Longmont Market Updates: July 2019
It has been a crazy couple years for Longmont’s real estate market, but luckily in 2019, things are finally starting to cool off. To help everyone stay up to date on what’s going on, we have gathered some of the most important updates as of July 2019. Detailed below are what we believe are the most important insights and trends you should know about in the Longmont real estate market.
Median Listing Price
Median Listing Price: $435,000
Over the past couple of years there has been a massive increase in home values, specifically along the front range of Colorado. Even though the average home prices are still high, over the past year things have finally started to cool off. Compared to 2017-2018 rise of nearly 8%, this years rise in home prices of 4.8% shows some positive signs that we’re finally putting an end to the insane rise in home values that we’ve experienced over the past 7 years.
Median $/Sq. Ft: $178
This may come as a surprise after reading the point listed above, but over the past year the average price per square foot has actually decreased by 7.5%. This means that even though people are buying homes that cost more money; the average cost per square foot of each one of these homes is actually cheaper.
Average Down Payment
Average Down Payment: 13.9%
To a lot of peoples surprise the average down payment is no longer the conventional 20%. Instead during these good times, more and more banks are accepting less then a 20% down payment, some even as low as 5%. There are even programs that allow for people to get in to a home for $1,000 (with certain qualifications). This means that with the average down payment in Longmont being 13.9%, more and more people are qualifying for these unconventional loans. If you’d like to receive some recommendations on what loan options are available for you, or you need some advice on how to navigate the 2019 housing market, feel free to shoot an email over to [email protected]