Colorado Association of REALTORS | REALTORS®️ Predict $1M Average is on the Horizon
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REALTORS®️ Predict $1M Average is on the Horizon

Apr 13 2022

REALTORS®️ Predict $1M Average is on the Horizon

CAR spokespeople are guessing when metro area average sales prices will hit the $1M mark. Matthew Leprino of Denver used CAR’s Market Trends to make his prediction. “With only an 8.84% increase required for the average to top $1 million,” he said, “at the current monthly rate of monthly appreciation at 3.2%, we will reach that milestone as we celebrate Memorial Day 2022, skipping merrily down the road to the nearest barbeque.” Denver’s average median sales price rose to $918,850. Sunny Banka of Aurora thinks the city’s March median sales price increase of $100,000 to $550,000 is still here to stay. “Just like all other goods that are increasing, we may see a decrease, but it is very rare that those price drops ever get back down to where they were”, she says. “An easy way to describe the housing market is three steps forward and maybe one step back. Housing has always proven to be a good long-term investment, regardless of the interest rate.” To the north, Boulder has already hit a median sales price of $1.45 million, a 16% increase from last year.

https://www.bizjournals.com/denver/news/2022/04/12/colorado-march-2022-real-estate-pricing-trends.html

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