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If you were looking to buy a house in Denver over the past couple of years and didn’t have the cash flow of, say, a neurosurgeon, you were likely priced out. With the city—and the world—in a virus-induced panic, interest rates dropped, sales prices soared, and unless buyers could pay thousands over the asking price in cash, securing the keys to the Highland bungalow of their dreams was nearly impossible. Over the past 10 months, though, the landscape has been evolving, and the market has returned to what many real estate agents are cautiously calling pre-pandemic conditions. Interest rates are ever fluctuating (causing hesitation among some buyers); sellers are being forced to lower their asking prices; and homes aren’t being snapped up with abandon. “Most sellers were seeing six to 12 offers on their homes during the height of the pandemic; now, they’re seeing three to four at most, and homes are just sitting on the market longer,” says Colin Whitenack, a broker associate with real estate brokerage Compass. “This has opened up opportunities for people like first-time homebuyers, who have lower down payments.” Still, navigating the current real estate market is tricky, especially when it seems like the status quo is shaky and bank failures are making everyone circumspect. That’s why we’ve taken a hard-numbers look at the scene so you can know whether it’s time to buy or sell—or stay right where you are.
By the Numbers
- Active Listings* 450
- Median Sales Price* $605,250
- DOM** (Feb ‘21): 21
- DOM (Feb ‘22): 13
- DOM (Feb ‘23): 43
- Active Listings: 358
- Median Sales Price: $517,500
- DOM (Feb ‘21): 14
- DOM (Feb ‘22): 11
- DOM (Feb ‘23): 48
- Active Listings: 50
- Median Sales Price: $652,500
- DOM (Feb ‘21): 4
- DOM (Feb ‘22): 6
- DOM (Feb ‘23): 54
- Active Listings: 133
- Median Sales Price: $557,450
- DOM (Feb ‘21): 12
- DOM (Feb ‘22): 13
- DOM (Feb ‘23): 52
Cherry Hills Village
- Active Listings: 8
- Median Sales Price: $3,991,750
- DOM (Feb ‘21): 66
- DOM (Feb ‘22): 8
- DOM (Feb ‘23): 72
*In February 2023
**Average days on market
Source: Denver Metro Association of Realtors
Denver’s Real Estate Market Is Finally Cooling Off. What Does That Mean for Buyers and Sellers?
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6.5%: Average rate for a 30-year fixed mortgage as of February
That number is waaaay up from a record low of 2.67 percent in December 2020, but rates could dip later this year. “Get into an adjustable-rate mortgage while housing prices are low and refinance later,” advises Anna Centron, a broker associate with the Denver office of brokerage group the Agency. “If you’re waiting for record low rates, your purchase price is going to be higher than what that interest would have done to you.”
Mile-High Living: Repair, Replace, Renew
Rae Barber and her husband, Jimmy, sold their East Colfax home and then zeroed in on a fixer-upper in Lakewood.
“I’m a real estate photographer in the area and have worked with a local agent to capture the homes he’s listed. When I saw what he did to clean up a house and how much time and effort he put into listing a home behind the scenes, I knew I wanted to work with him when we decided to sell our home.
We started in February 2022, and following our agent’s instructions, we painted most of the walls, moved out and had it staged, and had it photographed by an artistic photographer. We were able to get our ranch-style home ready to list just in time for last spring’s crazy-hot market. The house was listed in March, and we had, like, 75 showings and a ton of offers; it was incredible. We got a few high offers that we never dreamed of getting, so after accepting one we were able to bide our time in looking for a new home. We ended up renting for a few months because the market was so competitive. We put offers down on two houses that weren’t accepted, so we took a step back. Then, in June, we found an awesome ’70s house on the west side of town with so much more room for our two kids. We’re just lucky the market died down a little by then, or I don’t think we could’ve made this happen. The house was definitely more reasonably priced in the cooler market. We were actually in California when our agent found the house for us, and his team gave us a FaceTime tour, so I guess you could say we bought it sight unseen. Jimmy flew out the day after our offer was accepted, and we officially moved in this past August. We’ve spent the past seven months renovating, and we’re almost done.” —as told to BU
When mortgage rates soared halfway through 2022 and buyers dropped out of the market, sellers were forced to make tough decisions.
