The average price for four-bedroom homes in Boulder has climbed higher than the altitude, officially making it one of the priciest destinations for real estate in the country.
According to the Denver Post, a new survey from renowned real estate brokerage firm Coldwell Banker has found that the average list price for a four-bedroom, two-bathroom house in Boulder is now over $1 million, placing it in the top 1% of national real estate markets.
To obtain their results, Coldwell Banker surveyed 2,722 areas throughout the country. Boulder ranked as the 27th most expensive region, registering an average list price of $1,044,656. Statewide, the average list price for the same type of home was $418,344, up from $407,789 in 2014.
The regions ahead of Boulder in the rankings include some pricey California neighborhoods, lavish Hawaiian hot-spots, and several other cities throughout Massachusetts, Connecticut, Minnesota, and Washington.
When it comes to Colorado real estate prices, Boulder is truly in a class of its own. The second-most expensive city for four-bedroom homes in the state is Castle Rocks, carrying an average price of $666,859. On the other end of the spectrum, Pueblo boasts an average price of $151,708 for the same type of home.
Surveys like this one are valuable tools for families looking to move within the state of Colorado. On average, about 45 million people move per year, and finding an area that can accommodate their economic status is a priority for most.
The results of the survey are no surprise to many local real estate agents. Kelly Moye, a Re/Max agent based in Broomfield, said that the findings were on-par with what she would’ve guessed, if not less expensive than her estimates.
“We have listings for one-bedrooms in Boulder that are going for $1.2 million,” said Moye.
According to local Colorado affiliate 9 News, the increase in price of Boulder homes can be partially attributed to rapid growth throughout the entire state. The Denver area real estate market experienced the fourth-highest increase in the nation for 2015, trailing only Orlando, Cape Coral, and Tampa, all of which are in Florida.
Dan Johnson, a managing broker for Coldwell Banker, said that those moving to Boulder from the South or Midwest often suffer from “sticker shock” when they see the price tags on local homes. However, those who move there from California are often unphased by the high prices.
The survey also revealed that the average price of all homes in Boulder County was $638,146 in October, which was 17.7% higher than a year earlier. Considering these findings, it’s safe to say that real estate in Boulder will be booming for the foreseeable future.