According to a monthly update from the Colorado Association of Realtors (CAR), the median price of a single-family home sold in Colorado crossed the $500,000 line for the first time ever in April.

The median sales price represents the midpoint, or where half the homes sell for more and half sell for less. Colorado’s midpoint reached $502,000 for single-family homes last month, pushed up by a 19.5% price gain the past year.

Nationally, the median price of a single-family home sold in March, the most recent month available, was $334,500, up 18.4%, according to the National Association of Realtors. Colorado is tracking with the rest of the country for home price appreciation, but it started out at a higher point. Single-family home values, measured at the median sales price, are 50% higher than for the country overall, and showing no signs of backing down.

Out of 183 metro areas that the NAR tracks, Boulder had the sixth-highest median price for a single-family home sold in the first quarter at $726,600, while metro Denver ranked 14th with a median sold price of $554,400. Fort Collins came in 21st and Colorado Springs 29th.

Mountain markets are feeling the pressure as well. In Eagle County, the median price of a single-family home sold has more than doubled the past year from $742,000 on 28 sales in April 2020 to $1.5 million on 67 sales in April 2021. Summit County, once a more affordable version of Eagle, has seen its single-family median home price go from $750,000 on 21 sales a year ago to nearly $1.7 million on 57 sales last month – that’s a 126.5% increase. Eagle County, however, still maintains a price advantage on the condo side, which is a larger market in resort areas.

The fact that home prices continue rising may be discouraging to would-be home buyers, but there are still deals to be found. The first step is to get an experienced pro on your side who can help navigate the waters. Give Metrowest a shout today – we’d love to help you become a homeowner!