Judging 2022’s real estate market as a whole is a knotty proposition, especially considering how antithetical the first half of the year was compared with the second. While mortgage rates began 2022 on a steady climb, in late spring they surged and potential buyers got squeamish. “I had a listing the week before Easter, and the number of showings just dramatically dropped off,” says Colleen Covell, a broker with Denver’s MileHiModern. That shift led to a steady decrease in the median sales price, resulting in a market that’s more buyer-friendly. “In the first half of the year, I had clients who had to bid $350,000 over ask in cash,” Covell says. “In the fall, I got a client who was a twentysomething first-time homebuyer under contract for $440,000 under ask. It was just so diametrically different.”
Still, the market has historically been seasonal, and while median close prices have been trending upward again in the first part of 2023, local experts expect competition to increase rapidly beginning this month. For sellers, that means they should list their homes as soon as possible, according to Andrew Abrams, broker and owner of Denver-based Guide Real Estate. But sellers need to be strategic: If you’re already locked into a low interest rate in your current abode, you can expect to pay a higher mortgage rate on your next home, which may or may not be a concern, depending on whether you sell your current home at a profit. “Selling right now is fine to get the equity out of your house,” Abrams says. “But you still have to think of the next step, which is, ‘Where are you going?’ ”
A 2020 study by the National Community Reinvestment Coalition reported that Denver was the second-most-gentrifying city in the United States from 2013 to 2017. As a veteran real estate agent and president of Denver Public Schools’ Board of Education, Xóchitl “Sochi” Gaytán has witnessed the displacement firsthand—which is why we asked her to explain how gentrification is affecting the city and its schools.
5280: Who is most impacted by gentrification?
Xóchitl Gaytán: At the height of Denver’s gentrification, we were seeing older folks in historical neighborhoods selling their homes to make some cash for retirement. [They and their adult children] would then look to buy but could only afford homes farther north or east into Aurora, Westminster, Broomfield, and beyond. This essentially dissolved so many communities of color [within Denver proper]. Now, I’m seeing [those same] families who can’t afford their [new] neighborhoods moving toward southwestern Denver. It’s what I call the slow creep of gentrification. Lower-income families are being pushed around the metro area depending on which areas are hot spots.
Why did you decide to run for the Board of Education?
As a bilingual Latina woman, I attracted a large client base of Latinos. I’ve also lived in Denver nearly my entire life and have lived for 20 years in Harvey Park, where I raised two boys. I saw what gentrification was doing to my clients and my neighbors, and I saw what reform policies in education were doing to Denver Public Schools. I eventually ran for the Board of Education to try and create change at a higher level. Housing, poverty, and reform policies in education are all interconnected and are negatively affecting our communities of color.
What does education have to do with gentrification?
Education reformers made an effort to go after southwest and northeast Denver, where communities of color predominantly lived. In my district, we saw our neighborhood schools become charter schools over the last 15 years. That led to lower attendance at public schools—and, so, fewer resources, because funding is dependent on the number of students enrolled in a school. Plus, charter schools usually market themselves better. Public schools heavily influence where people decide to live, and driving them out can drive out working families.
What needs to be done to combat gentrification?
I’m not against development, but I do think we need to consider smart development where we’re considerate of people of all backgrounds. We need to create housing for our unhoused communities, low-income housing, and housing assistance for all buyers. I’m grateful we have the Colorado Housing and Finance Authority, but I think legislators should work on assistance options and rent stabilization protections for low-income earners and working families so that they can build generational wealth.
Mile-High Living: A Lessee’s Woes
If buying a home is tough, renting should be a breeze, right? (Right?!)
