The Great Recession of 2008 took its toll on the entire US housing market. Homes sales slowed, housing values plummeted, and the housing market was in a rough way. Fast forward to 2016 and most US housing markets have bounced back to or even above their pre-recession levels. Certain markets have rebounded and then gone above and beyond projections, like the Colorado real estate market. So what happened in Colorado to make the housing market expand like it has? Let’s look at some of the top reasons that the Colorado real estate market has become what it is today.
Why the Colorado Real Estate Market is Booming
Colorado’s Population is Growing
Colorado continues to expand its population by massive figures. The Colorado population grew by 1.5 percent from 2004 and 2014 and continues its massive growth to this day. With so many people moving to Colorado housing is in high demand. When housing is in high demand, the real estate market will grow to accommodate the population’s needs. As long as the population of Colorado grows, the Colorado real estate market should grow with it.
Colorado is Hiring More Top Tier Talent
One of Colorado’s main draws is its economic success and growth, and that’s not just in low wage jobs. Colorado’s burgeoning tech industry and other industries are recruiting and hiring top-tier talent to fill positions, and with top-tier talent comes top-tier salaries. When a large sector of your population is doing well financially the real estate market usually follows.
Colorado Wasn’t Affected by the 2008 Recession as Much as Other Markets
Not every city and metropolitan area was treated the same during the recession. Western cities like San Francisco, Seattle, and Colorado were not hit as hard as many other cities. This is likely due to the boom in Colorado’s tech industry. No matter the reason, the Colorado real estate market had much less catching up to do than other markets so once the recession ended, Colorado real estate was booming again.
If you don’t live in Colorado already, you’ll likely have to do a double-take when looking at some of the real estate numbers. As long as the population grows and more companies are hiring high paid positions, the Colorado real estate market is likely to keep growing.
Thanks to the experts at Vision Home Buyers for explaining what’s going on with the Colorado real estate market.