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Located between Colorado Springs and Denver, Castle Rock combines the serenity of small-town living with the thrill of being close to a big city. Residents here can enjoy vast lots, modern luxury facilities, and convenient access to some of the best Rocky Mountain recreation Colorado has to offer. As such, it is unsurprising why so many Denver area homebuyers are in the market for Castle Rock real estate. If you are considering buying a home in Castle Rock, here is everything you should know about the housing market.
Castle Rock Population Growth
Being a Denver suburb, Castle Rock has developed significantly over the years. More individuals are looking for a balance between peaceful suburban living and easy access to metropolitan facilities found in big cities.
A recent census report shows that Castle Rock has experienced the highest population growth in the state. This trend is expected to continue as more people discover this hidden Colorado gem.
Castle Rock Home Prices Rising
The Castle Rock real estate market is still thriving. The current median listing price of a home in the area is around $575,000, a huge rise from the previous year.
Whereas real estate has suffered fluctuations or slowdowns in other regions, in Castle Rock, the median home price has increased monthly for the past year. Besides, this price is not expected to slow any time soon, as the median listing price is estimated to be about $690,000 in 2-3 years.
Home Inventory Increasing
The current inventory of properties for sale in Castle Rock has increased. There were 154 available homes in February of this year, up from 77 in the same month in 2022. This is partly because of the construction of new homes, thanks to the increasing demand for properties in the area.
Additionally, homes now spend less time on the market. On average, a home listing by Castle Rock CO real estate experts Joyfel Real Estate Duo will sell in 25 days in the Castle Rock housing market.
Castle Rock is a Seller’s Market
Homes in Castle Rock might stay longer in the market than other areas in the U.S., but it is still a seller’s market because of the limited housing inventory. The increased demand for housing in the area is because of its convenient location and thriving job market.
Therefore, when buying a home in Castle Rock, expect stiff competition from other buyers. In most cases, you might have to make an offer with fewer contingencies and shorter closing times to have an edge.
Higher Median Incomes in Castle Rock
The median salary in Castle Rock is greater than in other Colorado and the Denver metro area areas because it is a more affluent neighborhood. According to a recent report, the median salary for a person in the area is around $75,582. This median income is slightly higher than the state average of approximately $58,852.
Ready To Explore Castle Rock Real Estate?
If you are ready to start looking for Castle Rock houses for sale, contact knowledgeable real estate agent Felicia Jenkins. With years of experience in the Colorado housing market, Felicia prides herself in offering individualized service and in-depth market analysis to guide her clients to their dream homes. Contact Felicia Jenkins today to learn more about the best homes for sale in Castle Rock!
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