experts: denver housing market expected to ‘slow down’ in 2022
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By Shawna Khalafi | Published on January 2, 2022
The real estate market in Denver was hot in 2021. However, Realtor.com is predicting a cooldown could be on the way for the Denver real estate market.
“For 2021, the market was absolutely out of control,” said Marion Shelton, who’s been broker in Denver for six years. “Then it started to settle down a little bit say around August, where we still were getting multiple offers on homes, but it wasn’t 30 or 40 offers at a time.”
Denver was ranked 9th on their list of top housing markets positioned for growth in 2021.
Now, Denver has dropped to number 48 on their list for 2022, with the projected sales and price grown down by almost 7% compared to 2021.
“I think Denver will ‘slow down.’ We’re still probably looking at 14-15% I would imagine on growth,” said Shelton, broker and co-owner of Century 21 Dream Home.
One trend that will likely continue into 2022 is Denver’s lack of inventory, which dropped about 33% from October to November, according to the Denver Metro Association of Realtors.
“There’s two weeks of inventory right now,” said Shelton. “So I think before you can consider even getting out of a seller’s market, you really need to be looking at about three months worth of inventory.”
Shelton said the combination of low inventory and high prices in Denver could be pushing buyers to other cities, like Colorado Springs, ranked 14th for projected growth in 2022, according to Realtor.com.