I had the opportunity to attend the Glenwood Springs Economic Forum this week, organized by the Glenwood Chamber of Commerce, where Dr. Nathan Perry from Colorado Mesa University shared valuable insights about the local and national economy—and there’s a lot that directly impacts our real estate market.

From population growth to market trends, home prices, and economic shifts, here are the key takeaways and what they mean for buyers, sellers, and investors in Garfield County and beyond.

📈 1. Garfield County’s Population is Booming

If you’ve been wondering whether demand for housing will continue, the answer is yes.

• Garfield County’s population is projected to grow from 62,000 today to 91,000 by 2050.

• Unlike nearby retirement-heavy counties, Garfield is seeing growth due to a high birth rate and strong migration trends.

• With more people moving in and raising families, housing demand will remain strong, which is good news for home values in the long run.

➡ What This Means: Expect consistent demand for homes over time, especially in areas with good infrastructure and amenities. If you’re considering investing in property, holding long-term could prove beneficial.

🏡 2. Real Estate Leads Economic Growth in Garfield County

Dr. Perry highlighted that real estate was the single biggest driver of economic growth last year:

• The sector saw a 7.95% increase, outpacing many other industries.

• The median home price is around $600,000, while the average price is $1.1M, reflecting high-end sales pulling the average up.

• Inventory remains low, meaning well-priced homes still move quickly, but buyers are cautious.

➡ What This Means: If you’re selling, strategic pricing and presentation matter more than ever. If you’re buying, having a strong offer and being pre-approved puts you in the best position to move when the right home comes along.

🚧 3. Housing Supply is Not Keeping Up

One of the biggest challenges? New home construction is slowing down.

• In 2021, 631 new housing units were built in Garfield County.

• In 2023, that number dropped to just 155.

• Building costs, land restrictions, and economic uncertainty are making development more challenging.

➡ What This Means: With fewer homes being built, existing homes will continue to be in demand. If you’ve been waiting to sell or upgrade, now is a good time to explore your options before supply rebounds.

💰 4. Economic & Wage Growth: Can People Still Afford Homes?

Housing affordability is top of mind for many buyers, especially with rising costs.

• The median household income in Garfield County is now $94,000, up nearly 100% over the last decade.

• Despite higher incomes, home prices are still outpacing affordability.

• Buyers are more price-sensitive, making it crucial for sellers to price competitively.

➡ What This Means: First-time buyers should explore down payment assistance programs, and sellers should ensure their home is well-presented and priced right to attract serious buyers.

📊 5. Interest Rates & The National Outlook

Dr. Perry also shared his perspective on inflation, interest rates, and the broader economy:

• Inflation is at 2.9%, with the Federal Reserve aiming to keep it stable.

• A major rate drop in 2024 is unlikely, but we could see some relief later in the year.

• Consumer confidence is mixed—while people are still spending, savings rates are declining.

➡ What This Means: If you’re buying, locking in a rate now and refinancing later could be a smart strategy. If you’re selling, understand that buyers are budget-conscious and will weigh affordability carefully.

🔎 What Does This Mean for You?

Whether you’re thinking about buying, selling, or investing, these trends shape your opportunities:

✅ Buyers: Act strategically. Get pre-approved and be ready to move when the right home hits the market. Lower inventory means competition, but a well-prepared buyer can win.

✅ Sellers: Presentation, pricing, and patience are key. While demand exists, overpricing can lead to longer days on market.

✅ Investors: Long-term growth looks promising. Garfield County is set to expand, making rental properties and well-located investments appealing.

If you’re wondering how these trends affect your specific real estate goals, let’s connect! I’d love to help you navigate the market.

Looking forward to hearing your thoughts!