Broomfield is a city of 55,000 and a tiny independent county that split off from Boulder County years ago, and which has since grown to be an important suburb of Denver. With a strong technology sector and such employers as Oracle maintaining a presence, there’s plenty of employment opportunity for the skilled. Broomfield isn’t a highly dynamic market, but prices and home sales have remained constant overall since 2002.
Prices are currently falling a bit compared to last year. This means you have the chance to snap up a bargain. Since the market is very stable other than short term up and down fluctuations, prices will soon rise again. Your home equity value will probably make modest gains over time. However, it is unlikely to suffer sudden plunges, either. The stability of Broomfield is underlined by the large amounts of single family homes and many married couples in the city’s real estate market.
Broomfield MLS Home Sales: Trends This Year
Broomfield, Colorado is on a mild upswing after a price slump that took prices down 4.6% over the year before. The coming of summer revived the market, however, and average sale prices are now 1.8% higher than they were a year ago. Prices are still low enough to be affordable but their rising trend shows that you will witness your home equity value increase in the future.
Despite a real estate market that isn’t as flashy and dramatic in its gains as Denver or Boulder, Broomfield has some other pluses, too. Violent crime rates are substantially below the state’s average. Household, family, and per capita income are all above average for Colorado, showing how robust the local economy is. And the worth of owner-occupied houses is nearly 14% higher than the rest of the state.
The best selling regions in Broomfield are defined not so much by neighborhoods as by Zip codes. If you’re seeking for active real estate markets to buy in, your best current bets are 80233, 80640, and 80603. These areas have seen real estate prices climb by 1.1% to 2% in recent days.
80601 and 80602 are very popular Zip codes, too, with active markets, but prices have been falling despite the overall upward trend. The first three zip codes are good for equity seekers, the last two for bargain hunters (although the bargains still cost in the $250,000 to $350,000 range on average).
What does housing reveal about Broomfield?
Broomfield’s reputation as a stable, economically vigorous suburb of Denver is confirmed by statistics about home ownership in the city. The place is more of a bedroom community than a trendy area. This is illuminated by the fact that 83.2% of home sales here are single family houses. Condos represent only a sliver of sales at 8.2%, less than a tenth of home sales.
63.5% of the houses in Broomfield are owned by married couples. This contrasts sharply with Boulder’s plurality of singles. 23% of Broomfield’s inhabitants are single. Houses with 4 bedrooms or more are selling best right now, while those with 2 or less are seeing their prices drop somewhat.
Price stability, good economics in Bloomfield
With mild growth in Bloomfield home prices following a small slump, now is a good time to buy in the city to take advantage of affordable prices. The city’s economy is strong, with plenty of technology related growth. Stable or slowly rising home equity values are made more attractive by the income opportunities in the city. Low crime and high incomes add to the lure of investing here.