Local Communities See 30% Growth in Home Prices – BizWest

LOVELAND — Home prices in northern Colorado continue to soar, with median single-detached home sales prices topping $500,000 in five area communities in March. Longmont, Estes Park and Loveland all saw their prices increase by more than 30% from March 2021.

After registering a growth of only 17% in the previous version of the data from Information and Real Estate Services LLC, Longmont more than doubled that rate of growth, reaching a median home price of $675,000, 36.9% higher than March 2021.

Estes Park median sales prices also rose more than 36%, reaching $870,000 for a single-family detached home. In March, 41 homes were put on the market, with 26 sold after an average of 65 days.

Homes in Loveland and Burgdorf jumped 31.4% in sale price, with the median hitting $565,000. Of the 178 homes put on the market in March, 139 of them sold after an average of 43 days on the market.

Greeley has long been a bastion of affordable housing in the area, but home prices there have risen 26.4% since March 2021, reaching more than $446,000. 157 of the 167 homes on the market have sold after an average of 51 days on the market.

Housing prices in Fort Collins did not reach as high as in other communities, but were still a respectable 22.6% from March 2021, reaching $607,000. Forty-seven of the 73 homes on the market sold in March, but did so after an average of just 41 days on the market.

Only two communities studied by Information and Real Estate Services have seen declines in the median home price. Boulder, which grew more than 28% last month, saw an 8% reduction in home prices from March 2021 to $1.4 million. Fifty of the 72 listings sold after an average of 43 days on the market. Boulder remains the only community in the area with median home prices above $1 million.

Editor’s note: Days on market data is prepared by IRES. Here is an explanation of how it is calculated.