Home Sweet Home: How Many Vacant Houses Are In Colorado?
The housing market in Colorado is HOT, HOT, HOT!
According to a report from Lending Tree, there are 16 million vacant homes in the United States, but just how many of those homes are in the state of Colorado?
Real Estate Market in Colorado
The demand for real estate in Colorado continues to grow, and Axios reports that there was a 20% increase in 2021 for Colorado home prices, beating the national average.
Surprisingly, it's not the big Colorado cities like Denver that are seeing the fastest appreciation. In fact, homebuyers are seeking cheaper alternative metro areas such as Pueblo and Grand Junction.
How Are Vacant Homes Defined?
When defining vacant homes, Lendingtree didn't simply count abandoned properties that are dilapidated or uninhabitable. For the purpose of this report, vacant homes were also defined as homes still on the market waiting to be sold or rented and vacation homes not currently in use.
How Many Homes Are Vacant in Colorado?
With such a hot market, there aren't very many vacant homes in the Centennial State. Colorado actually ranked number 10 on the list of states where vacancy rates are the lowest.
Colorado is reported to have 2,432,832 housing units and of those 2,201,823 are occupied.
That means that only 231,009 housing units are vacant, giving us a vacancy rate of 9.50%.
"With the continued demand and lack of inventory, prices will increase and lead to another year of double-digit appreciation," predicted real estate agent Andrew Abrams in the metro realtors' latest trends report.
Currently, the median home value for a house in Colorado is $415,700.