Millenials Love Colorado
Interest rates have edged up this year. The 30-year fixed rate is currently 4.75%, compared to 4.0% a year ago. Regardless, the real estate market in Boulder County remains strong. The number of sales so far this year are nearly identical to last year. In the city of Boulder specifically, the number of sales are slightly higher.
Millennials love Colorado. It's currently the #3 state for Millennial relocation, with four cities in the top 25 destinations nationally. Favorites include Denver (#8), Fort Collins (#17), Colorado Springs (#20) and Thornton (#25).
Boulder County cities are less popular among Millennials, and this is likely an affordability issue. We've been hearing about the "graying of Boulder" for years, but again, activity is high. Rising interest rates certainly impact first-time buyers more. It will be interesting to see if higher interest rates eventually slow things down. I'll keep tabs on the stats and let you know what I see.
If you want to discuss current market trends and ways to make the market work for you, p lease contact me. I am always here to help you, your friends, family and co-workers with any real estate need, even if they just want to ask a question. I hope you are having a wonderful summer. - Rich