As I write this, there are approximately 151 homes for sale under $500,000 in Erie, Thornton, Northglenn, Broomfield and Westminster. And these aren't condos. They are actual detached single-family homes -- including about a dozen listings priced in the $300s. Yes. Really.
If you’ve been sitting on the sidelines waiting for the Colorado housing market to become a little more affordable, you might want to start paying attention again. Mortgage rates are still hovering in the mid-7% range, which obviously isn’t anyone’s idea of a screaming deal.
But something else is happening: home prices are coming down.
The last time I remember seeing houses with a “3” at the beginning of the price, Obama was president. 😂
Higher Rates Have Changed the Market
For several years, buyers were dealing with the worst of both worlds: rapidly increasing home prices, bidding wars, appraisal gaps and very little inventory. Remember 2021?
You'd find a house you liked on Thursday, tour it Friday, write an offer $50,000 over asking on Saturday and then find out Sunday that somebody else offered their firstborn child and a kidney.
Thankfully, that market is gone. Today's buyers certainly have to contend with higher mortgage rates, but they also have something buyers haven't had much of in recent years:
Leverage.
There are more homes to choose from. Homes are sitting on the market longer. Sellers are reducing prices. And in many cases, they're willing to negotiate. That could mean a lower purchase price, seller-paid closing costs, money toward an interest-rate buydown, repairs after inspection—or some combination of all of the above.
Price Matters More Than Just Your Monthly Payment
Here's something I remind buyers all the time:
You can refinance an interest rate. You can't refinance the price you paid for the house.
No, I'm not promising that rates will magically drop next year. Nobody knows exactly what mortgage rates are going to do. But buying a home for $450,000 instead of $525,000 matters.
And if rates eventually come down enough to make refinancing worthwhile, great. You still bought the house at today's lower price.
So What Does $500K — or Less — Actually Buy?!? Let's Take a Look
This is the part that surprised me. These aren't hypothetical price ranges. Here are a few actual examples from the North Denver metro market right now:
Around $500,000: Broomfield
14322 Wright Way, Broomfield — $500,000
MLS #7220484
*Listed by: EMPOWERHOME Team, Keller Williams DTC
This is a 3-bedroom, 2-bath single-family home in the Broadlands. It's been updated with fresh paint, flooring and carpet and has a 2-car garage. And it's in Broomfield. For $500K. A few years ago, finding a detached home at this price point in Broomfield was becoming increasingly difficult.
Around $500,000: Thornton
13130 Birch Way, Thornton — $500,000
MLS #5253089
*Listed by: Mike Papantonakis, RE/MAX Alliance - Olde Town
Here's another detached home: 3 bedrooms, 3 baths, hardwood floors, a spacious backyard and even fully paid-off solar panels. The roof was replaced in 2024.
Again: $500K.
Around $475,000: Erie
1027 Highview Dr., Erie — $475,000
MLS #1065068
*Listed by: Bethany Sartell, Coldwell Banker Realty-Boulder
Yep—you can still buy a single-family home in Erie for under $500K. This ranch-style home offers a great opportunity for a buyer who wants to get into Erie at a price point we haven’t seen much of in recent years.
It may not have all the bells and whistles of a $700K+ Erie home, but at $475,000, that’s exactly the point: affordable options are showing up again.
And in Erie, that definitely gets my attention. 👀
Around $400,000: Westminster
7286 Vrain Street, Westminster — $400,000
MLS #6141472
*Listed by: Amber Johnston, Real Broker, LLC
Now we're dropping another $100K.
This 1962 single-family home has 3 bedrooms plus additional flexible space, a large backyard, covered patio and—music to some buyers' ears—no HOA.
It's an older home and there's room to make it your own, but that's exactly where some of today's opportunities are hiding.
And Then There's This One…
3561 E. 122nd Avenue, Thornton — $310,000
MLS #6151543
*Listed by: Steve Westfall | Listing Office: RE/MAX Professionals
Yes. $310,000. For a detached single-family home.
It's a 3-bedroom, 1-bath ranch with an attached garage and a large backyard. Is it HGTV-ready?
Ummm...no. 😂
The listing itself essentially describes it as a sweat-equity opportunity. It needs work.
But let's put this into perspective:
We're talking about a single-family home in the North Denver metro area with a price that starts with a THREE.
I haven't been able to say that very often in recent years. And that's really the point of all of this. I'm not suggesting that every $300K or $400K house is an amazing deal—or that every buyer should suddenly ignore today's mortgage rates.
I'm saying that the choices buyers have today look dramatically different than they did just a few years ago.
Higher interest rates have taken some buyers out of the market. Homes are taking longer to sell. Sellers are adjusting their expectations. Prices are being reduced. And slowly but surely, we're seeing affordability creep back into the market from the other direction:
Lower purchase prices.
So yes, mortgage rates in the 7s stink.
But houses in the $300s?
Now you have my attention. 👀
But What About Those 7%+ Mortgage Rates?
They're absolutely a factor. A higher interest rate means a higher monthly payment, so buyers still need to run the numbers carefully with a good lender.
But I wouldn't automatically assume that waiting for rates to fall is the better financial move. Why? Because if mortgage rates drop substantially, a lot of buyers currently sitting on the sidelines may jump back into the market. More buyers = more competition. And more competition can put upward pressure on prices again.
That's why I'm much more interested in the combination of price, rate, seller motivation and negotiating opportunity than I am in one number by itself.
The Bottom Line
I'm not saying everyone should run out and buy a house because there are homes in the $300s again. Buying has to make sense for your finances, your lifestyle and how long you plan to stay in the home.
But if you stopped looking a year or two ago because you assumed there was simply nothing affordable left in Broomfield, Westminster, Thornton or Northglenn?
Take another look. The market has changed.
And 151 homes under $500,000 tells me something important:
Buyers have options again. Even with mortgage rates in the 7s, that is very good news.
Want to SEE everything on the market under $500K right now? Give me a call or text me at 303-475-4508!
Want to know what your budget actually buys right now? I work with many great local mortgage brokers and lenders throughout Boulder County and the North Denver metro area, and I'm always happy to put you in touch. No pressure, no sales pitch, and absolutely no requirement that you buy the ugly one. 😉
Sally Heldman, REALTOR®
Broker Owner | Heldman Real Estate / Metro Brokers
Serving Broomfield, Boulder County & the North Denver Metro Area
303-475-4508
sally@sallyheldman.com