Average home price hits historic high of $400,000 in Longmont

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Home prices continue to soar in Colorado, and not just in the Denver metro area.

The average price of a home in Longmont topped $400,000 in September, something that has never happened before.

According to a new report from Land Title Guarantee Company, the average home in Longmont is now selling for $402,000. That's up 16% from September of 2015. Many local real estate experts fear that will have lasting impacts.

"A lot of people are now headed to some of the eastern towns from here, like people in Boulder started migrating to Longmont. Now it's Firestone, Frederick and Dacono," said Josh Hunter, a realtor with St. Vrain Realty in Longmont.

Hunter has been a realtor in Longmont for more than a decade. He estimates home prices have just about doubled over that time period.

"It's going to start pricing people out," he said.

49 homes in Longmont are currently listed for less than $400,000. Only 18 homes are currently listed below $300,000.

That's news Michael Navas didn't want to hear.

He and his girlfriend moved to Longmont in part because of the promise of affordable housing. Even rent is more than double what they were paying in Pennsylvania. Purchasing a home isn't something they can even fathom right now.

"It's a lot of money, a lot of money. We can't afford that," said Navas. "It's beautiful around here, but that kind of price, that's big bucks."

Longmont isn't alone. The average home price in Boulder topped $1 million this summer for the first time ever. Home prices in Larimer County are also up about 15% from one year ago.