Thirteen-year-old me would’ve imagined that, as an adult, I would be living in one of those high-end lofts by Union Station. This past summer, however, 23-year-old me found myself living in my mother’s basement. In a desperate attempt to escape that sorry situation (and the spiders I kept finding in my sheets), I spent my days refreshing property management websites for something, anything, within my budget. When a two-bedroom, 1,000-square-foot apartment priced at $1,300 appeared, I applied immediately. Because the University-area unit was listed by one of the largest property management companies in the metro area, I trusted the process would go smoothly if I actually got the place. An acceptance letter and a signed lease later, my Pinterest board became cluttered with apartment design inspo. But 10 days before my move-in date, I received a phone call. “Sorry about this,” the leasing agent said, “but someone else actually signed a lease weeks before you did, and we just found it. How about another unit in the building for $1,600 instead?” Unless I wanted to go without electricity or internet, I couldn’t swing an extra $300 a month. I was crushed—and crawled back into bed with the spiders and hit refresh on my computer. I found another option shortly thereafter right across the street, but I had to settle for nearly half the square footage and in-building laundry machines that somehow are always out of order. Maybe one day I’ll call that LoDo loft my own, but until then, I’ll be in my humble, 500-square-foot, $1,400 abode with a weird smell I can’t find the source of. —BU
Mile-High Living: Stretched Thin
Marissa Morrison has a good job with a stable income—but renting in Denver’s ridiculously expensive apartment market is still far from easy.
“I moved to Denver from Florida in April 2021 and found a dream apartment in Englewood for $1,500 per month. When time came to renew my lease last January, my rent was increased to $1,630. An extra $130 a month doesn’t seem like a lot, but I definitely had to start working more in those first few months of living under my new lease to make sure I could do it. I realized I was living below my means, so by cutting some unnecessary expenses, I was able to make it work. This past January, my rent got increased again by another $100. There was really not much I could do, as I realized that other apartments in the area were going for even more money, so I was ready to re-sign. I ended up getting really lucky because I realized my complex was offering a top floor unit, with the same layout and square footage, for cheaper than what they wanted me to re-sign for. I ended up signing a lease in that unit and am moving upstairs. I like this building, and I like Englewood, so I’m glad the rental market is starting to die down a bit so I can afford it here. Still, this is probably my last year in Denver. Florida’s rental rates are about the same as Colorado’s, but I am not a cold-loving gal.”—as told to BU
All signs point to a drop in rental rates. That is, until a new city policy changes everything.
Unless a $2,000-per-month Cracker Jack box is just what you’ve been looking for, finding a livable (read: reasonably clean), affordable apartment in Denver is nothing short of a soul-sucking experience. Rental prices surged nearly 18 percent from 2017 to 2022, according to a report by national rental company Apartment List, making the metro’s median rent around $1,700 for a one-bedroom apartment.
But while the Mile High City has been pricey for years, Scott Rathbun says we’ve reached a turning point. Rathbun, who is the president of Denver-based firm Apartment Appraisers and Consultants, explains that although you can still expect to see ridiculously expensive studios, rent growth slowed considerably by the end of 2022.
Why? The reason is twofold: Colorado’s once-skyrocketing population growth is slowing, leading to less demand for rental units, and developers who scrambled to answer demand from a few years ago are only now finishing construction on apartment buildings we no longer have enough renters to fill.
Still, a policy approved by the Denver City Council last year could flip the trend. The Expanding Housing Affordability policy, which passed in June 2022 and took effect immediately, requires all new developments larger than 10 units to designate at least eight to 12 percent of their units as affordable. To qualify, prospective lessees cannot make more than 60 percent of Denver’s median income, which is around $49,000 for a one-person household. Experts like Drew Hamrick, general counsel for the Apartment Association of Metro Denver, think the current parameters don’t benefit all Denverites in need of housing, like teachers and firefighters, who can’t afford Denver’s median rent but make more than 60 percent of the median income. (The policy does include an opt-out fee for developers, with funds benefiting more affordable housing options.)
