Aurora Real Estate Trends 2020
There is no doubt that the Denver metro area is one of the hottest real estate markets in the country. It’s difficult to find affordable housing around Denver, and the more amenities that are tied to the neighborhood, the more you’ll be expected to pay. Denver real estate might be a tough nut to crack but luckily there’s an affordable nearby option in several new and existing neighborhoods in Aurora, CO.
COVID-19’s Effect on Aurora Real Estate
COVID-19 has slowed the real estate industry to a trickle, even in fantastic markets like Aurora. Until May 1st, 2020 much of Colorado was on ‘stay at home’ orders with Arapahoe County and Aurora stay at home orders expiring on May 8th. Until May 8th, scheduling a real estate showing or appointment in Aurora was difficult, but not impossible.
Thanks to COVID-19 the normal rhythm of pricing has been disrupted. Regardless of low rates and difficult sales, Aurora real estate is expected to extend its trend of increasing average home prices. According to Real Estate resource Zillow, the average price for an Aurora home has increased by over 54% since 2015. That trend is expected to continue into 2020 but with lower appreciation rates closer 4-5% from year-to-year. The market isn’t as hot as it has been, but it’s still a seller’s market.
New construction and neighborhoods are helping the inventory problem, but with the continual population increase to the Denver area, inventory has remained low. You can expect that trend to continue well into 2020 with fewer options in Aurora compared to a cooler real estate market. Lower inventory leads to higher prices, but Aurora has a good balance of pricing and inventory when compared to the rest of the Denver area.
Tips for Buying Aurora Real Estate
Use COVID-19 to Your Advantage
Yes, that seems like an unsavory statement but if you have the resources to purchase a home during the COVID-19 crisis – you should. To help spur the economy and housing market, interest rates are in the basement. You can secure an excellent mortgage with a rock-bottom interest rate if you take advantage of the Aurora real estate trends now.
Check Out East Aurora
Only fifteen years ago, not many people wanted to live in East Aurora due to the lack of amenities and features but that is quickly changing. East Aurora is now one of the fastest-growing neighborhoods in the Denver area thanks to new neighborhoods and new amenities.
Making Sense of Aurora Real Estate Trends in 2020
Aurora real estate is cooling slightly but is still one of the most advantageous real estate destinations in the Denver area. If you like the idea of living in Aurora, talk to The Storck Team for the most up-to-date information on Aurora Real Estate Trends. Tatyana, Aaron, and the rest of the team specialize in Aurora real estate and can get you into a home that fits your personality and your budget while following all current federal and CDC recommendations.