With the increase in mortgage interest rates, there is some concern about what is happening in the housing market. However, experts predict home sales will continue to rise in 2022 and Denver ranks 5th in the country for fastest-growing cities.
The draw to this area is not only the beautiful climate but the access to all things outdoors and amazing job opportunities.
Here is the most up-to-date information on the Denver housing market trends.
Inventory
There is a decrease in active listings in the Denver housing market compared to this time last year. However, with 1,827 current listings (according to Zillow), there are still plenty of options for prospective buyers.
Decrease in Homes Sold
In June 2022, 1,395 homes sold in the Denver area, which is down 18.8% from the same time last year.
Average Days on Market Remains Steady
The average days a home is on the market, as of June 2022, has remained the same from this time last year. The median days on market for a Denver home is just five days, (according to Redfin). Single-family homes are the fastest-selling homes on the market, with townhouses and condos taking a little longer.
Increased Median Sales Price
The median sales price for homes in Denver is $620,000 which is an increase of 12.5% from this time last year.
Highly Competitive Market
The Denver market is still highly competitive, with many homes receiving multiple offers. Some buyers are waiving contingencies to increase the likelihood of having their offer accepted and most homes sell for at least 4% over listing price, with some hot homes going for as much as 9% over listing.
Fastest Growing Neighborhoods
With 78 neighborhoods, there are plenty of options in Denver. Here are the top ten best neighborhoods to live in Denver, according to Niche.
- #1: North Park Hill, known for its affordability and high safety rating,
- #2: South Park Hill, known for its high safety rating, central location and architechural diversity,
- #3: Congress Park, known for its top-rated schools and its namesake and green space, Congress Park,
- #4: Capitol Hill, known for its artists, restaurants, clubs and bars that draw in younger crowds,
- #5: Washington Park, known for its large amounts of green space, walkability, and safety,
- #6: Wellshire, known for its highly rated schools, safety, and High Line Canal Trail,
- #7: City Park, known for its attractions such as the Denver Zoo, Denver Museum of Nature & Science, and venues such as the Bluebird Theater,
- #8: Belcaro, known for its expanse of custom homes, location, and the highly rated Stephen Knight Center for Early Education,
- #9: Cherry Creek, known for its highly rated schools, beautiful architecture, and an abundance of restaurants, shops and boutiques,
- #10: Cory-Merrill, known for its lush, green spaces and wildlife, and close proximity to Washington Park.
*Data is collected from Zillow, Redfin, Niche, local MLS, Tax Data and Realtor.com
For current listings in the Denver area, contact us at My Colorado Move.
