Loading Content...
Greeley, Colorado: Rising Home Values and Ownership Rates in an Agricultural Hub
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Greeley, Colorado, is a vibrant city located in Weld County, known for its agricultural heritage and growing urban development. With a population of 109,203 in 2022, Greeley has experienced steady growth over the past decade. The city has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Greeley has shown a general upward trend, increasing from 57% in 2013 to 63% in 2022. This rise in homeownership coincides with a significant increase in average home prices, which grew from $167,312 in 2013 to $427,447 in 2022, representing a remarkable 155% increase over nine years. The relationship between homeownership rates and average home prices suggests that despite rising costs, more Greeley residents have been able to enter the housing market.
Federal interest rates have played a crucial role in shaping homeownership trends in Greeley. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the initial rise in homeownership from 57% to 60%. As interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, the homeownership rate continued to increase, reaching 63% in 2022. This trend suggests that other factors, such as local economic growth and housing demand, may have outweighed the impact of rising interest rates on homeownership decisions.
The renter population in Greeley has fluctuated inversely to homeownership rates, decreasing from 43% in 2013 to 37% in 2022. Despite this decline, average rent prices have shown a steady upward trajectory, rising from $732 in 2013 to $1,243 in 2022, a 70% increase. This trend indicates a tightening rental market, potentially driven by population growth and increased housing demand. The city's population grew from 96,549 in 2013 to 109,203 in 2022, which likely contributed to the pressure on rental prices despite the decreasing percentage of renters.
In 2023 and 2024, Greeley's housing market showed signs of stabilization. The average home price in 2023 was $420,192, slightly lower than the 2022 peak, but rose marginally to $420,851 in 2024. This period coincided with a significant increase in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially moderating home price growth.
Looking ahead, predictive models suggest that Greeley's housing market will continue to evolve. Over the next five years, average home prices are projected to experience moderate growth, potentially reaching around $450,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially surpassing $1,400 per month within the same timeframe. These projections assume continued population growth and economic stability in the region.
In summary, Greeley has experienced a notable increase in homeownership rates and significant growth in both average home prices and average rent prices over the past decade. The city's housing market has shown resilience in the face of rising interest rates, suggesting strong local demand. As Greeley continues to grow, balancing affordability with housing demand will be crucial for maintaining a diverse and accessible housing market for both owners and renters.
