Before you buy or sell any piece of property, it’s always a good idea to know what the market you’re buying or selling in looks like. It can be simple to determine what the current real estate climate looks like, but the same cannot be said for predicting the future market. Markets tend to fluctuate based on several factors, such as socio-political or environmental forces. Predicting the future market can be difficult if you’re not sure what you’re looking for.
Don’t let the constant worry of the future bog you down – we’re here to give you a helping hand. Let’s discuss the market forecast for 2023 for the Johnstown, real estate sector.
What can I expect as a buyer?
Congratulations, we are happy that you are thinking of living in Johnstown. This picturesque commuter town is perfect for growing families that want to feel the safety of a small town but still enjoy the economic prospects of a city. For this reason, among others, the small town has seen an unexpected boom in popularity in 2022.
In 2022 alone, the town has seen an almost 5% population growth rate and expects to keep growing in 2023. This is great news for people who are looking to move to Johnstown – there will be plenty of other new residents who are also enrolling their children in a new school and learning the ins and outs of a town, and there’s no better way to befriend your neighbors than over a shared experience. Not only will you be making friends with other Johnstown transplants, but the suburban feel of the town means that you will have plenty of other opportunities to meet the locals. After all, Colorado was ranked the seventh most friendly state in the entire U.S.! We promise you’ll be feeling at home here within weeks.
Repercussions of the COVID boom
The world seemingly stopped when the pandemic reached its peak in the spring of 2020. However, this could not be less true – everything not only kept moving, but some markets began growing unexpectedly. With remote work becoming more and more popular, citizens began to realize that they could leave crowded and family-unfriendly cities for previously underpopulated locations. For instance, Georgetown (a suburb of Austin, Texas) had an almost 11% growth in population between 2020 and 2021 alone – a giant jump for a town of only 75,000 people. This growth can also be accredited to the Federal Reserve instating record-low mortgage rates to combat a pandemic-related slowdown.
Unfortunately, this sudden boom in growth is predicted to pop in 2023. The Federal Reserve has recently begun raising mortgage rates, which is a large part of why they have jumped to almost 6% – the highest rates since 2008. The rise in mortgage rates and housing prices are a nightmare for most buyers but don’t call it quits just yet. Unlike towns such as Jacksonville, Florida, which were unprepared for a housing boom, Johnstown does not have a lack of houses, and its home prices reflect that lack of steep competition.
Not only has the Johnstown area been sheltered from rising house prices and mortgage rates, but the town has many developments planned that will make living in Johnstown a dream. One of the most exciting prospects for people who dream of living in Johnstown is the recent and upcoming construction of new houses, condos, and apartments. Developer Forestar is planning on building a whopping 1,500 homes in the town. These homes are expected to be move-in ready by mid to late 2023, which is perfect timing for people planning on moving next year. If all goes according to plan, Johnstown will be welcoming over a thousand new residents by next year. This is amazing news for businesses, who will be sure to see an increase in traffic.
Not only is Johnstown building new housing developments to prepare for new residents, but they are also looking for ways to improve the community as a whole. Carson Development Inc. is in the midst of building a behemoth of a mixed retail and residential center: Ledge Rock Center. This development will include 1,400 residential buildings and a million square feet of retail space. The Ledge Rock Center is yet another option for aspiring buyers.
What about sellers?
Prospective sellers of Johnstown, real estate are in luck. We are currently living in a nationwide seller’s market, which means you should be able to get a great price for your home. This seller’s market is predicted to last until 2025, but don’t wait too long to make your move. The market is constantly fluctuating, so it’s best to take your chance when conditions are in your favor.
Because the population of Johnstown has been steadily increasing over the past five years, with a steep increase last year, sellers will benefit from buyers’ need for housing. With its beautiful scenery, great public education system, and recent job growth, it’s no wonder Johnstown is expected to continue to grow in population.