Situated between Denver and Colorado Springs,
Castle Rock offers the serenity of a small-town lifestyle and the excitement of being near a metropolitan area. Surrounded by natural beauty and boasting over 300 sunny days a year, this is the perfect location for outdoor lovers. There are over 6,000 acres of open space, 54 parks, and 104 miles of trails. And they are diligently maintained by the Parks and Recreation Department and the Castle Rock Parks and Trails Foundation, a community-led non-profit group.
Castle Rock also boasts a robust local economy with a thriving business-friendly community. It has a diverse employment pool in the healthcare, technology, outdoor, recreation, manufacturing, and retail sectors. Acme Brick, Home Depot, and the government are among the biggest employers.
With a high quality of life, a top-rated school system, and an active community spirit, it’s no wonder the town is attracting large numbers of newcomers. Here is the Castle Rock real estate market forecast for 2023.
Castle Rock population growth
As a thriving suburb of Denver, Castle Rock has experienced significant growth over the years. More people are seeking a balance between quieter, suburban living and quick access to the urban amenities available in larger cities. In a recent census reported by The Center Square of Colorado, Castle Rock was the
highest-ranked city for population growth in the state. Its population increased by 3,539, or 4.6%, to 80,191.
The trend of
increasing population is expected to continue. Castle Rock is currently the 14th largest state in Colorado. According to Population Review, its population has increased by 11.4% since the last census, and it’s growing by a rate of 3.6% annually. Covering 34 miles, the town’s population density is 2,390 people per square mile.
Castle Rock home prices increasing
The Castle Rock housing market remains strong. The current
median listing price of a house in Castle Rock is $575,648. According to Wallet Investor, this is an increase of 3.04% compared to prices this time last year. While real estate has suffered slowdowns or fluctuations in other areas, in Castle Rock, the
median value of homes increased every month in the last 12 months. Additionally, it predicts long-term increases. In five years, the
median listing price is predicted to be $690,666. That’s a 19.98% increase in median home values.
Inventory of homes increasing
Forbes published several timetables that look at the Denver metro housing market, broken down by different cities. Castle Rock has seen an
increase in the available inventory of homes on the market. In February of this year, there were 154 homes available, up from 77 same month in 2022. This is partly due to the
construction of new homes, including a luxury project in Remuda Ranch, as reported by 9 News earlier this year.
Another useful metric when looking at market activity in real estate is the length of time a home for sale spends on the market. The Forbes timetable shows that in Castle Rock, the number of days homes stay for sale on the market is 25, up from just five days compared to the same time last year. This is good news for home buyers because it allows more time for showings, home inspections, and negotiations.
Castle Rock is still a seller’s market
While homes are staying on the market longer compared to the pandemic housing boom, Castle Rock remains a seller’s market. A
seller’s market is when there are more home buyers than there are homes for sale on the market. It means there is a low or limited housing inventory. The high demand for housing is partly due to Castle Rock’s favorable location and the thriving job market.
In a seller’s market, homes typically get two or more offers, resulting in a bidding war. This often results in real estate market values increasing. In a seller’s market, homeowners have more leverage when negotiating the terms of the sale. They may receive offers with fewer contingencies and have shorter closing times.
Higher median incomes in Castle Rock
Because it’s a more affluent community compared to other parts of the Denver metro area and Colorado, the median salaries in Castle Rock are also higher in comparison. In the cost of living in Castle Rock report by TownCharts, the
median income for an individual is $75,582. That is higher compared to the state average of $58,852. The
median income for a household is $121,388. That is higher compared to the state average of $80,184. It’s ranked 50 out of 273 cities across the US in terms of cost of living.
Best neighborhoods in Castle Rock
The Village at Castle Pines
Known for its luxury homes and stunning views, The Village at Castle Pines is an exclusive gated community. First-class amenities include tennis and pickleball courts, an outdoor trail system, a fitness center, and an Olympic-size pool. Golf enthusiasts have access to two of the best courses in Denver, the Country Club at Castle Pines and the Castle Pines Golf Club.
Diamond Ridge Estates
One of the most sought-after neighborhoods in Castle Rock, Diamond Ridge Estates is another exclusive gated community with beautiful views of the surrounding countryside. Here, you’ll find expansive homes on large lots of one acre or more. Homes have high-end amenities, such as private pools and outdoor living spaces.
Timber Canyon
Adjacent to the Castle Pines Village area, Timber Canyon is a luxury neighborhood that offers custom-built homes on larger lots. It is known for panoramic views, proximity to open spaces, and a network of nature trails. The natural setting exemplifies mountainside living and Colorado’s beauty.
Learn more about the Castle Rock real estate market
Natacha Gutierrez fell in love with Denver over a decade ago. She loves the views, the people, and the lifestyle. She can give you her insights on the Castle Rock real estate market. With a background in law and a team of professionals, she has become one of Denver’s top real estate agents. She is committed to providing her clients with
impeccable customer service. Her dedication, experience, and attention to detail allow her to evaluate every real estate transaction carefully.
Call Natacha today for more information on real estate in Castle Rock.
