When Is the Best Time to Buy a House in Colorado?
Home of the “Mile High City,” Rocky Mountain National Park, and world-renowned ski resorts, Colorado boasts 245 days of annual sunshine and four distinct seasons.
It’s the perfect locale for anyone wanting an abundance of outdoor recreation, mountain views, and a sense of history paired with modern culture. If you’re considering a move to The Centennial State, when is the best time to buy a house in Colorado?
We talked to Colorado real estate agent Johnna Hall, who sells properties 50% faster than the average agent in her Aurora market. Let’s examine Hall’s insights and the factors that affect when to buy.
Inside the Colorado home-buying market
The pandemic housing boom brought skyrocketing prices and quickly moving inventory to the Colorado real estate market. Today, we’re seeing signs that things are leveling out. Across the state, conditions are shifting from a hot seller’s market to a more stable seller’s market.
Markets are highly local, and depending on where you’re looking to buy, it may (or may not be) a good time to throw your hat in the ring. For buyers on a tight budget, there are still a number of markets in Colorado with median home values below $300,000.
According to Uncover Colorado, here are the median property values for 15 of the cheapest towns to live in the Mile High state:
Walsenburg: $90,400
La Junta: $91,400
Lamar: $99,400
Sterling: $129,221
Trinidad: $134,900
Pueblo: $141,000
Alamosa: $164,600
Fort Morgan: $169,900
Cortez: $170,300
Craig: $173,600
Cañon City: $184,829
Fruita: $223,500
Fort Lupton: $240,500
Rifle: $246,300
Greeley: $247,700
When is the best time of year to buy a house in Colorado?
Nationwide, summer is often cited as the most expensive time to buy a house. For this reason, many industry publications will advise that you buy in January or February for a better price. But in Colorado, the best time to buy depends on your goals and priorities. It also depends on the state of the market, which is currently being shaped by low inventory and high mortgage rates.
Historically, Hall says that the best time to buy is between July and December, but, again, it fluctuates based on the market where you’re house-hunting. Ahead, we’ll pinpoint the best time of year to buy a house in a few Colorado cities.
Colorado Springs
According to the Pikes Peak Association of Realtors, the median sale price of a single-family home in the Colorado Springs region was $499,000 in June 2024, a 2.9% increase over the same period last year. Homes stayed on the market for an average of 40 days, and the months’ supply — aka how long it would take to sell all of the homes on the market at the current pace of sales — increased from 1.4 months in March 2023 to 2.0 months in March 2024.
According to HomeLight data, Colorado Springs home prices are highest in July and August and lowest in February and March. Homes sell the fastest in July and August and the slowest in January and February.
Denver
The Denver metro area recorded a median home sale price of $608,000 in June 2024, and the typical listing went from “active” to “pending” in 12 days, according to the Denver Metro Association of Realtors. Denver is seeing increased demand from homebuyers who are hungry for new inventory.
According to HomeLight data, Denver home prices are highest in June and July and lowest in January and February. Homes sell the fastest in June and July and the slowest in January and February.
Fort Collins
In Fort Collins, the median home sale price in June 2024 was $620,000, up 0% year-over-year. The typical single-family home spent 64 days on the market, or 12 days longer than in June 2023, according to the Fort Collins Board of Realtors. Home sales fell nearly 11%, but “buyer demand remains robust.”
According to HomeLight data, Fort Collins home prices are highest in May and December and lowest in September and January. Homes sell the fastest in August and July and the slowest in January and February.
