The real estate market is crashing! Sound familiar? You've probably heard similar gloomy prediction on the state of America's 2007 real estate market. When it comes down to it, if you're buying or selling a home, knowing how national home value averages are doing won't help you (but if you're curious, in 2006 the national home value average was about $221,900). Colorado's spacious plains are great for it's agricultural economy and for raising cattle, wheat, dairy products, corn and hay. Colorado also has tons of tourist attractions, and all these things are a good indication of a steady real estate market and rising home value averages.
The median household income for Colorado is about $50,500 while the median home value at this point is about $255,000. Between 2001 and 2006 the average American home value rose 55.21% while Colorado's average home value rose only about 22.24%, according to the Office of Federal Housing Enterprise Oversight. Home value medians in 2006 in Colorado varied from area to area. For example, Denver saw a small (less than 1%) dip in it's average home value, while the median Boulder home value rose almost 4% and the median Colorado Springs home value rose almost 5%.
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