While the city is handing out a few incentives to building owners, such as flexible parking requirements, Rathbun says it’s not enough. “Don’t get me wrong, I’m all for affordable housing,” Rathbun says. “But the ordinance is all stick and no carrot. In order to subsidize those below-market rents, [landlords] would have to charge other renters above-market rents to offset the costs.” This could mean that the modest reprieve Denver renters are expecting could vanish before it ever fully arrives.
First-Timer Buyer’s Guide
Navigating the ever-changing real estate market is confusing for everyone, but it’s especially so if you’re a rookie homebuyer. That’s why we asked industry experts for their top three tips for newbies.
Look for Down-Payment Assistance
Many down-payment assistance programs are available for first-time homebuyers, says Brian Murphy, manager of Front Range Mortgage. Other than Federal Housing Administration (FHA) loans, which allow for lower credit scores and down payments, the Colorado Housing and Finance Authority offers grants for up to three percent of your mortgage. Plus, each city and county you’re looking to buy in likely offers programs of their own. Visit the U.S. Department of Housing and Urban Development’s website for more information.
Shop Around for Lenders
Don’t stick with the first rate quote you get from a lender. It pays to look at multiple options, says Susan Thayer, real estate agent and co-owner of the Thayer Group. In fact, according to a February study by Freddie Mac, borrowers who got two rate quotes saved $600 annually, and those who put in the work to get more than four rate quotes saved around $1,200 on average.
Don’t Stretch Your Budget Too Thin
Over the past 20 years, Fannie Mae and Freddie Mac have approved loans of 40 percent or more of a buyer’s income. Still, Murphy recommends evaluating what you can comfortably afford, with input from financial professionals. That might mean skipping that dream house that’s out of your budget. “We’re not our parents, and we no longer have to stay in our first home forever,” the Agency’s Anna Centron says. “Make money on this first property so you can move up to the next price range.”
Mile-High Living: Home Sweet Home (For Now)
Emily Bath and Trevor Bain just bought their first home in Denver’s Sunnyside neighborhood, and the current market delivered some pleasant surprises.
“We’ve been renting for the past five years and were just over living in an apartment. We started looking to buy last October and knew nothing about the market. Luckily, we have a good friend who’s in real estate. We decided to start searching about six months before our lease ended, because we had heard how difficult it could be. It was important for us to still be near our jobs downtown, and when you’re looking that close to Denver, it can be tough to find inventory within your budget. Our budget was around $750,000. With the market slowing down toward the end of 2022 and into 2023, we actually ended up finding our home a lot quicker than we thought we would. Thankfully, we never ran into those stories you hear about having to fight 10 other offers; there just wasn’t much buyer competition out there. Interest rates were definitely volatile for a while, and the rate actually went up during our closing process. But we realized how important it is to set a budget and look more at your monthly payment rather than just the close price. I’m really happy with our new home in Sunnyside, even if we consider it a starter home. I can see us being here for the next 10 years at least. If we ever decide to have a family, it gives us room to grow into it. That was important to us; we didn’t want something we could only live in for five years before having to do this all over again. We’re in a good spot.” —as told to BU
4 Things Sellers Should Know
If you missed the buying frenzy of early 2022, don’t panic. We’ve enlisted the pros to help you know what to do before your house hits the market.
1. Time It Right
Predicting the future of the real estate market ain’t easy, but Guide Real Estate’s Andrew Abrams says he expects the market to slow way down in late summer this year. “Things generally start slowing down as people prepare for their kids to go back to school,” Abrams says. “May and June are the ideal months to sell a home.” Translation: If your home isn’t already on the market, you need to hustle up.
