Rising material prices have made it more challenging for developers to build more homes, according to Lakewood City Hall. Unfortunately, there are no easy solutions.
Home buyers are competing fiercely for limited inventory of properties, driving prices higher and decreasing vacancies. Just last month alone, homes sold for more than their asking prices.
Recent Trends
Home values have seen rapid appreciation over the last year, providing buyers with more leverage than in years past. Furthermore, homes have been staying on the market longer, which makes the process of buying much simpler.
Lakewood’s median sale price has now reached $322,000, an increase of 9.2% year-on-year and faster sales with only an average listing remaining on the market for 8 days compared to 13 last year1.
An indicative measure of market competition can be seen through how much is subtracted from an asking price of a home that sells below that asking price; 5 homes sold for less while 24 went for more, suggesting buyers are willing to pay premium prices for homes in this area.
Bedroom count trends reveal that demand for larger homes is increasing in Lakewood, resulting in 4-bedroom homes becoming more expensive while 3-bedroom ones become cheaper; this trend is predicted to continue until 20311 when homes with five or more bedrooms will become the primary ones2.
Rising Property Values
Lakewood home prices have seen steady gains over the last year. The median sale price reached $322,000 in May 2024 – an 8.2% year-over-year rise2. Homes also sell quickly, often within eight days on average; reflecting high demand for real estate in this area.
However, some homeowners have seen their property values decline over recent years. Therefore, it is essential to gain an understanding of how market trends impact local property value fluctuations – this information will enable you to forecast future events and make smart investment decisions.
Interest rates also play a vital role in local property values. While low mortgage rates have helped spur the housing market in recent years, higher rates could hinder home sales and dampen demand for properties.
Lakewood’s real estate market requires close consideration of its total supply of homes for sale. From May to June 2024, single-family listings experienced a small dip. One bedroom homes fell by 3.4%9; two-bedroom and three-bedroom properties held steady; while the number of three-bedroom houses saw a slight uptick by 1.1%9.
However, this market still features more buyers than sellers; consequently, most properties are selling above their listing prices and keeping abreast of current market trends is essential to both buyers and sellers.
Future Developments
As development moves forward in Lakewood, residents’ lifestyle will remain a top priority, creating spaces where residents can work, shop, exercise and socialize together – this new urbanist approach will draw more people to the area while positively affecting real estate trends.
As a result of these trends, real estate prices are on the rise and buyers must act quickly to take advantage. To increase their chances of buying, prospective buyers should get pre-approved for a mortgage and submit strong offers – potentially even exceeding asking price if possible! Likewise, homeowners should list their properties early spring when demand is at its peak to prevent disappointment among potential buyers.
Lakewood continues to experience rising property values as its inventory of available homes decreases, making the market highly competitive1. Home sales with three or more bedrooms have shown particularly rapid growth over the last year2, rising 6.8% since last year2.
Cleveland’s overall real estate market is strengthening, which could impact Lakewood’s housing market positively. Cleveland is becoming an internationally recognized healthcare and biomedical research center that attracts top talent from around the globe – creating demand for more residential and commercial space; leading to higher home prices and property value appreciation across Cleveland region.
Investors can capitalize on local trends by carefully examining key neighborhood characteristics such as median household income, market trends, rental demand and urban amenities. By tapping into these insights, they can explore investment opportunities that align with their financial goals and long-term investment strategy.
Buying a Home in Lakewood
Lakewood is an attractive city for people seeking both urban and suburban lifestyles, and there is a diverse selection of homes available here ranging from condos and apartments to single-family houses and larger estates. Situated just west of Denver, it makes accessing downtown simple.
Lakewood home prices have seen more significant appreciation than average this year, rising 9.2% year over year to now stand at $3222,0001. Homes are selling quickly – on average taking only 24 days on the market before being snapped up2.
When buying in Lakewood, it’s essential to have an in-depth knowledge of its local real estate market. Since it is predominantly a seller’s market and buyers will compete against one another for properties, buyers should be ready to make offers quickly while having an effective plan in place for negotiations.
Another effective method for understanding Lakewood’s market is by analyzing prices according to bedroom count. For instance, median prices of 1-bedroom homes rose 14.1% year over year to $97,500 while 2-bedroom properties saw 16.9% increases to $189,900 – evidence that people want smaller houses, while demand outpaces supply. Now is an opportune moment to invest in Lakewood – potential buyers should keep this in mind as an invaluable opportunity!
