Over the past few years, the Colorado real estate market has felt pretty insurmountable for many people looking to invest on the Front Range. Between a massive population increase and more housing demand than supply, many properties are on and off the market the same day, and selling for tens of thousands of dollars above the listing price.
The recent Colorado real estate market is fantastic for sellers, and, as a listing broker, selfishly, I wish it would never slow down. However, many buyers are feeling discouraged, and rightfully so. How can young and anxious buyers afford property in Colorado without taking on a second job to cover the mortgage on a 400 sqft studio? They simply have to look at Colorado properties for sale outside of the Front Range.
Western Colorado may be on the opposite side of the state, but it’s bursting with beautiful scenery, tons of land, a thriving agricultural economy, and more bang for your buck in the Colorado real estate market. When it comes to homes and land for sale Western Colorado should be on your radar. Here’s why.
More Space to Invest and Play
In the sea of Colorado properties for sale, Western Colorado tends to have more square footage for less money. In August 2022, the median sales price for a single-family home in Denver was $685,000, whereas the median list price for a similarly sized home in Delta County ranged from $329,000 to $450,000.
Furthermore, many homes for sale in Western Colorado have larger lots or acreage, which provides ample opportunity for homeowners. It’s not uncommon to see anything from backyard chickens in a residential neighborhood to a family-run cattle ranch just a few miles outside of the town. Not to mention, land almost always appreciates in value.
Western Colorado Real Estate Appreciates
In-town homes and hundred-acre ranches alike are all appreciating in the Western Colorado real estate market. As noted above, in August 2022, the median list price in Delta County was $450,000, which is a 3.5% increase year-over-year. In Mesa County, while the median list price is slightly lower at $415,000, the rate of appreciation is higher at 8.3% year-over-year.
Even though Western Colorado only accounts for 10% of the state’s population, it’s growing as more people discover its beauty, charm, and property value. Delta County grows roughly 0.08% year-over-year, and Mesa County grew nearly 0.57% last year and has grown 7.34% since 2010. This population growth indicates that the housing market will continue thriving and demand for housing and land will continue to increase.