January 2025 | Market Update

The Market at a Glance:

Here we are, one month into 2025 and the Northern Colorado and Front Range real estate market is kicking off with opportunity and high expectations. In the midst of unknown variables with international trade and interest rate stability, buyers seem to be moving into the field after a long period of doubt and hesitation. Here’s the latest on the market from January 2025 data.  Home Inventory Increase: Across nearly every market including luxury, single family and attached homes, in all parts of the region, inventory has increased versus this time last year, giving buyers some choice and exciting opportunity. Standout markets include Denver Metro with a 49% increase in homes on the market, Loveland up 88% versus this time last year, and Longmont up 53%. Fort Collins showed a moderate increase at 8%. Sales Rate Ticks Up: Not surprising, with increased inventory levels and less timid buyers, sales rates are also largely up: Berthoud up 64%, Timnath up 64% and Longmont up 6%, indicating the rising inventory is being absorbed by buyers. Average Sales Prices Moderate: Coming off a year of lower appreciation rates, January 2025 showed more of the same with average sales prices more or less flat versus last year. A standout: Loveland Single Family homes are up 6% versus last year, Evergreen up 12%. And Estes Park condos and townhomes are up 6%. Boulder was down slightly, by 2%.  Luxury Sales Increase, Record High Prices in January: Closed sales in the luxury segment increased in many markets: Berthoud up 500% with 6 luxury homes sold in January, Denver up 23% and Timnath up 300%. Some January record high sales prices also caught our attention: Denver had an off market sale of $15M for a 12,000 sqft home just south of Cherry Creek  Berthoud saw a 7300 sqft home in TPC Heron Lakes close for $3,050,000. Buyer Activity Increases, Inventory Improves: The market overall in Northern Colorado and the Front Range is showing strong buyer demand, stronger than in the last 6 months. For sellers, this could present a good opportunity to make a move. Buyers should be prepared for increasing inventory levels, new homes that are ready for the market with updates and in good condition, and be ready to put their best foot forward to avoid missing out on a market we haven’t seen in the past several years. 

Northern Colorado’s Residential Real Estate Market: A Regional Breakdown

As 2025 unfolds, Northern Colorado’s housing market continues to evolve, shaped by rising inventory, steady pricing, and shifting buyer activity. While inventory levels have surged dramatically, home prices have largely held firm, reflecting a market that is transitioning but remains fundamentally strong. This analysis dissects the key trends across five major categories: Homes for Sale, Sold Listings, Months of Inventory, Average Sales Price (Single-Family), and Average Sales Price (Attached/Condo). 

These statistics do not account for sale concessions and/or down payment assistance. This representation is based in whole or in part on statistics from IRES. IRES does not guarantee and is not responsible for its accuracy. Content maintained by IRES may not reflect all real estate activity in the area.

Homes for Sale: A Widening Supply Base Across the Region

Inventory levels have expanded across every major market in Northern Colorado, marking a significant shift toward a more balanced environment.

• Boulder and Boulder Valley lead with a 39% YoY increase, bringing nearly 250 additional homes to the market.
• Denver and the broader Denver Metro area saw inventory surge by over 50%, reflecting the largest regional jump in available listings.
• Arapahoe County (+56%) and Adams County (+46%) experienced substantial increases, reinforcing the broader metro trend.
• Northern Colorado as a whole saw a 30% increase, driven by Larimer (+22%) and Weld (+37%) counties.

This inventory expansion is the largest in years and suggests that higher mortgage rates, shifting affordability, and increased new construction activity have combined to create a market where buyers have more choice than at any point in recent memory. The rise in available homes also signals a cooling from the extreme seller’s market of the past few years, though demand remains strong in prime locations.

These statistics do not account for sale concessions and/or down payment assistance. This representation is based in whole or in part on statistics from IRES. IRES does not guarantee and is not responsible for its accuracy. Content maintained by IRES may not reflect all real estate activity in the area.

Sold Listings: A Market in Flux, with Slight Increases in Transactions

While inventory surged, closed sales remained relatively stable, with some minor variations across markets.

• The overall Northern Colorado region saw a modest 5% increase in sales, suggesting that additional inventory has not yet translated into an equal surge in buyer activity.
• Boulder (-2%) and Boulder Valley (-2%) both saw slight declines in transactions, potentially reflecting price sensitivity at the high end of the market.
• Broomfield (-7%) recorded the largest drop in sales, indicating a slowdown in demand within this smaller but highly competitive submarket.
• Jefferson County (+7%) and the Denver Foothills (+7%) posted the largest gains in closed transactions, signaling continued interest in scenic, lifestyle-driven home purchases.

The data suggests that buyers remain active but selective, taking advantage of increased inventory but moving cautiously amid shifting economic conditions.

