Everyone is talking about the real estate market these days. So if you’re wondering about the latest updates on the real estate market in Fort Collins, you’re in the right place! Continue reading to learn more about the real estate market update for September 2022 for Fort Collins.
Fort Collins real estate stats
Here are some important stats in Fort Collins for September 2022.
- The median sales price dropped from $623,550 to $585,000, which is a 6.2% reduction. It also dropped from our high in June of 2022 ($645,430), which is a 9.3% drop;
- When it comes to months’ supply of inventory, we’re currently at 1.5 months;
- We’re at the highest days-on-market since September of 2021, which is telling us that homes are sitting on the market a little bit longer than the last 12 months;
- New mortgage applications are down 23% from September of 2021;
- Interest rates on a 30-year fixed mortgage are at 5.75%, while they were at 2.8% in September of 2021.
Renting vs. Buying in September 2022
One of the most commonly-asked questions that we get from our clients is: Should we rent or buy a house in Fort Collins? And should we wait or buy a house right now?
The short answer is: it depends on your goals. The question you should ask yourself is what would have to happen for you to get into the buying game?
One thing’s for sure, the discrepancy between owning and renting is pretty substantial. Looking back on the previous months’ stats, rents are likely to continue to rise at a faster pace than prices aka mortgage payments in the coming months.
Also, the desirability and the inability to build are two additional reasons we expect home prices in Fort Collins to remain strong.
Interest rates continue to be a burning topic of conversation. Some people are rushing to come to market because they’re concerned about possible interest rate increases, while others are just on the edge of affordability.
Luckily, interest rates have steadied around 5.5% to 6% over these last 30 days, but there are still a lot of uncertainties regarding the real estate market, the global economy, and ongoing inflation.
So there you have it! That was the real estate market update for September 2022 for Fort Collins. If you need any help with your real estate needs, feel free to reach out to us. In the meantime, check out the full video below and consider subscribing to our channel: