Recent forecasts suggest that the real estate market in Greeley, Colorado will continue to see home-price gains through 2019 and into 2020. That’s not surprising, when you consider that Greeley is one of the fastest growing metropolitan areas in the country.
Positive Forecast for Greeley’s Housing Market
In March, the real estate information company Zillow predicted that home values in Greeley, Colorado would rise by 5.4% over the next year. Issued in March 2019, this particular forecast extends into March of 2020.
The actual recorded price gains over the past year are even more noteworthy. According to Zillow’s data, the median home value for Greeley, Colorado rose by 10.2% over the last year or so. That’s well above the national average for the same timeframe.
Fast facts: Greeley is located in Weld County, Colorado, about 50 miles north-northeast of Denver. As of 2017, the metro area had a population of 304,633 people. The median home selling price was around $300,000, as of March 2019.
As usual, there is a supply-and-demand story driving these trends. The positive forecasts for the Greeley housing market are largely the result of a growing population and limited housing inventory. In fact, a recent report showed that the Greeley area is one of the fastest growing metropolitan areas in the United States.
Supply and Demand Are Lifting Home Prices
A 2018 report published by the U.S. Census Bureau showed that Greeley, Colorado was among the “Top 10 Fastest-Growing Metropolitan Areas” in the country.
The area’s population grew by 3.5% from 2016 to 2017 alone. That put it at number three in the Census Bureau’s ranking of the fastest-growing metros. Only St. George, Utah and Myrtle Beach, South Carolina had a faster rate of growth during that period (among the nations metropolitan areas).
These population trends are certainly influencing the strong predictions and forecasts for the Greeley real estate market in 2019 and 2020. A growing population increases demand for housing, on both the rental and purchase side. This in turn puts upward pressure on home prices.
Supply is another important factor here. As of January 2019, the real estate market in Greeley, Colorado had approximately a 3-month supply of homes for sale. That’s a theoretical measurement used to track inventory levels over time. In this case, it means it would take about three months to sell all homes listed for sale if no new properties came onto the market in the meantime.
Most economists agree that a “balanced” housing market has closer to a 6-month supply of homes. So by that measurement, the real estate market in Greeley, Colorado is relatively tight in 2019. That’s something for buyers to keep in mind.
When you combine these contributing factors — a steadily growing population and limited housing stock — you have the ingredients for continued home-price appreciation. This is largely why home values in the area have outpaced the national average for the last couple of years. It’s also why the Greeley real estate market is getting strong forecasts from analysts and economists.
Is 2019 a Good Time to Buy in Greeley?
The big question on a lot of people’s minds is this: Is 2019 a good time to buy a home in Greeley, Colorado?
There are quite a few personal and financial factors to consider here. But from an economic and housing market perspective, one could argue that now is a great time to buy a house in Greeley.
- Home prices are still rising in the area, and real estate forecasts for Greeley suggest they’ll keep moving north for the foreseeable future. This gives new homeowners a chance to build equity.
- The job market in the Greeley area is fairly strong right now, giving buyers the financial means (and confidence) they need to make a purchase. The unemployment rate in Greeley hovered below 3% for most of 2018. That’s down from a high of nearly 10% in 2010 — a huge improvement.
- Mortgage rates are still hovering at historical lows, but they’re expected to rise gradually over the coming months. The average rate for a 30-year fixed-rate mortgage loan was down to 4.35% as of late February 2019, according to Freddie Mac. This gives Greeley home buyers an opportunity to save money on their housing costs.
Disclaimer: This article contains forecasts and predictions related to the Greeley, Colorado housing market in 2019 and 2020. Those projections were provided by third parties not associated with our company. Housing and economic forecasts are the equivalent of an educated guess and should be treated as such.