When someone says “best” real estate market you really need to know what their measuring to reach the opinion of “best.” Is it appreciation rate, days on market, number of homes sold, average home cost, etc.? WalletHub just released a study from analysts who compared 300 cities across two key dimensions: the “Real Estate Market” and “Affordability & Economic Environment.” In evaluating those two dimensions, the analysts applied 21 different relevant metrics, including those metrics you would expect to see, like home appreciation and days on market, but also factors that speak more to the health of the market, such as home price as % of income, rate of delinquent mortgage holders, number of bank owned homes, etc.
How did Denver rank? In the large city category Denver, Aurora and Colorado Springs ranked 3rd, 4th and 5th respectively. Smaller Colorado cities such as Arvada, Fort Collins, Thornton, Longmont and Centennial also ranked in the top 10 in their categories.
We hear a lot of media buzz about the hot real estate market in Denver-metro, particularly in terms of affordability, or lack thereof. This study would suggest that many of the metro area cities remain quite affordable in comparison with other hot real estate markets. In the Affordability & Economic Environment ranking, Centennial ranked 26th, followed by Colorado Springs (32), Thornton (49), Arvada (67), Westminster (95), Greeley (117), Fort Collins (121), Aurora (131), Pueblo (137,) Lakewood (147), and Denver (149).
You can read more about the study at https://wallethub.com/edu/best-real-estate-markets/14889/
Hopefully this data provides you some useful information the next time someone asks you about Colorado’s real estate market.