The Stats Speak: 2022 Brought Continued Growth in Property Value Along with Encouragement for Buyers 

It's likely we've all settled into a state of not knowing in some aspects of our lives. The pandemic prepared us for expecting volatility, pivoting, and embracing the question mark. While real estate values increased significantly and (for most) surprisingly throughout the pandemic, 2022 sang a somewhat different tune. Across the board, Grand County average sales prices increased from 2021 to 2022. As most of us know, the rise in mortgage interest rates, specifically in the second half of the year, caused the market to adjust and settle into a more sustainable growth pattern. Property value growth slowed, and potential buyers and sellers could be reticent to commit with the economic uncertainty around inflation, interest rates, and the future of the Grand County housing market. But despite the third and fourth quarter slow in sold price increases, the continued year-over-year growth in property values across the board make it clear that real estate in Grand County continues to be unquestionably desirable. At the same time, those looking to buy are seeing a welcome reprieve in the bidding wars of 2021 and early 2022 as demand settles. We obviously can't say for certain what the future holds, but we do know that strong opportunities to reach real estate goals remain for both buyers and sellers. If you're looking to buy, check out current listings, and if you're thinking of selling, take advantage of our free market analysis on your property!


The town of Winter Park is one of the most desirable locations in the county, and its numbers reflect the continued demand for properties in the cozy seven and a half acre town that offers quick and easy access to skiing, trails, and retail + dining. From 2021 to 2022, the average price per square foot increased over $100 for each single-family homes, townhomes, and condos.

While other towns in the county experienced a drop in number of units sold in relation to 2021, Winter Park held relatively steady with the the same number of single-family homes bought in 2022 as in both 2021 and 2020. The number of townhomes sold experienced a dip, but the number of condos sold increased by almost 10%. Vacant land sales paralleled the drops across the county: the number of transactions was almost 40% less than 2021 and the lowest in the past five years. Those vacant land numbers might sound a little off given the average vacant land transaction in Winter Park came in at $1,665,900, a drastic increase from 2021's $479,462. This past year's average reflects a ten million dollar sale on almost 60 acres in the Lakota subdivision; without that sale, the average price of vacant land in Winter Park would have been $738,000. Even that adjusted number shows how land in Winter Park continued to grow significantly in value in 2022 despite the economic climate. Even with rising interest rates, buyers were likely motivated by the truth in Mark Twain's oft-quoted wisdom, "Buy land; they're not making it anymore." 


Fraser's 2022 numbers also show increased property values (but not nearly at the levels we saw in the two years prior) and slightly less than Winter Park's average price per square foot growth. Single-family homes, townhomes, and condos sold for between $75 and $90 per square foot more than they did in 2021, indicating slowing value increases when compared to the average $130 per square foot difference from 2020 to 2021 for single-family homes.

The number of vacant lots sold in Fraser was less than 50% of those sold in 2021 and the number of single-family homes and condos sold dropped to a five-year low, but townhome sales increased. There's definitely still demand and inventory, but the numbers are adjusting as we come off such an unprecedented peak. 


Tabernash is home to a wealth of single-family homes, a market that continues to maintain a high demand in what some refer to as an "in-between" town (but we believe is a gem all its own). You can see that the number of single-family homes sold decreased 18% from 2021 to 2022 (45% from 2020), but their average values increased more this past year than they have in any year-over-year comparison in the past five years, with average sales prices up over $500,000 from last year--welcome news for Tabernash single-family homeowners. And in somewhat of an anomaly, the number of townhomes sold in Tabernash saw a steep increase in 2022, but the average sold price of a townhome was one of the only sales price in the county to drop, albeit less than 2%. 


Granby's 2022 market stats are consistent with the trend: increased sales prices and lower number of units sold in relation to the past few years. The only outlier is the number of townhomes sold in Granby: they held their own with 2021 sales. As we move further west down Highway 40, the rise in sold prices and values is less extreme (not just this year but every year in the past five). Granby's strongest growth in sold price was in vacant land, increasing 47% from 2021. Sold prices for single-family homes, townhomes, and condos all went up around $115,000 from the average sold prices of 2021 (relatively consistent with the growth between 2020 and 2021). While property values have increased, Granby continues to be a more attainable option for property ownership than its neighbors to the east. 


Real estate in Grand Lake saw a solid dip in single-family home and vacant land sales in 2022, but the number of townhome and condo sales were relatively similar to 2021 levels and generally higher 2018-2020 stats. The significant increase in townhome sold prices (almost double that of the year prior) is due in part to the new construction on and around Grand Avenue, the quaint town's main street.  Average sales prices also experienced growth in single-family homes and condos, with vacant land dropping to levels more consistent with 2020 sales. 


Hot Sulphur Springs' affordability and charm helped it became a hot spot (and outlier) for single-family home sales in Grand County this past year, with the number of homes sold in 2022 32% higher than those sold in 2021. Homes in Hot Sulphur sold at the lowest price per square foot of any residential real estate in Winter Park, Fraser, Tabernash, Granby, and Grand Lake, making it an easy choice for many. While the small town saw a peak in vacant land sales in 2021, number of sales in 2022 evened back out to fall in line with 2018 and 2019 sales. 

Posted by Leah Bishop on


Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.