We’re in the business of real estate, so we know buying a home can be an overwhelming and often intimidating undertaking. However, in a community like Northern Colorado and with resources from The Group, Inc., it doesn’t have to be quite so daunting.
Today, we’re exploring the many reasons why right now is the perfect time to invest in our Northern Colorado communities. From the smaller and booming towns like Berthoud to the urban and thriving cities like Fort Collins, our entire region shows growth, stability and promise. Keep reading to find out why.
We only need to take a quick look around in any Northern Colorado community to see how our region is rapidly adding residents, small and large businesses, and housing options. Add this to the extreme growth in job creation over the last year (more on that later) and we get a promising look into the future of Northern Colorado.
As more people flock to Colorado and move out of more expensive places like Denver, the cities of Fort Collins, Loveland, Greeley, Windsor, Berthoud and all our NoCo destinations offer more affordable options and still boast countless amenities and attractions. Now, let’s find out exactly how these cities are growing.
We broke down all the exact numbers in our 2017 Annual Report, but to summarize, every single Northern Colorado community saw growth in average home value from 2016 to 2017. The smallest change was seen in the Fort Collins, Wellington and Timnath area which had an increase of $23,364, and the largest increase was in the Windsor/Severance area which saw a $43,951 increase. As a whole, the Northern Colorado region saw an increase in average home price that totaled $30,771. And that’s just in one year!
From the fourth quarter of 2017 to the first quarter of 2018, the combined Fort Collins, Loveland and Greeley areas saw a further increase in average home price that totaled $38,576.
Especially driven by developments in our smaller communities, Northern Colorado saw a long-awaited resurgence in new home construction from 2016 to 2017 that has continued into 2018. From June 2016 to June 2017, builders in the region began construction on 4,644 new homes in Larimer and Weld counties. That’s the most during a 12-month stretch since 2006! By comparison, the recession saw these annual housing stats fall to 971 in 2009.
In a report from Realtor.com that was released in the spring of 2017, the Fort Collins/Loveland area was ranked number one amongst the most stable and growing markets in the United States. The report credits the promise of stability in large part to the region’s excellent employment statistics and powerhouse employers which include Colorado State University, Hewlett-Packard, Intel, Anheuser-Busch and more than 20 craft breweries in Fort Collins alone.
Looking at the latest employment statistics, the combination of Larimer and Weld counties is proving to be an economic powerhouse for the entire state. According to the Colorado Department of Labor, the two Northern Colorado counties added 21,377 jobs between July 2016 and July 2017. That accounts for nearly half of all jobs created in Colorado during that period!
Currently, the Fort Collins/Loveland area boasts an unemployment rate of 2.9% which is far below the national average, 4.1%.
With growth has come traffic on the section of I-25 that cuts through Northern Colorado and connects our two major cities: Loveland and Fort Collins. However, state officials are beginning to attack the problem of congestion this year. In 2018, the state is kicking off a $248 million project to add express lanes in both directions between Johnstown and Fort Collins.
But drivers aren’t the only ones who will see improvements! Already, there is a 2-mile, multi-use trail — The Colorado Front Range Trail — that travels north from Recreation Trail in Loveland and connects to Fossil Creek Trail in Fort Collins. This is suitable for bikers, runners, walkers and joggers. And, later this year, another paved trail — Long View Trail — will be completed to connect Northern Colorado’s two largest cities.
We wanted this to be at the top of our list, but we had to get the numbers out of the way first. In short, we think Northern Colorado is the best place to live in the state. With the attractions of urban life, rural life and outdoor adventure just minutes away, our communities offer some of the best amenities for individuals and for families in all walks of life. Fort Collins alone boasts more than 400 total restaurants and we’re nestled right in between Rocky Mountain National Park to the west and Pawnee National Grassland to the east.
To get more specifics and statistics, check out 11 Reasons You Should Consider Moving to Fort Collins and 10 Reasons You Should Consider Moving to Loveland.
To learn more about the fun side of our communities, including the local restaurants, events and attractions, follow along with us on Northern Colorado Speaks.
We update our Regional Market Statistics every quarter so you can stay up to date on the housing market throughout the year. We also publish a new Annual Report every year; to see the most current one, click here.
If you have a specific question about buying a home, selling a home or if you just want to know more about the market and the communities of Northern Colorado, please contact us directly.