With population growth of over 50% in the past decade, Castle Rock has quickly become one of the best places to call home outside of Denver. With just under 75,000 residents, the city has the perfect mix of urban and suburban energy set against peaceful parks and gorgeous mountain peaks.
Castle Rock real estate, as a result, has remained in steady demand in recent years, only serving to perpetuate the city’s reputation as one of the fastest-growing cities in Colorado. If you hope to buy or sell in Castle Rock in the coming year, ensure you know what to expect from the local market.
Modest inventory
Inventory is a critical factor impacting any housing market, and it’s been relatively strong throughout Castle Rock. In a city that spans less than 35 square miles, inventory numbers aren’t as high as in bigger cities, but buyers in the Castle Rock area can still expect a fair range of properties to choose from.
One strategy for anyone hoping to invest in 2023 is to begin your search in the right season. Depending on the time of year, more homeowners will be listing, and that’s often the best time for buyers to make their move. When in doubt, it’s helpful to strategize with a Castle Rock realtor to determine the best way to capitalize on local trends.
Home styles and amenities
Homes in Castle Rock come in all shapes and designs, from lodge and farmhouse style homes to stunning traditionals and modern condominiums. Many luxury homes in the area are new constructions or recently renovated, giving buyers many top options with all the latest features. If you’re looking to buy a home in Castle Rock next year, an excellent way to narrow down your search is by listing your top home styles and interior features ahead of time. From there, your realtor will know exactly which properties to show you.
Steady demand
Demand throughout Colorado’s most popular cities has remained strong in 2022, keeping local markets competitive. Castle Rock real estate has followed suit, encouraging a seller’s market expected to continue into the coming year.
Some homes in Castle Rock receive multiple offers, though typically, they sell at or just below listing price. Overall, homes for sale in the area tend to receive offers in under a month, making it an excellent time for owners to list. Seasonal changes always affect demand, and in 2023, owners can expect interest from buyers to climb higher in the spring and summer months.
Increases in pricing
Supply and demand always play the most significant role in pricing trends. As 2023 draws near, interested buyers may wonder what to expect from home prices throughout Denver. Overall, prices have increased in the past 12 months as condos for sale in Castle Rock, CO, remain in demand. Though median prices have landed just under $700,000, the Castle Rock housing market has no shortage of luxury properties ranging from $900,000 to $3 million. At these prices, buyers can invest in properties anywhere from 4,000 to 9,000 square feet, an impressive deal for homes just outside Denver.
Higher interest rates
Interest rates have been on the rise in recent years, with little sign of a decline in 2023. Higher rates will impact the Castle Rock cost of living as buying becomes more expensive. Currently, 30-year, fixed-rate loans are between 5.5% and 6.6%, with 15-year options closer to 6%. Though it’s not expected that interest rates will see larger spikes throughout 2023, buyers and sellers should be aware that rates could still increase. For newcomers interested in calling Castle Rock home, taking time to find a lender who can provide the right rate is a helpful way to keep costs low and secure the deal you’re after.
Tips for buyers
Buying a home often seems as simple as finding a great listing and submitting an offer, but buyers should take a few helpful steps before and after, too. Before diving into the Castle Rock housing market in 2023, consider these essential tips.
First, it can be beneficial to research what you’re looking for in advance. By working with a Castle Rock realtor, you can understand how the market behaves in that season and which types of homes are currently available. That will provide a strong foundation as you take your next steps, from determining your investment budget and starting your search for the right lender to seeking preapproval for a loan.
Tips for sellers
As with buying, selling a home requires specific steps. From preparing your property to listing at the right time, having a robust selling strategy will make the process much easier. By following these tips, you can ensure a quick and seamless sale in 2023.
The first tip to remember is that preparation is crucial when selling luxury homes in Castle Rock. Sellers will want to start by decluttering and packing away personal items that make the space feel lived-in. Hiring a professional home stager is one of the best investments before listing, as it encourages buyers to picture themselves at home in the space.
Once a home is listed, professional real estate photography will show it in its best light. Creating a high-quality listing, especially with the number of beautiful homes for sale in the area, is one way homeowners can ensure their property stands out.
Step into the Castle Rock market
Whether you’re buying or selling in 2023, work with a realtor who knows what to expect from the Castle Rock market. Greg Myers, realtor and entrepreneur, knows what it takes to get results. With experience in project management and executive leadership, Greg brings an organized, diligent, and personalized approach to his clients. So, if you’re hoping to have a successful home sale or investment next year, trust the process with Greg Myers.
*Header photo courtesy of Shutterstock
