The Colorado real estate market for luxury homes continues to exhibit strength in 2022. Potential home buyers are focused on getting a home for their unique lifestyle needs. Hence, high-end properties remained the top priority for many of them throughout the front range and resort sites of Colorado.
Housing market trend and forecast
Home price growth in Colorado has decreased, and the number of sales is declining. However, property prices have not yet recovered to the pre-pandemic pitch. One more thing is that the Colorado housing market is not going downhill in 2023.
The average home price in Colorado is $717,642 while the median price is $545,000 as of November 2022. It is expected that 2023 will be a better year for luxury home buyers than many people think since there are still 8.9K listings of luxury homes for sale in the state.
5 of Colorado’s Top Luxury Cities
Such deluxe properties in Denver beckon eminent homebuyers every year. The city keeps offering the housing market audience something extraordinary. Denver’s luxury homes amalgamated urban amenities and latter-day upgrades with a historic touch. Denver can be the land of your exceptional home that you want to be exclusively planned and built for upscale taste.
In Denver, the sale of luxury properties met a severe hike of 59.9% in 2021 compared to the previous year. A total of 4,200 luxury homes were sold in the year 2021. The average price of premium listings increased by 3.7% in Denver.
The average sale price of luxury homes per square footage currently stands at nearly $580, and the median price at $1,590,000. Luxury homes in Denver had 29 average inventory days in 2021. The latest report says exclusive properties in this city earned an average of 28 inventory days indicating a dramatic rightward shift of 56% from November 2022.
Highlands Ranch is an unincorporated region in Colorado. Neither too populous, nor too small, Highlands Ranch is a city with five luxury neighborhoods. A relatively greater number of luxury homes are available in Highlands Ranch.
Wealthy properties are priced from $340K to a maximum of $6.9M in Highlands Ranch. It is a city for people who dream of owning a lavish house with little income. Yes, it is truly possible to buy a spacious property of 4,000 square footage for just $840,000 in Highlands Ranch.
Colorado Springs meets the upmarket demand created by high-profile individuals in the US housing market. It is not difficult to understand why this city belongs to one of the finest places across Colorado to live in splendor. In addition to the nicest homes, Colorado Springs offers fantastic weather. They can interact with wonderful communities at local events. The quality of life improves here with an affordable living cost.
There are 11 distinct neighborhoods in Colorado Springs to call home. Kissing Camels, Pine Creek, Broadmoor and High Forest Ranch are some of the most coveted luxury communities in the city. Colorado Springs has had a positive record of luxury home sales in the past months. Buyers also get multifamily units, townhouses, and condos.
Colorado Springs is a buyer’s market even after being the second-largest city by population. Currently, there are around 200 deluxe properties for sale at a median price of $450,000. Homes stay on the market for nearly 70 days.
As one of the most dynamic cities in Colorado, Lone Tree has a lot to offer. Lone Tree luxury real estate can take your housing experience to new heights. Recent ready homes in the city offer diverse and up-to-date floorplans. Through innovative building features, Lone Tree’s properties fit life even better.
Available listings at this location have a median price of $850K. Although there is no multi-family housing accommodation, buyers can get condos and townhouses as a viable alternative to a typical home.
You may find the hottest luxury apartments in Lakewood. The city is quite well-known for its exclusive home units that are spacious and stylish. The city has a restful atmosphere and easy access to outdoor amusements. You can enjoy such amenities without owning an apartment due to rental facilities.
A luxury apartment can be rented for $1.5K, slightly more or less. There are more than 400 apartment listings in Lakewood. Half of their prices range between $1.5K and $2K. Rentable apartments are also available for $.7K-$1K, but it is rare to find one.
The top luxury neighborhood in Lakewood is Solterra. You will find homes over 3000 square footage easily. It is not that expensive to buy a big home in Solterra as well. A property of 3100 square footage with 4 beds and 4 baths has a list price of $885,000, which sounds quite affordable!
The Market is Growing
Luxury real estate remains one of Colorado’s fastest-growing markets, with some of the state’s most breathtaking ranches and villas available for sale. It is not ignorable that luxury home sales in this region have skyrocketed in the last few years.