Having enjoyed a population boom for the last 10 years, Denver’s number of residents has grown by 20% since 2010; although this rapid rate showed signs of slowing several years ago, it has now picked back up. This influx of residents speaks to the cities popularity, and has an obvious impact on the real estate market in 2019.
Real Estate Stats for 2019
May of 2019 saw Denver’s highest housing inventory since 2013—and at new soaring prices. That month, there were 8,789 new listings; 6,470 homes were under contract by the end of the month. This also led to single family homes reaching an average price of $555,482.
Overall, homes in Denver sell for $450,000 on average (up 2.3% from last year), which is generally about .6% below list price. In this highly competitive market, homes only spend an average of about 11 days on the market. Price per square foot has risen nearly 2% as well, now reaching an average of $280.
The median age in Denver is 34, so the city is trending younger despite its soaring real estate prices. While this does speak well for median income, it also means that many residents are living with at least one other person.
On the other side of the coin, some of the most affordable areas are Windsor, Montbello, and East Colfax, where buyers may be able to find homes at a fraction of the average Denver price.
Real Estate Market Forecast for 2019
The rise in available homes on the market in 2019 has cooled it to be more favorable for buyers. In previous years, Denver was experiencing something of a housing drought. Now, although there is still a high number of interested buyers in the Denver market, there is also a massive amount of available properties, meaning the timing is right to buy.
Home values are expected to back off the rise they’ve seen in recent years, even perhaps decreasing marginally. This could speak to a buyers’ market that just becomes more favorable as the year progresses. In all likelihood, interest rates will remain low for the rest of 2019 (hovering around 4% for a 30-year fixed mortgage), which is just another reason that the market is experiencing a period of unusual friendliness toward buyers.
Helpful Links When Moving to Denver, CO
Buying a home in Denver is a fast-paced and stressful undertaking, so the move itself should be made as simple as possible. These links should assist with soothing the burden of moving to Denver.
Moving To Denver — This handy guide offers additional links to all sorts of Denver-based attraction and resources. From deals and discounts to a transportation guide, this site has everything a new Denver local could need to feel right at home.
City of Denver — Neighborhood information, online payments, and a list of city services are just a few of the things available on the city’s official government website.