Fort Collins CO Median Home Price
Realtor.com reports that the median home price in Fort Collins Colorado is $550,000 as of June 28, 2022. This is approximately at a cost of $256 per square foot. Realtor.com also stated that $560,000 was the median price of a home. Are you surprised that that is Fort Collins CO Median Home Price? So, you ask “Why so high”?
Population growth has been driven by the exodus from California to other parts of the West, including Arizona and Idaho. Californians have brought with them new requirements for rent control and more liberalized policies. Fort Collins real estate market, like all of Colorado, is protected by rent control laws. This law was passed in the 1980s and caused housing prices to soar and rents to go up.
Californians are known to relocate from one city to the next. This is why you see people selling a house worth two million dollars in California, and buying a property worth a million in Denver. Fort Collins’ housing market does not get overloaded or bid up by newcomers. Fort Collins has another advantage: It retains more its original charm.
Fort Collins is expanding as an outlying suburb of Denver, and also for its own purposes. It now ranks fourth in state. It offers a great mix of affordable housing, decent living conditions, and jobs that will ensure it remains strong over the years.
It appears that you will be patient if you want home prices in Colorado to drop. The real estate market in Colorado is not slowing.
We get that this sounds like old news when it comes to home prices. Each quarter is a new round of panic for potential homebuyers in Northern Colorado.
Don’t expect any relief in the coming year. You can assume that prices will rise based on the current supply and demand. The only thing that might slow it down is an increase in interest rates. The current rate is 5.88%
Rates and other financial markets were significantly more calmer last week than they were the week before. Rates fell to their lowest level since 2008. They had reached the peak of 2008 in June 14, 2008, but rates dropped further last Thursday.
There is more variation among lenders than in stable rates, as has been the case during the rate rise of 2022.
When it came to quotes on mortgage rates, the average lender was just slightly higher than others. The bond market indicated a larger jump. Due to the more prudent rate-setting strategies of mortgage lenders Friday afternoon, it may have actually been a smaller jump.