Front Range Real Estate Market Update, August 10, 2023

It can be helpful to compare our local market with the national market. National trends can show us where we may go or how we differ from much of the country. They also help give us context for what’s happening here.

In the second quarter, almost 60% of all metro areas saw price increases. That was also true in our area. Our average sold price went from $640,609 in the first quarter to $676,809 during the second. That’s a 5.7% increase. The median price rose from $538,000 to $568,288, a rise of 5.6%.

One in 20 markets posted double-digit annual price appreciation. The Front Range didn’t make that list, which includes Fond du Lac, Wis. (25.3%); New Bern, N.C. (19.7%); Duluth, Minn.-Wis. (14.6%); Davenport-Moline-Rock Island, Iowa-Ill. (12.6%); Allentown-Bethlehem-Easton, Pa.-N.J. (11.7%); Kingsport-Bristol-Bristol, Tenn.-Va. (11.5%); Peoria, Ill. (11.5%); Green Bay, Wis. (10.9%); Trenton, N.J. (10.5%); and Cape Girardeau, Mo.-Ill. (10.4%).

During the second quarter, the national median single-family existing-home price declined 2.4% from one year ago to $402,600. The median single-family existing-home price went from $590,175 to $568,288. Our decline was 3.7%, significantly higher than the national decline. 

Year-over-year prices in the second quarter declined by 19.1% in Austin, 11.3% in San Francisco, 9.6% in Salt Lake City, and 7.4% in Las Vegas. Like metro Denver, these areas saw prices increase quickly during the pandemic, but our 3.7% decline was less drastic than those cities.

Seven out of ten of the most expensive markets in the country were in California, but one was here. Boulder came in 9th with a typical home sales price of $871,200, down significantly from a year before, when the typical home sold for almost 6% more.