Colorado’s median single-family home price hits $600,000 in April

Home owners not able to cope with metro Denver’s climbing house selling prices utilised to be in a position to seem up and down the Front Variety or in other areas of the point out for a substitute, but economical choices are obtaining more difficult to discover.

The median price tag of a home marketed in Colorado reached $600,000 for the very first time in April, a sign that the significant run-up in prices viewed throughout metro Denver is at play throughout significantly of the condition, in accordance to a regular monthly update Wednesday from the Colorado Affiliation of Realtors.

Median signifies the halfway level, which means fifty percent of the residences sold for $600,000 or far more in April and half marketed for less than that total. In metro Denver, the median bought selling price for a single-family members property was $660,000 in April, in accordance to Car or truck. A different survey from the Denver Metro Affiliation of Realtors set the median marketed price tag even higher at $684,550.

Working with the statewide median price tag of $600,000 and an interest rate of 5.5% on a 30-year financial loan, a household would need an once-a-year income of $166,860 to qualify for a home that expensive, assuming they can make a 20% downpayment and stick with typical underwriting on a bank loan. Colorado’s median domestic cash flow in 2020 was just earlier mentioned $75,0000, according to the U.S. Census Bureau.

Car or truck famous that its Housing Affordability Index (HAI), which looks at home loan curiosity premiums, median product sales price, and median cash flow by county, fell additional than 10% yet again in April. Affordability is now at its worst level given that the index introduced in 2010. And Denver and Colorado Springs are counted among the top 10 the very least affordable substantial metros in the state, according to OJO Labs.

Pitkin County is the most pricey housing market place in Colorado with a median bought price of $6.5 million for a one-relatives residence, up 3% on the calendar year, and $1.9 million for a townhome or rental, which is up by almost 107%. Summit County has a median offered price for a single-household household of $1.9 million, up 11.8%, and $805,000 for townhomes and condos, up 27.8%.

Eagle, San Miguel, and Routt, all ski vacation resort areas, are the other counties wherever the median sales price of a solitary-loved ones dwelling was higher than $1 million very last month.

“For the 1st time in the last 40 many years, properties with programs just approved are contracting. Simply because stock is acquiring fewer and fewer, I forecast some Realtors may not be capable to very last via the subsequent calendar year or two,” mentioned George Harvey, a Telluride-region Realtor, in comments accompanying the report.

Alongside the Front Variety, Boulder County has the most expensive detached house rates with a median of $975,000, followed by Douglas County at $773,750 Denver County at $750,000, and Jefferson County at $724,110.