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Has Inflation and Rising Interest Rates Affected the Evergreen Real Estate Market?

By: Get News
Shad Phillips, the leading Denver Mountain Real Estate Expert, has released a new article analyzing the impact of inflation and rising interest rates on the Evergreen real estate market.

Evergreen, CO - February 20, 2023 - Shad Phillips is a top-producing Evergreen, CO, realtor. Evergreen is a premium destination and can be a life-changing destination for anyone. The city can accommodate everyone with suitable housing, social amenities, and safe neighborhoods. However, finding a house can be a bit challenging. Working with a top real estate agent is vital for the best results.

Evergreen, Colorado, is a small mountain town located just 25 miles west of the Denver metropolitan area, with approximately 15,000 residents. The median income of the average family in Evergreen is $130,000, which is considerably higher than the national average of $70,000. In addition, the average price of a home in Evergreen is around $1 million.

Shad Phillips has found that two major factors will cause the Evergreen real estate market to react differently than the national market to these changing economic times. First, Evergreen's affluent demographic makeup, and second, the need for more inventory in the area. The restricted inventory, combined with the fact that Evergreen is built-out mainly, has inflated demand for homes in the area.

During the Covid-19 pandemic, inflation increased to 7%, causing a national redistribution of people. As a result, many people sought to leave the city or buy a second home, driving demand for rural areas like Evergreen. This demand resulted in more buyers than homes available, leading to bidding wars and houses being contracted above the list price.

However, the real estate market cooled when the Fed started raising interest rates in the last quarter of 2022. Buyers became exhausted by the bidding wars and the inability to secure a home under contract. In Evergreen, inventory increased, and houses began to sit on the market for longer than a weekend. Nevertheless, the more desirable properties in the best neighborhoods in Evergreen still received multiple offers, while homes in average or below-average condition sat on the market and underwent price reductions.

Evergreen is a seasonal market, with the highest inventory of properties available between March and mid-November. During the off-season, from mid-November to the end of February, inventory is meager, but the more desirable homes can still command multiple offers and go above list. This low inventory situation inflates demand.

It can be concluded from the article that Shad Phillips believes that Evergreen is a lot more insulated from the shifts in the national real estate market. Buyers of Evergreen homes are more affluent and have more financial resources, enabling them to compete financially for what they want no matter the standing of the nation’s economy. Overall, Evergreen remains a unique and dynamic real estate market.

About Shad Phillips

Shad Phillips is a top realtor in Evergreen, CO, dedicated to helping clients buy and sell homes. As a resident, Shad Phillips knows the ins and outs of the city and the best places to find a home. Contact him today for the expert guidance of Evergreen, CO.

Media Contact
Contact Person: Shad Phillips
Email: Send Email
Phone: (214) 682-2113
Address:32214 Ellingwood Trail Suite 100z
City: Evergreen
State: CO 80439
Country: United States

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