2. Emotionally Detach
Selling your home can be as painful as saying goodbye to your first car, the Thayer Group’s Susan Thayer says. But you need to stow away those treasured memories of your little one taking her first steps in the living room, because it will make the process of selling easier—on everyone. “Say you’re showing your home, and someone doesn’t like the kitchen,” Thayer says. “Try not to be offended but instead look at how to make your home more appealing to buyers.” That might mean painting over the spot where you charted, in pencil, how tall your kids were getting or replacing those light fixtures you and your SO installed yourselves.
3. Price Accordingly
Don’t waste time pricing your home ridiculously high in the hopes that a naive buyer will forget it’s no longer 2021 and throw a huge offer at you. “Your agent should pull comparable homes that were sold in the last 90 days in your area,” says Jason Cummings, a broker associate with Compass, “and price your home based on numbers.” That means trying to place a price tag in the median of comparable homes—you don’t want it to be a steal, but don’t try to set any records either.
4. Market Wisely
It’s the 21st century, so homebuyers are searching sites like Zillow and scrolling through social media to find their next homes. They aren’t often driving by your bungalow and picking up the flyer from your “For Sale” sign. That’s why Cummings says you should make sure your agent is social media savvy and understands things like marketing (printing out flyers isn’t enough), photography (no, your iPhone photos won’t cut it), and staging (this means more than just making your bed).
Buyers haven’t been able to catch a break in Denver’s relentless market for years, and we’ve had enough. Forgive us if we’re salty. —Lindsey B. King
Times have changed. We know you thought you’d have five above-asking-price offers before the for-sale sign even hit your yard. We know you’d already spent that cash windfall in your heads. And we understand that the whole thing feels like whiplash. After all, how can the local real estate landscape have changed from what seemed like an hours-on-the-market sensibility in 2021 to a reality where Mile-High homeowners are waiting, on average, 43 days to get solid offers on their listings in 2023?
Honestly, though, it’s a little difficult to feel sorry for you. OK, it’s impossible to feel sorry for you. Especially because you seemed to relish the position you were mostly just lucky to be in. Yet you bilked us. You wouldn’t make concessions, saying ridiculous things like, “So what if the AC unit is from 1995?” You forced us to waive inspections on homes with wiring that dated to the Truman Administration. You smirked a greedy smirk and tapped your fingers together when the bidding wars began.
Well, the situation has evolved, and local real estate agents say that, for the time being, we have all of the choices right now. And, maybe even more importantly, we have time—something there was so little of in 2021 and early 2022. Time to think; time to shop around; and time to make you sweat. That’s right: We might actually love your Baker neighborhood Tudor, but that bungalow in Rosedale isn’t bad, either, so…we’re not going to do what you all think we’re going to do, which is freak out and make some silly sky-high offer that literally mortgages away our futures. Nope, your house may sit on the market for a month or even two. You might have to settle for (gasp!) asking price. And, what’s this? Oh, yeah. This is a loan. Sorry, we didn’t have cash on us.
P.S. Yes, we know: We would’ve done the exact same things you did if we’d been in your position.
Are home prices dropping in Denver? Yes, home prices in Denver have fallen over the past year or so. According to the Denver Metro Association of Realtors, the median sale price in April 2022 was $624,950. By January 2023, that figure was $536,500 — nearly $90,000 lower.What does it mean housing market cooling off? ›
Is the Housing Market Cooling Off? The housing market has been on an upward trajectory in recent years. However, rising interest rates, slowing sales, and slower home price rises indicate a cooling market.Will home prices drop in Colorado in 2023? ›
While prices may dip a bit lower than current levels, they won't plummet; Colorado's housing inventory is still simply too low. For buyers who can afford the mortgage rates (or better yet, pay in all cash), 2023 is a time to use your leverage.Will housing prices drop in Colorado? ›
Home Prices. Some experts predict that due to low inventory, home prices won't drop in 2023. While others believe that due to the higher interest rates, sellers will lower their prices to current levels.Is Denver a buyers or sellers market? ›
While the trade organization still describes Denver-area real estate as a “sellers market,” many sellers considering moving from one home to the next are waiting to list their properties, hoping interest rates drop.Is it a good time to buy a house Denver? ›
Denver Colorado Real Estate Investment Markets. Investing in Denver's real estate can be a worthy investment due to a steady rate of appreciation. There are many reasons why the Denver real estate market is going strong today and is certain to remain strong for years to come.Why would a house go from active to off market? ›
Sellers may take the house off the market temporarily because active MLS listings must be available for showings. When a home isn't available for showings, the listing agent will change its status in their local MLS to “Temporarily Off Market.”What does cooling the market mean? ›
A cooling market doesn't translate into lower home prices, it just means that prices are rising more slowly. However, because buyers are pulling back in response to rising mortgage rates on top of already high home prices, many sellers are accepting lower offers or renting their homes rather than selling.Why would a house go back to market? ›
- The Buyer Submitted Multiple Offers.
