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Centennial Real Estate Market Prices, Trends and Forecast 2023

Centennial Real Estate Market Prices, Trends and Forecast 2023
Spread out and spacious, Centennial might be one of Colorado's largest cities, but it's also one of the most laid-back. Rolling landscapes and an abundance of outdoor recreation opportunities, such as Dry Creek Dam and the High Line Canal Trail, make Centennial one of the best places to live, work, and play. Centennial has a wealth of beautiful residential neighborhoods, with homes in this area characterized by large yards and plenty of privacy.

The Centennial real estate market, along with much of the rest of Colorado, is booming. Fortunately, buyers looking to settle in Centennial and sellers looking to list their properties might be pleased since the market is showing some signs of settling into normalcy. With some planning and these insider tips, you'll be prepared to navigate the Centennial real estate market with ease.

Centennial is one of the most popular residential cities in Colorado

Centennial is a relatively new community, having formed in 2001. The area has experienced rapid growth over the past few years, with many moving to Centennial to experience the wide open spaces and community amenities. Centennial is one of the most populated cities in Colorado, with over 100,000 residents as of 2020. However, many residents of Centennial might still have mailing addresses that list neighboring cities like Aurora and Englewood, due to the newness of the community.

Centennial is known for its outdoor recreation. Still, there are many large businesses that are headquartered in the area, giving way to a booming economy that is appealing to residents of all ages.

Architecture and available homes in Centennial

Centennial features the same warmth and charm that Colorado is known for. Those qualities extend to the city's architecture, with many homes built in the farmhouse or traditional style that speaks of cozy spaces and welcoming design touches. There are also plenty of ranch-style homes, split-levels, and a few condominiums that are created in a modern style. There's something for almost every taste in Centennial. Since Centennial is such a new city, the homes here are new. There are a lot of luxury homes in Centennial, complete with luxurious touches like grand wraparound porches, spacious pools, and upscale suites.

Median home prices in Centennial

Historically, Colorado has affordable home prices compared to the rest of America. According to data from the U.S. Census Bureau, the average price of a home in Colorado is $397,500. You can expect to pay around that for a home in Centennial, depending on your specific preferences and the size of the property in question. Luxury homes will cost more, as well as properties with a lot of land.

The Centennial housing market forecast

In 2020, Colorado became one of the states in America experiencing a massive real estate boom. Buyers hoping to get some space and privacy headed to Colorado to experience the state's spacious homes and expansive yards. After a busy several years, with the real estate market reaching all-time highs in terms of competitiveness, things might finally be slowing down. Some data suggests that homes in Colorado are typically selling for a bit below the asking price. In 2021 and 2022, many buyers were still forced to pay above the asking price for homes, scrambling to land the homes they wanted and trying desperately to avoid a bidding war. Since home prices have finally started to lower, this could be a sign that Colorado is trending toward a buyer's market for the first time in years. While it's too early to suggest that this trend will continue, it's something to keep an eye on.

What makes Centennial a good city for investors?

Centennial is growing rapidly, making it an excellent city for investors. It boasts major tech companies and businesses, including Comcast and United Healthcare, offering appeal to buyers across multiple industries. It also has the prime advantage of offering a combination of city and country living. Centennial has many outdoor recreation opportunities, including dozens of parks and walking trails. It is the site of the first IKEA store in the state of Colorado and features an airport within easy distance.

If you're interested in investing in Centennial real estate, act fast. Currently, it's still a seller's market, but with more and more homes selling for below the list price, the tide could turn as early as 2024.

Tips for buying Centennial real estate

Buying Centennial real estate opens up a world of opportunities and adventures. If you think you're interested in settling in Centennial, consider these tips:

  • Work with a local real estate agent. Working with a real estate agent ensures that you have a better chance of getting the home you want. An agent can help you understand the city better and give you insights into various neighborhoods and subdivisions. Your realtor can be your advocate, walking you through the home-buying process and answering your questions along the way.
  • Research Centennial neighborhoods. Your realtor can offer guidance into Centennial neighborhoods, but go the extra mile to research the areas where you think you would like best. Do drive-throughs of each neighborhood or subdivision of interest and consider visiting the business area to get a better feel of the community.
  • Don't compromise on your wish list. Centennial is a hot area, but with the market trending in favor of buyers, now is a good time to get the property of your dreams. Don't compromise on your wish list, and don't feel like you have to make an offer on the very first home that goes on the market. Unless you're working with a very tight timeline, try to be patient and hold out for the home you really want.

Buying a Centennial home is an investment in a lifestyle that offers peace, tranquility, and amazing views. With some planning and patience, it's possible to get the home of your dreams in this up-and-coming area.

Lisa Snyder can offer personalized guidance for buying or selling Centennial real estate

Whether you're buying, selling, or looking to invest, Lisa Snyder can help you in your Centennial real estate journey. Lisa has been a Colorado resident for 20 years and has the experience you need to ensure a positive venture. Lisa thrives on building great relationships with her clients and is proud to help clients feel good about one of the most important investments of their lives. To get started on your mission to understand the Centennial real estate market, contact Lisa Snyder today. She can help you find the home of your dreams in Colorado!

*Header photo courtesy of Shutterstock

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