What Happened to Grand Junction Real Estate in 2023?
Well, everyone—it’s almost the new year! And while we certainly had our ups and downs in 2023, we’re so grateful for the experiences and the lessons we’ve been able to learn. So, before we say, “out with the old, and in with the new,” let’s take a look back at what changes this year brought to the Grand Junction region and real estate market!
Steady Home Prices
In 2023, home prices have kept their upward momentum although home sales experienced a slight dip. Even as the market began to slow, buyer demand kept homes from depreciating. While the rate of appreciation may not reflect the sky-high percentages of years prior, there is still an upward trend. Even through volatile mortgage rates, it’s amazing to see the resilience of the real estate market.
Persistent Inventory Shortage
The imbalance between supply and demand has created a challenge for buyers now that fewer homes are available for purchase. One major factor? Sellers enjoying low mortgage rates from previous years are hesitant to move. Combine this with high demand, and it's no wonder buyers are facing fierce competition for the few available properties.
Roller Coaster Mortgage Rates
Mortgage rates have been on a perpetual rollercoaster throughout 2023. The year started off surprisingly optimistic with rates in the mid-six range. However, a spike occurred in the beginning of February, and the rates haven’t cooled since. While there have been a few drops since the steady incline, the majority of buyers in 2023 were faced with a difficult decision—buy now, or wait for the rates to drop.
Image - Freddie Mac
At the end of the day, the rates have yet to indicate any significant drops. But when they do? Expect the buyer floodgate to break with steep competition pouring into the housing market.
Our advice—slide into the market now while the competition is still low. You don’t want to get swept away in another multiple-offer war zone. Reach out to The Janice Burtis Team to come up with a strategy to get you into a home before the market picks up.
Featured in New York Times’ “52 Places to Go” for 2023
Grand Junction was featured in the highly acclaimed New York Times article that publishes a top-destination list for travel aficionados. They highlight the natural grandeur of our area, our hiking and biking trails, and visiting our multitude of craft breweries, local restaurants, and fantastic wine-tastings.
Find the full destination list here.
Costco is coming to Grand Junction!
In October of this year, the City Council approved the construction of a Costco off I-70. It is reported that this development will bring quality jobs and add more than “$64 million dollars in sales and property tax revenue.” (KKCO 11) While we won’t see the store’s doors open until 2026, we’re excited to get the infamous Kirkland brand right at our doorstep.
Overall, Grand Junction is growing has some exciting horizons ahead. From new construction development to the eagerly anticipated rate drops, there are good things coming our way in 2024. If you want to stay up to date on the local market or all-things Grand Junction, make sure to keep in touch with The Janice Burtis Team!