- The Buyer Is Dishonest.
- The Buyer Cannot Get Financing.
- The Buyer's Agent Made a Mistake in the Purchase Offer.
- Buyer's Remorse.
- Frequently Asked Questions (FAQs)
The most recent Homebuyer.com data indicates that, for first-time home buyers, May 2023 is a good time to buy a house. This article provides an unbiased look at current mortgage rates, housing market conditions, and market sentiment.
What Does That Mean for Buyers and Sellers? You no longer need $300,000 above the asking price in cash, but that doesn't mean buying a house in Denver is easy. The Local newsletter is your free, daily guide to life in Colorado.Is the Denver real estate market slowing down? ›
Denver's real estate market is slowing down, but a substantial lack of inventory will prevent home prices from crashing, says Bret Weinstein, CEO of Guide Real Estate. What's happening: Home prices in Denver appreciated 22% within a four-month span in 2022, Weinstein says. So it's natural for prices to come down some.Is Denver overpriced? ›
Denver, CO is One of the Most Overpriced Housing Markets in America. Demand for housing has risen sharply in 2021, and that has affected prices. According to the carefully followed S&P CoreLogic Case-Shiller Indices, home prices nationwide rose 19.1% in October, compared to the same month last year.What is going on with the Denver housing market? ›
The percent of list price received was 99.5% for single-family homes in the Denver area in March. That's a 5.9% drop from March 2022, when sellers, on average, were getting 105.7% of the listing price. Leprino said 2023 is turning out to be a good year for home buyers.Are homes selling fast in Colorado? ›
What's the average time to sell a house in Colorado?
|Average Time to Sell*||Average Price*|
|*Based on Realtor.com data (February 2023)|
In 2020, U.S. News & World Report named Denver as the second-best place to live in 2020-2021. With the city's rising popularity comes a rising cost of housing, and many people are wondering…What is the best time of year to buy a house in Denver? ›
Late Summer and early Fall are prime times to buy a house. There are still plenty of properties on the market, sellers are motivated, and there is less competition.What is the best month to sell a house in Denver? ›
The best month to sell your Colorado home is May. You can get up to $47,000 more than the average sale price by selling your home in May. Understanding the best month to sell a house can potentially help increase the number of buyers interested in your home.What is the best month to move in Denver? ›
The Best Time to Rent an Apartment in Denver
The least expensive months are between December and March. In Denver, the poorest months are from early summer to early autumn. If you are renting for short-term in the Denver area, avoid May through October.
The salary needed to live in the Denver area "comfortably" is $70,892, a new study shows.
After 90 days, most real estate agents deem that property as "stale." This stale property may get less money when it finally does sell. Why? Many buyers see a longer time spent on the market and make assumptions that there's something incredibly wrong with the home.When should you delist your house? ›
- Your financial circumstances have changed. ...
- You're getting only lowball offers—and you're not willing to negotiate. ...
- You discover a problem in the home that needs to be fixed. ...
- You have to make a home improvement.
