Status of the real estate market in Castle Rock

Status of the real estate market in Castle Rock

Castle Rock offers a very diverse mixture of housing and neighborhoods. Housing styles range from century old historic homes, the typical 1960s and 1970s houses, to condos, town homes, and custom style homes of today. Prices for condos and town homes range usually start in the low $130,000's to the upper $300,000's. Prices for single family homes range from $150,000 for an entry level older home to over $2 million for custom homes.

With a vibrant metropolitan area just to the north, Castle Rock is full of culture, entertainment, shopping options, and great outdoor recreation. In addition - the 300 sunny days per year, make this an enjoyable place to live. The housing market is alive in this area. It has slowed down a little bit in the last 6-12 months (due to higher interest rates) but house prices are still going (not as fast as they used to).

Realtors in Castle Rock, say the market is a buyer's market, but that could mean great opportunity for some as prices continue to go stay put. For sellers of course this means to either wait longer before a house sells or to accept lower prices and to move on. The higher mortgage rates we are seeing lately will not help to motivate the market too much.

There are many homes on the market right now - especially in certain higher price ranges. Homes are not selling as quickly as they used to 3-4 years ago. Mortgage rates are still below long term averages, but the interest rate changes by the FED have pushed the mortgage rates higher already. This will eventually force some buyers into the market and could lead to an increase in pricing as demand would drive up prices. Overall we're seeing mortgage rates near a 4 year high. Those are numbers buyers have to get used to again.