Colorado’s appraisal period ran from January 2019 through June 2020, and if you’re already a homeowner in Colorado, you may have been surprised by the jump in your property value sent by your county assessor.

The median value of homes in eight Denver-area counties jumped anywhere from 6 to 11 percent, with Boulder County seeing the biggest increase among that group. In Mesa County, the median increase was 20 percent, according to county assessor Ken Brownlee. That’s about double the increase the last time reappraisal notices went out in 2019. Values in El Paso County saw similar increases of between 15 and 20 percent, according to county assessor Steve Shleiker.

Granted, not every area saw a sweeping increase. Pueblo’s median increase was 1.25 percent, up from 1.19 percent in 2019, according to Pueblo County Assessor Frank Beltran. While the rise in home prices was smaller in Pueblo than in some other counties, but it’s a big enough jump that some people will be unpleasantly surprised, especially if they thought the brief slowdown when the pandemic hit last spring would put a stop to the rise in values.

Appreciation appears to have slowed in Weld County, where according to county assessor Brenda Dones, the median increase for residential properties in the new assessments was 8 percent, down from 15 percent during the last reappraisal period.

Low interest rates and a shortage of homes for sale is driving price gains across the U.S. In Colorado, the number of homes on the market has been at record lows since last summer, leading to bidding wars and locking a growing number of would-be first-time homebuyers out of the market.

It's certainly a competitive real estate climate in Colorado, but housing is clearly something people are investing in. Are you ready to become a homeowner in 2021? Give Metrowest a shout – we’d love to help you start the process.