With a magnificent view of the Rocky Mountains running along the horizon, and Denver adjacent to the Southeast, Westminster is one of Colorado’s more notable small cities. There are around 100,000 people in the city, but it is currently expanding. The Westminster Mall has been demolished to make way for new construction. Median house prices are rising powerfully. Historical data suggests continued price rises are likely, making home purchases here valuable to the owner.
Being close enough to Denver to fulfill the role of a suburb and having a good economy of its own, Westminster shares a lot of the state’s advantages. Good housing markets with plenty of potential future increases in home equity are themselves enough to make a dwelling here a good buy. Add in easy access to work in Westminster or in Denver itself, and there are clearly major benefits to becoming a homeowner here.
Westminster MLS Home Sales: Trends This Year
Median sales prices in Westminster have had a varied history over the past decade or so. During the early 2000s, up until about 2007, they rose steadily before leveling off. In late 2007 and into 2008, they dropped sharply. Prices stayed almost level for several years at a point somewhat below their 2007 peak. Now, however, they are rising strongly at the start of a new upward trend, leading to median sales prices of $214,900, a rise of 10.2% over a year ago.
The number of homes listed for sale at any one time goes up and down strongly over time. However, around 500 sell every month, so you’ll clearly have a decent choice. Sales naturally trough in the winter (a good time to buy) and peak in the summer (a good time to sell). The number of houses on the market has increased a bit more than average lately thanks to the expanding real estate market.
Considering the neighborhoods within Westminster, some of the most popular include:
- Standley Lake has a whopping 5.1% increase in listing price per week lately, with the average house costing around $139,000 there.
- Madison Hill has stable prices but is very much sought after, and has slightly lower prices at around $120,000 on average.
- Prices are falling anywhere from 0.7% ro 2% weekly in Silo, Pebble Brook North, and Walnut Grove, but buying and selling here is still quite vigorous and properties are desirable here.
The Kinds of Houses People Want in Westminster
Single family homes make up the bulk of purchases in Westminster, Colorado today. 79.8% of home sales are of this type of abode. However, condo sales, which make up 14.9% of the market, take place mostly in Standley Lake.
3 and 4 bedroom houses offer the highest rate of equity growth as their prices have spiked upwards as much as 13% since this time last year. 1 and 2 bedroom houses aren’t bad, either, though – they just can’t compete with the success of larger homes. 58.1% of homes in the town are owned by married couples.
The town has higher than average property crime rates for Colorado, but quite a bit less violent crime. Per capita, household, and family incomes are all far above the state averages – showing the solid bulwark of economic success that underlies the vibrant housing market.
Westminster CO Real Estate Future
Westminster is a good Colorado town to live in. It’s conveniently adjacent to the capital but has low violent crime rates. The economy is thriving, the town is expanding, and property prices are low enough for middle class people to afford them – with the strong price growth trend that promises good things for the future of your home equity.