When a seller delists a home, they're taking the house off the market. A seller might delist their home because they've decided they don't want to sell, they need to make necessary repairs to get better offers, or they plan to relist at a more advantageous time.Should I sell while the market is hot? ›
A seller in a hot market has a better chance of selling a home "as-is" without having to make major updates. Whether you, as a seller, make any significant fixes to the property before listing is best decided through a discussion with your agent to evaluate comparable properties in your neighborhood.Has the housing market slowed down? ›
After a record-breaking run that saw mortgage rates plunge to all-time lows and home prices soar to new highs, the U.S. housing market is finally slowing. Home sales had declined for 12 consecutive months through January 2023, and home values seem to have peaked.What is cold buyers market? ›
In real estate, a buyer's market is considered "cold," and a seller's market is considered "hot." When there are more homes available for sale than buyers to purchase them, those buyers are enjoying a cold market, and it's a great time to buy.Does pending mean sold? ›
Homes are listed as pending because even though they are under contract, they haven't sold yet. There's always a chance the sale could fall through – for instance, if the buyer's financing was declined.Will house prices drop if we go into recession? ›
Will house prices go down in a recession? While the cost of financing a home typically increases when interest rates are on the rise, home prices themselves may actually decline. “Usually, during a recession or periods of higher interest rates, demand slows and values of homes come down,” says Miller.Why does the price of a house decrease? ›
Some factors, such as property maintenance and improvements, are in your control. Other times, factors outside your control, such as the property market, natural disasters, and changes in your neighborhood, might be bringing down the value of your home.Will prices go back down in 2023? ›
The "slowing economy is likely to bring the yearly inflation rate down to around 4.0 percent by the end of 2023," Kiplinger predicted.
A new report from Realtor.com has pinpointed the best time to sell your house even more precisely. According to Realtor.com's research, listing your home the week of April 16 through April 22, 2023, is the best timing for a successful sale.How high will interest rates go in 2023? ›
So far in 2023, the Fed raised rates 0.25 percentage points twice. If they hike rates at the May meeting, it is likely to be another 0.25% jump, meaning interest rates will have increased by 0.75% in 2023, up to 5.25%.What is the future climate change in Denver? ›
Current climate models project that Colorado will warm by 2.5°F by 2025 and 4°F by 2050. Summers are likely to warm more than winters. Warmer temperatures will affect evaporation rates in our rivers, streams and reservoirs, perhaps making less water available for beneficial use.Why is the Denver housing market so expensive? ›
High Demand for Housing
As the population of Colorado continues to surge, the competition for housing has caused prices to skyrocket. Those looking to rent or buy find themselves paying exorbitant amounts due to inadequate supply relative to demand.
If you want to buy a house in Denver, you're going to need a big bank account. The median sale price was $554,990 in December 2022, according to the Denver Metro Association of Realtors (DMAR). (For context, the national median price in December was $366,900.)
The housing deficit in 2022 in Denver is in the range of 13,148 to 30,930 units. To meet population growth by 2028 and close the housing deficit, between 31,000 and 49,000 housing units will need to be built. Household incomes have not kept pace with rising housing costs.Does Denver have a housing crisis? ›
Per the report, the U.S. has seen a loss of 228,290 low-income public housing units. Of those, 731 were lost in Denver in the past 10 years.Is Denver growth slowing? ›
Denver County averaged a 2.4 percent annual rate of population growth between 2011 and 2019, but between 2020 and 2022 it lost population at a rate of 0.3 percent. Some worry that Colorado has lost its appeal.What is the best suburb of Denver? ›
Top Suburbs of Denver FAQs
The best suburbs of Denver, CO for families are Littleton, Centennial, and Highlands Ranch. For higher-income households, Castle Pines, Greenwood Village, and Cherry Creek Village are also great suburbs to raise children.
