The Denver real estate market may be reaching an inflection point after years of rising home values as buyer demand adjusts to rising mortgage rates. We look into the current market trends for buyers and sellers.
Read MoreWhile May provided some bright spots for metro Denver’s home sales market — namely more new listings than April for buyers to choose from — the market still “feels off,” according to the Market Trends Report released by the Denver Metro Association of Realtors Saturday.
Read MoreNo doubt, that market has shrunk. Last month, just 450 homes — including houses, condos, duplexes and townhouses — closed in that price range. That’s down by 807 closings in May of 2022.
Read MoreDespite close to 7% mortgage rates, limited supply drove home prices higher again in May.
Last month, all properties sold in metro Denver had a median closed price of $595,000, up from $580,000 in April. May was the third month in a row to record price increases.
Read MoreThe Westchester housing market continues to exhibit a high demand for properties while inventory drops to a record low.
Read MoreProperty assessors for nine metro Denver area counties announced on Wednesday that property valuations, which help determine how much homeowners pay in property taxes, saw double-digit increases in their biannual assessment.
Read MoreAccording to the Census Bureau’s 2021 American Community Survey 5-Year Estimates, Denver is now the 19th biggest city in the United States, with a population of 711,463, as of 2021. Denver has witnessed dramatic growth in recent decades. From 1990 to 2021, Denver’s population increased by 52.1%, from 467,610 to 711,463. As with cities of the Pacific Northwest and West Coast in general, much of Denver’s growth over the course of the 2000s and 2010s was due to a large influx of Millennials.
Read MoreIt’s a statistic that, not long ago, homebuyers could have only dreamed of: The median price of a single-family home in the Denver area dropped by more than $90,000.
Read MoreThe median home sales price for the Denver metro area was $536,500 in January, down 1.11% year over year.
Read MoreWith little to choose from on the market, a lack of supply and an increased demand has caused home prices in the Nutmeg State to increase 10 percent in the last year alone, according to Zillow. Sellers know that serious buyers will pay more to get into a market that has pushed many home-buying hopefuls out, and the prices reflect that.
Read MoreHome prices in metro Denver, the largest housing market in Colorado, are falling as rising interest rates continue to cool demand. But prices aren’t collapsing and are still high enough to shut a lot of buyers out of the market.
Read MoreLocal real estate experts predict that 2023 will bring more balance to the metro Denver housing market.
Read More2022 represented a major shift in Denver’s real estate market.
The Colorado housing market had already been hot for several years prior to the pandemic. Then COVID-19 hit, and throughout the next two years, the market exploded as interest rates dropped, and buyers flooded the market.
Read MoreRealtor.com®'s Market Trends Report(link is external) in November shows that the largest year-over-year median list price growth occurred in Milwaukee (+38.1%), Memphis (+26.9%) and Miami (+24.8%). Phoenix reported the highest increase in the share of homes that had prices reduced compared to last year (+28.4 percentage points), followed by Austin (+23.8 percentage points) and Denver (+21.0 percentage points).
Read MoreIf “hot” was the overused word to describe the U.S. housing market in 2021, then lukewarm to outright freezing might best describe how the market fared overall this year.
Read MoreThe housing market moved further in the direction of buyers last month as the markets that cooled the fastest in response to quickly rising interest rates and home prices continued to moderate, according to the Knock Buyer-Seller Market Index released today. At the same time, many strongholds show no sign of slowing down and some are expected to gain momentum over the next year.
Read MoreThe Denver housing market is one of Colorado’s most active as the state capital is home to many employers and is one of the Mountain West’s largest cities.
People also have been flocking to the Mile High City from more expensive cities in search of a cheaper cost of living and to work remotely in the Rocky Mountains.
Read MoreProperties are being listed for longer, and home prices are up nearly 5% from this time last year. Sellers, as they typically do, are waiting till the New Year to put their homes on the market.
Read MoreThere's no doubt the Denver metro's housing market is cooling, as mortgage rates that more than doubled since January have dissuaded potential homebuyers.
Read MoreThe year-to-date Ridgefield real estate market is a mixed bag of results due to a lack of inventory. While we had a strong third quarter, the number of sales - and as a result - the overall sales volume, was down 24% and 19% respectively over the same time in 2021. However, the good news is that prices are holding steady.
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