Higher interest rates and for-sale prices may be a barrier, but for those ready to plunge into home ownership, the best advice is to get educated.
Read MoreBuying and selling a home in Denver is beginning to look much different in 2023 than it has over the past few years. The Mile High City was booming well before the pandemic as newcomers flocked here to be close to the mountains and enjoy the laid-back lifestyle in one of the best places to live in Colorado.
Read MoreIn the Denver metropolitan statistical area, though, even waning demand can’t alter the market much – not with the ultra-low supply the area is dealing with. In fact, despite the changes today’s higher mortgage rates have ushered in, Denver still ranks as the fourth-strongest housing market in the nation, according to the U.S. News Housing Market Index.
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 MoreIf you’re house hunting, there are plenty of homes available in Colorado — nearly 10,000 at the end of March, which is up 41.8% from a year ago.
Prices are a bit lower, too.
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 MoreDenver home buyers are still facing a shortage of properties to purchase.
Read MoreThe median home sales price for the Denver metro area was $536,500 in January, down 1.11% year over year.
Read MoreJanuary may have been one of the coldest and snowiest on record, but despite the chill, Denver’s housing market started to thaw out. Buyers closed on 2,041 homes and condos in January in the 11-county metro area.
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 MoreThe housing market is cooling as consumers grow weary of higher mortgage rates. In December, the number of newly-listed homes sold had fallen about 37% from a year ago, according to Redfin data.
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 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 MoreA favourable geographic location, an educated workforce, strong connectivity and a high quality of life are working in Denver's favour when it comes to attracting investment.
Read More“As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month,” Khater explained in a statement. “In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward.”
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