Is Severance, CO a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Severance is a neutral's market

Buyer's
Market

Difference Since April 2023

At the same time last year, Severance was a Seller's Market.

Key Takeaway

Severance is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Severance, CO

How much do homes in Severance, CO cost?

Median Sold Price

$475,706

$246/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$44,243(-8.5%)

Key Takeaway

Homes in Severance have sold for 8.5% less than they did a year ago.

Summary: The median home sold price in Severance was $475,706 in April 2024, down 8.5% from last year, and the median price per square foot was $246.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 --
N/A
2 $395K$395K
0.0%
3 $476K$455K
-4.4%
4 $528K$500K
-5.3%
5+ $610K$563.4K
-7.6%

Summary: Severance housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 4.4%, 4 bedroom homes decreased by 5.3%, and 5+ bedroom homes decreased by 7.6%.

Housing Supply in Severance, CO

How many homes are available in Severance, CO?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
99110+11.1%

Summary: The Severance real estate market had 110 homes for sale in April 2024, a 11.1% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 00
0.0%
3 4845
-6.3%
4 2936
+24.1%
5+ 2229
+31.8%

Summary: The Severance housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 6.3%, 4 bedroom homes increased by 24.1%, and 5+ bedroom homes increased by 31.8%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
2718-33.3%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Severance, you could pay more than the asking price. 55.6% of homes here sold above asking price last month.

Summary: A total of 18 homes were sold or pending in Severance in April 2024, down by 33.3% month-over-month. Of the 18 sold homes, 11% were sold under asking, 33% were sold at asking, and 56% were sold over asking.

Days on Market for Severance, CO

How long does it take to sell a home in Severance, CO?

Average Sale Time

Apr 2023Apr 2024CHANGE
48 Days73 Days+52.9%

Summary: Homes in Severance had an average of 73 days on market in Apr 2024, up by 52.9% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Severance are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 18 homes were sold in Severance; 39% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 28% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 16 Days Ago

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