Home values are appreciating fastest in these Colorado cities

DENVER (KDVR) — Home values increased 3.6% nationwide over the last year, according to Zillow, but values increased quicker than the national rate in several Colorado cities.

A recent report from Zillow analyzed home price trends over the last year. Home values have increased across the nation for the most part, with an average home value of $347,716 in the U.S., according to the report.

The report revealed which Colorado cities saw the most rapid value appreciation over the last year.

Some of the Colorado cities with the quickest-growing values are those with typical home values of under $300,000.

In Clifton, near Grand Junction, a typical home is valued at $299,821, according to the Zillow report. Home values there have increased 8.1% over the last year, making it the No. 3 fastest-appreciating city.

In Craig, home prices increased 5.7% over the last year, bringing it to a typical home value of $281,548.

Values increased the quickest in Gypsum at 9%.

Here are the top 10 fastest-appreciating cities in Colorado:

According to the Zillow report, home buyers continue to face affordability challenges and increased competition in the housing market. Even apartment listings are sweetening their deals to bring in renters.

However, there are likely to be more options as new listings were up 21% in February compared to last year, according to the report.