These statistics do not account for sale concessions and/or down payment assistance. This representation is based in whole or in part on statistics from IRES. IRES does not guarantee and is not responsible for its accuracy. Content maintained by IRES may not reflect all real estate activity in the area.

Months of Inventory: A Market Rebalancing in Real Time

Months of inventory—one of the most telling indicators of market conditions—has risen across every subregion, further confirming a shift toward a more neutral market.

• Arapahoe (+57%), Denver (+56%), and Adams (+47%) counties experienced the sharpest increases, reflecting both a slowdown in absorption rates and a buildup of available properties.
• Boulder and Boulder Valley (+37%) also saw notable inventory expansion, likely giving high-end buyers more time and flexibility in their decision-making process.
• Northern Colorado as a whole saw a 24% increase in months of inventory, marking a distinct departure from the hyper-competitive conditions of recent years.

While inventory is expanding, the market remains far from oversupplied—most regions still hover between 2-3 months of inventory, a level that historically indicates a balanced market rather than an outright buyer’s market. However, sellers should adjust expectations accordingly, as homes that once attracted multiple offers within days may now require more strategic pricing and marketing.

These statistics do not account for sale concessions and/or down payment assistance. This representation is based in whole or in part on statistics from IRES. IRES does not guarantee and is not responsible for its accuracy. Content maintained by IRES may not reflect all real estate activity in the area.

Average Sales Price | Attached/Condo Market: A More Fragmented Pricing Picture

The attached home and condo market presents a more mixed outlook, with pricing trends diverging across regions.

• Boulder (-1%) and Boulder Valley (-1%) saw slight price declines, consistent with the single-family segment in these areas.
• Broomfield (+2%) and Adams (+2%) recorded the strongest gains, showing that select suburban condo markets remain in demand.
• Northern Colorado as a whole was flat (0%), reflecting a market where demand for condos has cooled compared to single-family homes.

Unlike the single-family market, which has proven resilient, the condo and attached home segment appears more vulnerable to shifts in affordability. With interest rates still elevated, buyers may be more cautious about purchasing condos, particularly in locations where pricing has already reached peak affordability thresholds.

These statistics do not account for sale concessions and/or down payment assistance. This representation is based in whole or in part on statistics from IRES. IRES does not guarantee and is not responsible for its accuracy. Content maintained by IRES may not reflect all real estate activity in the area.

Average Sales Price | Single-Family Homes: A Stable Pricing Environment Despite Higher Supply

Despite the significant jump in inventory, home prices have remained largely stable, with modest gains in most regions.

• Northern Colorado (+4%) and Larimer (+4%) saw steady appreciation, suggesting continued demand in these high-quality-of-life areas.
• Denver Metro prices rose 2%, showing that despite more inventory, demand has not faltered significantly.
• Boulder (-2%) and Boulder Valley (-2%) posted slight declines, likely reflecting price corrections in the ultra-high-end segment.

The lack of dramatic price drops suggests that Northern Colorado’s real estate market remains well-supported by fundamentals, even as buyers gain more negotiating leverage. Unlike the attached home segment (discussed below), single-family homes continue to see solid demand, with little indication of significant price erosion.

Northern Colorado Residential Real Estate Market: A Macro and Micro Perspective

As the Northern Colorado residential real estate market navigates a dynamic start to 2025, several key trends emerge, reflecting broader economic conditions, buyer sentiment, and inventory fluctuations. While inventory levels are rising across nearly all markets, sales trends remain mixed, and pricing movements suggest a nuanced interplay of supply and demand. Below is a detailed breakdown of the five key market categories: Homes for Sale, Sold Listings, Months of Inventory, Average Sales Price (Single-Family), and Average Sales Price (Attached/Condo).

These statistics do not account for sale concessions and/or down payment assistance. This representation is based in whole or in part on statistics from IRES. IRES does not guarantee and is not responsible for its accuracy. Content maintained by IRES may not reflect all real estate activity in the area.

Across Northern Colorado, inventory levels have increased dramatically, with some markets experiencing year-over-year (YoY) jumps exceeding 50%. Loveland leads the pack with an 88% increase in available homes compared to January 2024, more than doubling its previous year's inventory. Estes Park follows with a 55% increase, while Longmont (+53%) and Windsor (+24%) show substantial growth as well.

This surge suggests a significant shift in market conditions, likely influenced by higher mortgage rates, a cooling in buyer urgency, and a normalization of supply chains for new construction. Boulder, traditionally a highly competitive market, saw a 36% increase in inventory, indicating potential opportunities for buyers who were previously priced out. Meanwhile, the Denver Metro area witnessed a 49% increase, adding over 2,000 additional homes to the market, a notable signal for broader regional trends.

