A dramatic example is the change in the median sale price of a home in metro Denver since 2009 to $215,252. Real estate information firm Yardi Matrix recently released a report showing that the average rent for apartment buildings in Denver has risen a quarter of a percent faster than the national average.
Denver Median Sale Price
Fast forward to 2020, and the median sales price jumped from $449,900 (data courtesy of Megan Allers First American Titles) including Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson counties. The average closing price of a single-family home in Denver rose in return to $560,000, said DMAR. For townhouses and apartment buildings, average closing prices were $352,000 and $20,000 higher, respectively, than the previous month.
second home buyers rose 12.8%
A report from Seattle-based real estate firm Redfin shows that the number of second home buyers rose 12.8% year-on-year in March. A second trend that has been noticed year after year is that houses priced below $500,000 fly off the shelves compared to 2020 and 2019, with more homes coming on the market at higher prices and going from contract to contract.
This year, 10.8 percent more homes over $1 million were closed than in the same period in 2020, 8.1 percent more homes were closed for $750,000 to $1.5 million, and 4.4 percent more homes were closed for $500,000 to $750,000. More homes were sold in August than ever before, compared with the same month a year earlier. This month 7,186 homes closed year-on-year, an increase of 21 or 16% month-on-month.
On September 6, 15 homes with price ranges of $275,000 to $460,000 were on the market for sale – a stark comparison with house prices in the Denver metropolitan area. By the end of December 2020, there were 1,316 apartments available, a large proportion of which – about 400 – had a price tag of less than $1 million.
Denver Metro Real Estate
Home prices fell for the second month in a row as the number of homes for sale fell, according to the Denver Metro Association of Realtors latest market trends report. Last month, homes near the Mile High City sold for an average of $61,577, according to the association’s latest data. According to PwC data, the number of home sales in Colorado Springs doubled between January and August from 1,126 at the start of the year to 2,130 last month.
According to the report cited above, the total number of active properties listings in the Denver metro housing market dropped 5.7% from April 2020 to April 2021. We are in a tight housing market that has tightened over the past year as more homebuyers have left the market. To the slight relief of buyers, average market days climbed to 11 days in August, compared with the nine-day average in July.
The median home price in Denver was about $475,000 in October 2020. It was stolen by migrants from California, and the sheer number of them came at the expense of the local housing market. By early 2021, the Denver, Colorado real estate market will still have a high percentage of homes sold below the original list price.
Denver’s housing market is experiencing a seller’s market, meaning there are no active buyers and no homes for sale. As a result, sellers benefit from buyer competition, meaning that homes are sold at a lower price and sold quickly.
The median home price for single-family homes in the Denver metro area in July was $600,000 according to the Denver Metro Association of Realtors. In terms of cost, the statewide median sale price for a single-family home was $526,000. In the city of Denver, the median sale price for a single-family home was also $655,000.
Dysart said the hustle and bustle that has been seen this summer and last spring with multiple offers and price requests for individual listings has calmed down. The average selling price for July 2021 in Denver is a whopping $622,000, according to Recolorado.
Metro Denver’s real estate market continued to slow in September, as the number of homes and condos sold fell and the number of active listings on the market rose by a record amount per month, according to an update from Denver Metro Association of Realtors. Here is a breakdown of housing forecasts for homebuyers, lettings and construction. Like much of the rest of the US, Denver’s housing market is suffering from low inventories, but there are signs that things are starting to turn.
The decline was accompanied by a monthly increase of 10.9% in active listings, the highest rise of 0.8% in two months and a monthly record. There are 10.7 million homes for sale by the end of March 2021, according to NAR data. The last time Denver had more than 23,000 listings in a decade was December 2011, per Recolorado.
According to housing market report data for the 50 largest metropolitan areas in the world, Denver-Aurora-Lakewood is one of the fastest areas in the nation’s major cities. The data shows that the Denver metro area has the lowest average number of days on the market among the 50 metropolitan areas. That means homes on the market in Denver are being sold faster than the other 50 metro areas surveyed in the data.
Denver has a track record of being one of the best long-term real estate investments in the USA. Consider Zillow’s recent home price trend. Denver’s strong economy has allowed buyers to spend more on real estate, which has pushed up property prices.
According to the monthly market report of the Denver Metro Association of Realtors (DMAR), median home prices in Denver have increased 15% year-over-year. First-time home buyers are being priced in, and cash buyers and investors are flocking to expand their portfolios.