As with many other Colorado towns, Lafayette’s real estate market is showing plenty of strength and vigor. Though average listing prices are rising and falling, the median sales price is showing powerful growth from year to year. Every dollar invested in real estate here can be expected to yield good returns in home equity.
A 19.7% annual growth rate in prices is nothing to sneeze at. In just one year, at this rate, your home equity could grow, for example, from $200,000 to $240,000. That’s a gain most stocks and bonds would be hard put to match!
Lafayette MLS Home Sales: Trends This Year
The foremost statistic showing home sales trends in Lafayette, Colorado is the 19.7% rise in median sales price over 2011 prices. Even if a growth rate like that isn’t sustainable over the long term, it shows that positive price trends can be expected to continue for the near future. The current median sales price in Lafayette, CO is $295,000. This means that exactly half the houses sold for more than this amount, and half sold for less. It’s an important figure because these are houses that really sold, as opposed to just being listed.
The real estate market in Lafayette, CO has been staying strong. Search the Lafayette MLS and let me help find you a great deal on a home in Lafayette, CO.
Some of the strongest growth is in areas where home prices are above $500,000, but the rest of the market is doing well, too. Historically, median sales prices have been rising steadily since at least 2000, with a few spikes and valleys. Right now, however, the prices have taken off to a level equaled only twice in the past ten years, in 2005 and 2010. There is a lot of potential for more growth in the future, too.
Home sales are concentrated towards the center of Lafayette, with a few on the fringes. The town isn’t large enough to break down sale by neighborhood, but the central and north areas are the most active zones for real estate.
Lafayette Economic Conditions
Lafayette’s economy is growing. Commercial space that stood idle earlier in the decade is being bought and reopened with new businesses. There are job opportunities in the town itself, as well as in nearby Boulder, though the commute is a bit longer than for Boulder residents. Violent crime affects 0.22% of the population each year, or about 1 in 454 people. This is a bit higher than the county average, but less than the state. Property crime is also lower than Colorado’s as a whole.
Condos are pretty scarce in the town, making up only 10.6% of housing. By contrast, single family homes are 76.4% of Lafayette’s dwellings. 59.1% of the city’s inhabitants are married couples, and 26.3% are single. Houses of all sizes, from single bedroom homes to large abodes with 4 or more bedrooms, are all popular for purchase. Median household income is $56,375, around $9,000 more than the state average.
Living in Lafayette CO
Becoming a homeowner in Lafayette, Colorado is a good choice for several reasons. The town’s improving economy and good prospects for continuing home price increases are two of the biggest. Buying into this town puts you in the middle of promising business activity. It also provides you with a house that will likely appreciate in value if current trends continue. You can leverage these two big pluses to your advantage by finding a good home for yourself in this thriving Colorado town.