The National Association of Realtors (NAR) recently released it’s 2020 Profile of Home Buyers and Sellers Colorado Report, providing great insights on what buyers and sellers look like in the Mile High City. Check out the stats below!

Characteristics of Home Buyers

·       First-time buyers made up 31 percent of all homebuyers, down slightly from 33 percent last year and the lowest share since 1987. In Colorado, 25 percent were first-time buyers.

·       The typical buyer was 47 years old this year, and the median household income for 2019 rose again this year to $96,500. In Colorado, buyers were 47 years old and have a median income of $108,800.

·       In Colorado, 67 percent were married couples, 15 percent were single females, nine percent were single males, and seven percent were unmarried couples.

·       Twelve percent of home buyers purchased a multi-generational home, to take care of aging parents, because of children over the age of 18 moving back home, for cost savings, and to spend more time with aging parents. In Colorado, that share was 11 percent.

·       Eighteen percent of recent home buyers are veterans and two percent are active-duty service members. Seventeen percent are veterans and five percent are active-duty service members in Colorado.

Home Sellers and Their Selling Experience

·       The typical home seller was 56 years old, with a median household income of $106,500. In Colorado, the median age was 47 years with a median income of $108,800.

·       For all sellers, the most cited reason for selling their home was the desire to move closer to friends and family (15 percent), followed by that it was too small (14 percent), and a change in family situation (12 percent). In Colorado, the reasons include moving closer to friends and family (16 percent), change in family situation (14 percent), and job relocation (13 percent).

·       For recently sold homes, the final sales price was a median 99 percent of the final listing price and in Colorado, it was also 99 percent.

·       Thirty-three percent of all sellers offered incentives to attract buyers; this was 23 percent in Colorado.

Whether you’re looking to buy or sell in 2021, Metrowest has you covered. Give us a shout today to discuss your options!