Colorado Cities Set to Join the Million-Dollar Housing Market in Coming Years

The average cost of buying a house in Colorado already hovers around half a million dollars in some cities, but a new economic study suggests that these prices could surge past the million-dollar mark in the next decade.

Realtor.com recently analyzed the fastest-growing housing markets in the U.S. and identified several cities, including two in Colorado, where median home prices are expected to reach seven digits within the next 10 years.

Colorado’s Affordable Cities Headed for Million-Dollar Status

To project future home prices, Realtor.com examined sales price growth in the 100 largest metro areas from 2014 to 2019—a period unaffected by the pandemic and recession. The growth trends from that period were then applied to forecast prices for the next five to ten years.

Here are the cities projected to hit or approach the million-dollar mark by 2033, along with their recent growth trends and price projections:

City	2014-19 Growth	2023 Median Price	2028 Projection	2033 Projection
Boise City, ID	58.2%	$464,578	$735,026	$1,162,910
Salt Lake City	46.9%	$493,414	$724,614	$1,064,147
Portland, OR	44.9%	$501,245	$726,105	$1,051,838
Colorado Springs	49.8%	$454,673	$680,980	$1,019,929
Stockton, CA	58.0%	$579,292	$915,467	$1,446,731
Denver	53.8%	$547,966	$842,932	$1,296,676
Sacramento, CA	40.7%	$557,522	$784,301	$1,103,325
Boston	26.2%	$622,902	$786,000	$991,804
Honolulu	29.4%	$683,086	$883,931	$1,143,830
Seattle	46.3%	$694,351	$1,015,739	$1,485,885

Colorado’s Soaring Housing Market

Both Denver and Colorado Springs rank among the top cities with the highest projected price growth in the nation. By 2028, median home prices in these cities are expected to exceed $680,000 and $840,000, respectively, and by 2033, they are forecasted to surpass $1 million.

Challenges for Potential Homebuyers

While Colorado boasts one of the highest median salaries in the country at around $66,000, this income level falls short when it comes to keeping up with skyrocketing housing costs. For residents to afford a median-priced home in Denver or Colorado Springs by 2033, they would need to save their entire median salary for over 15 years—an unlikely scenario for most.

As these Colorado cities edge closer to million-dollar housing markets, affordability challenges will continue to grow, making it increasingly difficult for residents to achieve homeownership in the coming years.