Market Trends for Ridgway

 

Scenic, historic, and full of vintage charm, Ridgway is in Ouray County, Colorado, at the base of the San Juan Mountains. Known in pop culture as a town that has featured in many movies, including the John Wayne classic True Grit, Ridgway is a popular residential haven. While many tourists know the area best for its Western roots, Ridgway offers elevated living that's a cut above the rest.

Homes in Ridgway are beautiful and spacious, and with the Colorado housing market continuing to gain traction, it's no surprise that more and more residents are flocking to Ridgway to own their own piece of paradise. Check out these market trends for Ridgway, and discover insider tips for buying, selling, and investing in real estate in this hot area.

With steep mountains on every side of the town, Ridgway feels peaceful and secluded. Outdoor living is popular among Ridgway residents, and with the close proximity of the Ridgway State Park and Reservoir, there are always a million opportunities to get outside and explore the beauty of nature. Area wildlife is abundant, and it's not uncommon to spot badgers, eagles, wild elk, and even mountain lions while you're out enjoying a hike.

Ridgway began as a railroad town, and that deep connection to history flows through the fabric of the community. Locals embrace nature and Western culture and take pride in the town's status as a hot tourist destination. Thousands of visitors flock to Ridgway every year to enjoy the scenic views and crisp, clear air. There's nothing like a walk through the San Juan Mountains to experience the sheer beauty of Colorado. Still, Ridgway remains at heart a residential community. According to 2020 census data, the town's population is around 1,183.

Homes in Ridgway come in all shapes and sizes, with many reflecting the town's historic past. You'll find many ranch-style properties in Ridgway, most with spacious yards and fantastic views of the mountains. There are also modern farmhouse-style homes and sleek traditional houses that speak to many of Ridgway's younger population.

Real estate trends in Ridgway mirror what's happening throughout Colorado as sales steadily rise. While 2023 started with a drop in real estate sales, there was an influx of buyers in 2022 who were eager to lock in low interest rates, so that drop isn't a shock. The increase in sales means that the market could be starting to normalize even as job growth slows a bit in Colorado.

According to data from the U.S. Census Bureau, the median household income in Colorado is around $80,184, while the average price of a home in the state is $397,500. In Ridgway, these numbers are slightly lower, with the median household income about $40,903 and the average home price closer to $250,000.

The trends in Colorado don't necessarily mirror the rest of the United States, with Forbes reporting that existing monthly home sales dropped 3.3% in the summer of 2023. In spite of this, the market overall is hot, with strong demand and relatively low supply, ensuring that buyers need to stay competitive if they want to land the properties they want.

It seems likely that limited inventory and steadying interest rates could keep the market hopping for the remainder of 2023. For sellers, this is an excellent time to get their properties ready for the market and make a nice profit, but it could make things tough for buyers for the foreseeable future.

The COVID-19 pandemic affected nearly every industry, and real estate is no exception. Forbes notes that while home sales bottomed out during the early days of the pandemic in March and April 2020, they came back strong that summer, with many buyers eager to move out of the city and experience the wide open spaces.

This ultimately caused home prices to go to a record high in nearly every state. Even as companies scrambled to build new homes, the costs of goods and materials went up, with up to 300% price increases. Ultimately, this caused a housing shortage that is still affecting buyers, sellers, and realtors today. All of this means that while properties might not be as plentiful, buyers are more keen than ever to find and purchase their dream homes.

With many people working remotely and Ridgway continuing to make waves as a tourist destination, there's no better time to invest in real estate. Purchasing a property and renovating it to sell can open up a world of possibilities. If you're looking to set up a rental property in Ridgway, 2023 is an excellent time to start. Focusing on the town's history and culture and creating a property that highlights those things will help your home shine and attract attention from all corners.

Whether you're planning to buy or sell, there are a few things to do that will enhance your experience and give you a competitive edge in Ridgway's hot real estate market. Above all, get in touch with a local real estate agent. A realtor with deep knowledge of the community and the market can offer insights that you can't get anywhere else. If you're a buyer, a realtor can work with you to get access to homes that have yet to hit the market. If you're hoping to sell a home, your realtor can utilize their network of connections to get your property in front of more eyes.

It's also important to know the locals. Understanding the culture of Ridgway and forming bonds with the people in the community will help you learn where to focus your search for a home. It can also help you market your property better if you're preparing to list.

The Ridgway real estate market can be intense. If you want to succeed in your next real estate venture, whether you're hoping to buy or sell, you'll need the experience and insights of a talented real estate agent. Ellison MacIntire Partners can help you find the Ridgway home that's perfect for you or assist you if you need to sell a property. Contact Ellison MacIntire Partners today to learn more about how we can help you!