Higher end nice neighborhoods in Denver include Highland, Cherry Creek, and Lower Downtown. All offer some of the most expensive real estate in Denver.
|City||Median Sale Price February 2022||Feb. 2022-Feb. 2023 Price Change (%)|
|Denver, CO metro area||$574,340||-2.5%|
|The Pinery, CO||$728,700||-2.1%|
Metro Denver's average apartment rents drop by a record amount at end of 2022.What is happening to the Colorado housing market? ›
The median sales price for single-family homes dropped 5.5% from March 2022 to $599,900. Average days on market for single-family homes skyrocketed 200% from March 2022 to 45 days. Months of inventory supply for single-family homes nearly doubled from 0.7 to 1.3 months.What time of year are most houses sold? ›
Spring and summer are the best seasons to sell
Typically, sellers list their homes in the spring and summer because the weather is good, especially for people in colder climates.
The number of homes sold statewide dropped last month compared to February 2022 — 4231 properties changed hands — a drop of about 20% from a year ago. In the Denver metro area, 2537 homes sold in February 2021 — down from the 2949 homes that sold last February.How overvalued is Denver housing market? ›
The area's home price index peaked at 328.51 in May 2022 and the most recent available score dipped to 324.40 in July 2022. This regional score is also higher than the 307.44 national average, meaning buying a home in Denver is relatively expensive.Is Denver in a housing bubble? ›
Despite wavering demand due to high mortgage rates, Denver's housing market stays strong, thanks to ultra-low supply.Is it more expensive to live in Denver or Chicago? ›
The cost of living in Chicago, IL is 2.2% higher than in Denver, CO. You would have to earn a salary of $61,312 to maintain your current standard of living. Employers in Chicago, IL typically pay 3.8% more than employeers in Denver, CO.Why are homes so expensive in Denver? ›
DENVER (KDVR) — It isn't just Californians driving housing expenses in Colorado. Part of the reason homes and rent have gotten so expensive in the last few decades concerns building patterns. Demand has outpaced supply as homebuilders scared by the mortgage-driven Great Recession built fewer homes than needed.What month are houses cheapest? ›
Buy in November for a better price
The window between late fall and early winter is the best time for buyers on a budget. Keep in mind, fewer homes are for sale in the cold winter months and around the busy holiday season, so the selection of for-sale homes will be limited.
In any market, the best time to sell a house is whenever it is likely to sell the fastest. Historical data of home sales in Colorado reveal that June and July are the most promising months for sellers.What is the average house payment in Denver? ›
In Colorado, the average mortgage payment is $1,342 per month, which is $183 more than the national average.Why is rent so high in Denver? ›
Denver has fewer vacant rental units than a healthy market, according to the landlord group the Colorado Apartment Association, and that increases landlords' ability to raise prices. But vacancies have been increasing, too. If that trend continues, there may be some rent decreases in sight.How much is rent increasing in Denver? ›
|City||City||Change from Q4 2021|
|Denver||Denver||+9.3% +9.3% +9.3%|
|Columbus, Ohio||Columbus, Ohio||+9.1% +9.1% +9.1%|
|Richmond, Va.||Richmond, Va.||+8.8% +8.8% +8.8%|
|Raleigh, N.C.||Raleigh, N.C.||+8.6% +8.6% +8.6%|
The rapid home price appreciation the Denver metropolitan area has seen over the last 12 months makes it one of the least affordable markets in the country, according to new data from the Colorado Association of Realtors (CAR).Will there be a housing crash in Colorado? ›
Looking at the MSA level forecast for Colorado, we can see that Denver, Boulder, and Fort Collins are expected to experience a decline in housing prices in 2023-2024, with Denver projected to decrease by 1.6% by February 2024.Will Colorado have a housing crash? ›
While prices may dip a bit lower than current levels, they won't plummet; Colorado's housing inventory is still simply too low. For buyers who can afford the mortgage rates (or better yet, pay in all cash), 2023 is a time to use your leverage.Is the housing market in Denver slowing down? ›
In the city of Denver proper, home prices peaked in April 2022, when Denver's median sale price reached an all-time high of $650,000. Since then, prices have declined steadily, so that by February 2023 (the latest data available at the time of publication), Denver's median sale price was down to $556,125.