry. And this can be felt across the country. How Do Current Trends Affect Denver's Market? The prices depend on the geography of the metropolitan area. And suburban places have gained a lot of momentum. Since education and work have shifted to an at-home setting, many young families have decided to move to the suburbs. This has also spiked demand for suburban versus urban properties. People are less interested in downtown Denver apartments, townhouses, lofts, and condos. Since families are more eager to own a yard paired with other practical amenities, shared rental properties in busy spots haven't been that popular lately. Although rental rates in Denver may not drop too much, there have been some reductions in rent of 5% to 10% in the downtown area. Overall, the need for suburban homes is on the rise, and thus the drop in downtown Denver housing interest can be seen. Only time will tell how that will affect the housing price range in the area. Will the Denver Housing Market Get Better? It depends on which side you are on- are you the one who sells or buys a property. These constantly increasing prices will work well for those eager to sell a property at this time. Because of the constant demand and inventory shortages, it is relatively easier to find a client base that's willing to spend.
Top 3 reasons Why People Are Making the Move to Colorado
It's no secret - Colorado has achieved year over year record growth in population in the past few years. The state ranked 6th in population growth according to the 2020 census, with a 14.8% growth rate. According to the same census, the population of Colorado has seen an influx of nearly 750,000 new residents. This growth trend only increased during the Covid-19 pandemic and following years. So, why are so many people making a move to Colorado? There are a variety of reasons, but here are the top three. Economic Stability One key reason people move to Colorado is its strong economy. In a recent study, Colorado ranked 6th in overall economic strength. These rankings considered each state's economic activity, economic health, and innovation potential. Let's face it; we live in a difficult time. Many people have experiencing hardships forcing them to seek new employment within their industry or to change careers entirely. This often means relocating to states where there are greater opportunities for economic growth, such as Colorado. The top growing industries in Colorado are: Advanced Manufacturing Aerospace Bioscience Defense and Homeland Security Electronics Energy and Natural Resources Infrastructure Engineering Technology and Information Outdoor Activities While we prefer not to dwell on the Covid-19 pandemic, it's an unavoidable topic when we look at the reasons people relocated to Colorado in 2020 and continue to do so. One result of the pandemic has been an uptick in outdoor activities. Rather than visiting crowded shopping malls and other public places, more people turn to nature to get away from crowds. This shift plays directly into Colorado's strengths. A recent study ranked Colorado the 5th best state for outdoor recreational opportunities. This should come as no surprise, as Colorado is one of the most beautiful states in the nation, especially during the fall season when the state's scenery explodes with colorful hues of red and orange. Healthy Lifestyle The United States, compared to other developing countries, regularly ranks lowest in terms of population health. We're starting to see that trend change however as a growing segment of the population is turning to a more healthy lifestyle. Colorado boasts the lowest rate of adult obesity at 23.8%. This may seem like a high number, but it is impressive compared to the United States average obesity rate, which is over 40%. Colorado ranks 10th overall in a study on the healthiest state populations in 2021. When people move to Colorado, they are moving to a state where health and fitness are a higher priority than in other states. Given the times we live in, it's no surprise that many people are looking into a long-overdue health overhaul. Final Thoughts Colorado is a state of beautiful scenery, a plethora of outdoor activities, a surging economy, and a population of health-conscious individuals. The winters may be cold and sometimes unforgiving, but this has not deterred out-of-staters from relocating.
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