Castle Rock, CO Real Estate
2017: Castle Rock, CO Real Estate continues to experience a lot of growing pains due to infrastructure issues, Castle Rock is attempting to support the rapid grow; however, growth is still outpacing funding.
Median home prices have increased from 265,000 (2013) to $375,000 (2016) with an increase of 110K in 3-years; this growth is unsustainable and starting to show signs of slowing. Good for the people who already own… but bad for the folks that buy and experience another bubble correction.
Castle Rock, CO Real Estate Market:
- As of Mar, 2015 Interest rates now 4.25-5% (UP 1/2 – 3/4%)
- Fed Chairmen ending QE
- Some buyers now priced out of market
- Median home prices $375,000 (Mar 2016)
- Aug 2013: $265,000 ($110,000; increase of 41%)
- Additional buyers priced out of market
- Median home selling prices, climbing fast
- Trending models predict (price bubble) overall market to correct/pullback
- Housing prices continue to be supported by families who want a clean city and don’t want to live in Denver and willing to commute North or South.
Castle Rock, Colorado, Douglas County, 2011: Population 51,000, 154% growth since 2000
- Females: 26,000 (51%)
- Males: 25,000 (49%)
- Median Resident Age: 34
- Colorado Median Age: 41
Castle Rock’s estimated median income in 2011 was $79,000 ($64,000 in 2000) with an estimated per capita income in 2011 of $34,000. Castle Rock estimated median house/condo in 2011: $366,000 ($184,000 in 2000). Median gross rent in 2016: Apt. $1,600; Single Family Home $1,950. Castle Rock Real Estate (mean) prices in 2011: All Housing $330,000, Detached Houses $343,000, and Townhouses/Other Attached $270,000
Inflation: High 7.9% (bubble condition unsustainable)
Be very careful where you buy… don’t get caught holding a home short term (<7 years) when this market corrects.
More Castle Rock details can be found at City-Data (opens in new window).