denver's housing market is heating back up in 2024
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By Alayna Alvarez | Published on April 14, 2024
The Denver metro area ranks as the hottest housing market in the country for a second year in a row, according to a recent analysis from U.S. News & World Report.
What the report says: The metro area "retains a mix of strengths including low unemployment, few mortgage delinquencies, low rental vacancy rates for investors and a positive ratio of building permits to job growth."
By the numbers: The median closing price of single-family homes in the Denver metro area last month was $595,000, up 5% from $565,000 in March 2023, according to the latest data from REcolorado.
Buyers are snapping up homes faster as inventory increases after years of tight supply. The number of new listings jumped 21% from February 2023 to February 2024.
There were 4,258 metro-area homes for sale in February compared to 5,020 last month, per REColorado's report.
What's next: For the rest of the year and even beyond, rising property taxes and home insurance could be pushing homeowners into financial distress despite them sitting on low mortgage rates or owning their homes outright, Lauryn Dempsey, a Denver-area real estate agent and broker, told U.S. News & World Report.
Denver's real estate market remains competitive, especially when it comes to the city's top neighborhoods. But the suburbs are growing in popularity — and priciness — too.
State of play: We looked to a handful of local real estate experts for their top places to live in Denver based on schools, crime, walkability and charm.
Here's what they said:
Highlands
The hip and vibrant vibes here draw in a community of young professionals with dozens of restaurants and bars to bounce between. It also has a mix of older homes with character, new modern builds, and the city's densest cluster of amenity-filled rental apartments.
It's "close to downtown but feels like a real neighborhood," Compass agent Kelly Moye told us.
Fun fact: Westword just named LoHi the best neighborhood for dining in 2024.
Washington Park
This picturesque and centrally located area boasts a blend of sought-after modern and historic homes — averaging over $1 million — along with its own mini-downtown, featuring top restaurants, shops and cafes. It also houses arguably the city's best park.
"Washington Park is the quintessential park in Denver. It's our comparison to Central Park in New York," Alex Saldana, real estate agent with Denver Property Team, said in a recent YouTube video.
Sloan's Lake
Affordable homes are hard to come by here, but this older neighborhood offers ample opportunities, particularly to buy new construction. Another major attraction is the titular lake, the largest in the city.
"This is a part of Denver that continues to be incredibly popular," so when you decide to sell your home, you can have "confidence" there will be "a line of people interested," eXp Realty's Adam Lang shared in a new YouTube video.
Cherry Creek
This elegant, upscale neighborhood is known for high-end shopping, dining options and a vibrant art scene, plus plenty of luxurious single-family homes, condominiums and townhouses along walkable, tree-lined streets.
It's an "exceptional destination for those seeking a convenient and sophisticated urban lifestyle," Gerard Langhuoth, broker at Guide Real Estate, told us.
Central Park
The city's newest, large-scale development offers lots of pocket parks and a family-friendly community. Value and space can be found in many single-family homes in the $800,000 to low $1-million range.
"Proximity to highways, schools, shops and restaurants make Central Park Denver's urban-suburban oasis," Langhuoth said.