LA PLATA COUNTY REAL ESTATE APPRECIATION
One of the benefits and reasons to purchase real estate is the concept that it will appreciate over time. Most of us look at our homes as an investment; an asset that will appreciate as time goes on. In the last several years, we have seen the real estate market both decrease and increase. Because of this, it can be very helpful to look at market trends to gain and understanding of the state of the market, and also understand long term trends.
Historically, the Durango area sees approximately a 3% increase per year in appreciation. In the below chart, we have considered several local market segments, and the average annualized appreciation in each of them. By comparing the median price in 2012 to the median price in 2016, we are able to see the average annualized appreciation in each market.
As you can see, coming off the Great Recession, we are noting a vibrant real estate market, with appreciation in several key markets. La Plata County real estate as a whole is at 4.35%! Some of the markets have seen a stronger appreciation than others; but the overall consensus is that La Plata County real estate has appreciated. This is great news if you own a home in our area.
Take a look at the below numbers. We will gladly give you an update on your area, or an area you are considering a home purchase. Please feel free to call us with any questions.
Content submitted by The Durango Team Read the blog for regular updates on Durango Real Estate
|Market||Median Price 2012||Median Price 2016||Average Annualized Appreciation|
|La Plata County||$299,450||$355,000||4.35%|
|Durango In-Town Homes||$305,475||$379,900
|Durango Rural Homes||$354,000||$435,000||5.29%|
|Bayfield In-Town Homes||$208,000||$289,900||8.65%|
|Durango Rural Homes||$198,320||$295,050||10.44%|
|Single Family Homes||$338,000||$415,800||5.32%|