What Is the Housing Market Like in Boulder, Colorado?

 As one of the best places to live in the United States, the city of Boulder, Colorado has many things to offer residents. Currently, about 106,000 people call this town their home. Many other people visit the area each year. As a suburban city, it’s ideal for young professionals who want a quiet place to live in. It’s only a 30-minute drive from Denver, and many residents make the commute each morning. If you’re thinking about moving into the city, now is the time.

For years, the housing market in Boulder, Colorado was on fire. Houses sold almost immediately, and buyers could expect to get above asking price. However, the housing boom has started to cool down in the city. This doesn’t mean the area is any less desirable, however. What it does mean is that homebuyers have a bit of negotiating power when it comes to making an offer.

 The median single-family home price in this popular city is around $535,000. While still well above the national average, this is a drop from the former median asking price of $550,000. Other homes may sell for more or less, depending on how motivated the seller may be. The price for townhouses also dropped at the beginning of the year. Townhouses that once sold for $400,000 are now entering the market for a list price of only $365,000.

 Rental rates are still quite high in the area. Most apartments go for around $1,400 a month, but if you want to lease a home, you should expect to pay at least $2,700 monthly. Even though the rates are high, young professionals are eager to live in the area. Boulder has a reputation for being very prestigious. Some of the best schools in the country are located here.

 However, it’s important to note that those living in the city are making only a little more than the average American. The median income for the area is $65,000, which is a mere $10,000 more than the national average. Because of this, many families are priced out of the housing market. About half of the town’s residents rent a home instead of owning their property.

 Buyers should take note that this is the first time home prices have dropped in the last five years. There are plenty of houses waiting to be sold. With a large inventory available, buyers have many options that they would not usually get. Real estate experts also believe this will change again in the future. Since Boulder, Colorado continues to be one of the most sought-after places to live in, and home prices are expected to rebound in the next year or so.

 What does this mean for buyers and sellers? If you’re ready to buy, you should start searching now. You may be able to get more home for your money, with a high probability that your investment will improve in the near future. Sellers, however, may want to wait before entering the market. Homes have not been selling as quickly, so you won’t get as high of an asking price as you hoped. Homepage

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