A Year in Review: Real Estate Trends of 2024
The Crested Butte and Gunnison real estate markets in 2024 demonstrated resilience and adaptability, reflecting broader economic shifts and evolving buyer priorities. Here are some of the key trends that defined the market this year:
Property Values Remain Strong
Despite fluctuations in other economic sectors, property values held steady throughout 2024. This consistency reaffirmed real estate’s status as a reliable investment.
Price Point Still Matters
While property values were robust, price sensitivity played a pivotal role in buyer decisions. Unlike the frenzy of previous years, buyers in 2024 showed a willingness to wait for properties that aligned with their expectations. The urgency seen during the pandemic has largely dissipated, leading to more measured and deliberate transactions.
Market Normalization
After the whirlwind activity of the pandemic years, the real estate market has entered a phase of normalization. Buyers are increasingly cautious and discerning, taking time to evaluate properties and prioritize their specific needs.
New Construction Takes Center Stage
Interest in new construction surged in 2024, as buyers leaned toward turnkey options over remodels. With rising costs and longer timelines associated with renovations, many found new builds to be a more appealing and practical choice. Developers responded by focusing on modern, energy-efficient homes designed to meet evolving lifestyle preferences.
The ROI of Short-Term Rentals
The rise in property values has had a ripple effect on the short-term rental market. Higher purchase prices have made it more challenging for investors to achieve significant returns on short-term rental properties. While this segment remains popular, owners are recalibrating their expectations and exploring alternative strategies to maximize profitability.
Looking Ahead
As we move into 2025, these trends provide a foundation for understanding where the market is heading. Buyers, sellers, and investors are all adjusting to a more stable and predictable landscape, prioritizing thoughtful decision-making and long-term value over short-term gains. We’re interested to see how interest rates will trend over the next year, and see 2025 as an incredible opportunity for sellers as inventory remains low.