Despite these changes, Timnath and Berthoud—two emerging luxury and high-growth communities—continue to see strong demand, with inventory increases of 18% and 27%, respectively. These markets remain attractive for new developments and buyers seeking modern amenities within proximity to the region’s economic hubs.

These statistics do not account for sale concessions and/or down payment assistance. This representation is based in whole or in part on statistics from IRES. IRES does not guarantee and is not responsible for its accuracy. Content maintained by IRES may not reflect all real estate activity in the area.

While inventory has increased, buyer activity presents a more complex narrative. Certain markets like Windsor (+70%), Berthoud (+64%), and Timnath (+64%) experienced significant jumps in transactions, reflecting continued demand for new homes and competitively priced properties. However, other markets saw a decline in sold listings, with Loveland (-18%) and Fort Collins (-2%) registering modest slowdowns.

This divergence underscores how localized economic conditions, price sensitivity, and inventory mix impact buyer activity. For instance, Estes Park saw no change in year-over-year sales despite a large jump in inventory, indicating potential buyer hesitancy at higher price points or a delay in absorbing the new supply. Conversely, Evergreen saw a 33% increase in sales transactions, an indication that mountain communities remain desirable despite a challenging lending environment.

A broader takeaway is that demand remains highly selective, with well-priced homes moving quickly while others linger due to shifting affordability dynamics. The increase in choice for buyers also means that sellers must be strategic in pricing to attract competitive offers.

These statistics do not account for sale concessions and/or down payment assistance. This representation is based in whole or in part on statistics from IRES. IRES does not guarantee and is not responsible for its accuracy. Content maintained by IRES may not reflect all real estate activity in the area.

Months of Inventory: A Rebalancing Market with Pockets of Buyer Leverage

Months of inventory—a key indicator of market balance—has increased across almost every market, signaling a shift from an extreme seller’s market toward a more balanced landscape.

• Estes Park (+59%), Longmont (+44%), and Boulder (+35%) saw the most significant inventory build-up, suggesting that buyers in these areas now have more negotiating power.
• Loveland (+31%) and Denver Metro (+43%) also experienced notable jumps, reinforcing the trend of increased options for buyers.
• Fort Collins, traditionally a bellwether for regional real estate trends, held steady at 1.7 months of inventory, reflecting continued demand stability.

Despite these shifts, markets remain tight compared to historical norms, especially in highly desirable locations like Evergreen (1.7 months), Fort Collins (1.7 months), and Boulder (3.1 months). Buyers still face competition, particularly in premium-priced and well-located properties, but sellers must recognize that the days of automatic bidding wars may be behind us.

These statistics do not account for sale concessions and/or down payment assistance. This representation is based in whole or in part on statistics from IRES. IRES does not guarantee and is not responsible for its accuracy. Content maintained by IRES may not reflect all real estate activity in the area.

Average Sales Price | Single-Family Homes: A Market Holding Steady Amid Changing Conditions

Unlike the inventory surge and fluctuating sales activity, home prices have remained remarkably resilient.

• Evergreen led price growth with a 12% increase YoY, indicating ongoing demand for luxury mountain properties.
• Loveland saw a 6% price increase, a surprising trend given its inventory surge, suggesting a bifurcation where certain price points or property types continue to attract buyers.
• Most other markets experienced marginal price shifts, including Boulder (-2%), potentially reflecting adjustments at the high end of the market.
• Timnath (-1%) was one of the few markets where prices softened, though this may be more of an anomaly than a sustained trend.

Overall, the relative stability in pricing suggests that despite economic headwinds, strong underlying demand, limited long-term supply, and the desirability of Northern Colorado’s communities continue to support valuations. However, as inventory builds, pricing power may begin to favor buyers in select segments.

These statistics do not account for sale concessions and/or down payment assistance. This representation is based in whole or in part on statistics from IRES. IRES does not guarantee and is not responsible for its accuracy. Content maintained by IRES may not reflect all real estate activity in the area.

Average Sales Price | Attached/Condo Market: Diverging Trends Across Communities

The attached home and condo market tells a more fragmented story, with several communities seeing notable price declines, while others remained stable or posted modest gains.

• Berthoud (-14%) and Timnath (-13%) experienced the steepest declines, which may reflect developers adjusting prices to meet demand or shifting buyer preferences.
• Windsor (-7%) and Longmont (-4%) also saw contractions, though these remain relatively minor in the broader context.
• Conversely, Estes Park (+6%) and Evergreen (+2%) saw price growth, likely due to strong demand for vacation-style properties in mountain settings.

Unlike the single-family home market, which remains buoyant, the attached market shows more vulnerability to shifts in affordability and financing constraints. Developers and sellers in this segment may need to adjust expectations as rising mortgage rates dampen buyer appetite for condos and townhomes