Denver, Colorado Home Values Rise Drastically Over the Last 6 Months – 2021 Market Update. The real estate in Denver is seeing way more buyers than sellers. This uneven supply and demand have driven home values way up in the first half of 2021 including the summer boom.
Denver home values
According to CoStar, Denver has seen almost a 30 percent increase in home values during the first half of the year. The average home sale price in Denver has jumped from $299,000 to $360,000. The biggest increase has been in the condo market, with prices more than doubling between January 2017 and January 2018. According to the Denver Post, homeowners are expected to make more in home sale profits during the second half of the year. Buyers and investors are expected to make $20,100 more in profits during the second half of this year. In the first half of the year, sellers were expected to make $14,200 in profits. The massive increase in home values has prompted an overall increase in sales. You can contact repcalgaryhomes for best suggestions.
Denver real estate market
Percentage of home value rises over 6 months. This graph shows the percentage of home value rises over 6 months in Denver. The grey dots represent areas that had 1-5% home value increases. The red dots represent areas that saw 10-15% home value increases. The green dot represents areas that saw 20-30% home value increases. All of these are having big home value increases in the first half of 2021. Denver is a smaller market with 5 million people and a great reputation. It is basically a smaller version of Seattle or Portland. This is showing in the home price increases. Denver is seeing bigger home price increases than Las Vegas or Phoenix. Phoenix home prices are also increasing, but not as much. It is something to keep in mind when comparing those places to Denver.
Denver housing update
According to Trulia, over the last six months, the median home value in Denver has risen 7.5% to a cool $438,950. This values the market to be 53% above the same time last year. The median sale price is also climbing with current prices reaching $420,000. In Colorado, the largest amount of sales took place in June of this year. This is likely due to a lack of homes on the market in the summertime. In the last six months, one out of every three homes sold in the city is under $300,000. This makes buying one of these homes in a booming market a great option for first time home buyers. It is important to note that these home sales and prices are only for the city of Denver. If you want to invest in property in this town, you will have to find a house outside of the city.
Best time to sell your house in Denver
-RealtyTrac: July through August Real Estate Sales Volumes and Price Growth for U.S. Cities Why home sales will continue to boom -National Association of Realtors: December 2012 Current Housing Activity Report Analysts expect the Denver housing market to keep growing through 2021 and by then you may even have some extra time to sell your house.
Denver Housing Market Low Inventory and High Demand
The condo market is heating up in Denver. Builders have built around 3,200 homes per year over the past year, and not enough buyers have been interested in them. This has limited supply and helped drive values up. Builders are focusing on building condos due to this undersupply and will continue to build more over the next few years. Demand for condos will likely increase even more as more millennials reach a certain age and they begin to think about getting into the home market. Real Estate Was The #1 Economic Driver in Denver As the stock market has recovered from its major crash in early 2019, Denver has picked up steam in the real estate market.
Why is the Denver Real Estate Market so Hot?
Home prices have been on a roll in the last six months. In the Denver area, home values have risen by over 15% over the last six months. In some areas, the real estate market has nearly tripled. There is huge demand from people who want to live in the Denver area. More than 50% of the potential homebuyers want to live in the suburbs. The city is way over-saturated. Higher demand and limited supply mean home values have risen rapidly. Some people are flipping homes as fast as they can and even apartments are quickly being snatched up. This huge rush on the market has driven home prices up. When will the Market Cool Down? There is a serious risk that the market will crash. It’s much more likely that it will just slow down.
Is the Denver Market Leveling Off?
The Denver housing market is “cooling off” as sellers are gaining some leverage. In the first half of 2021, home values continue to rise but the pace is slowing. Listings are scarce and prices are climbing higher. Does this indicate that the market is leveling off? Or, is the Denver housing market headed for a serious slowdown? Is the upside growth trend in the Denver market destined for a strong bust? Vacancy Rates Increase In Denver, Colorado Denver Home Prices Home prices in Denver increased nearly 5 percent from 2017 to 2018. By the first half of 2021, home values are only expected to increase another 2 percent year-over-year. These values are significantly lower than they were during the summer of 2018 and the summer of 2017. This is happening all over Colorado.