Real Estate Market Trends for Denver, Colorado
Denver is a vibrant metropolis in Colorado, offering opportunity and charm to its residents. It has been a popular destination for transplants in recent years. And, this is no surprise given its walkable and bike-friendly neighborhoods, beautiful parks, and nearby venue for outdoor adventures.
In this article, you can discover the latest real estate market trends for Denver, Colorado, the best neighborhoods to live in, and the market predictions for the near future. So, if you are looking to sell your home or explore the properties for sale in Denver, CO, read on!
Latest Real Estate Market Trends and Forecast
Denver has been experiencing rising home values since 2020 due to several new residents moving to the Mile High City. This gave the city record highs on average and median closing prices during 2022. But, the pricing trend in 2023 failed to reach the previous year’s highs.
Median Sale Price from 2019 to 2023
Denver has been experiencing rising home values since 2020 due to several new residents moving to the Mile High City. This gave the city record highs on average and median closing prices during 2022. But, the pricing trend in 2023 failed to reach the previous year’s highs.
Number of Homes Sold from 2019 to 2023
2024 is expected to continue the recent trend of transitioning from a seller’s market to a balanced one. However, prices are still above the national average and from a historical perspective. Townhouses and other attached housing are expected to remain an affordable option at prices of $300,000 to $499,999. On the other hand, premium and luxury residential properties priced above $500,000 are expected to have significant price reductions and remain listed on the market for a longer time.
However, this does not indicate that the Denver housing market is set to crash in the next few years. The city has limited space for new developments given its terrain and the nearby national forests and park. And, Denver is expected to continue to attract more companies along with the jobs that will bring in new residents. Therefore, it is expected for housing demand to, at least, remain constant and for supply to be tight, which will moderate any decrease in property value and closed deals in the real estate market.
Denver Neighborhood Spotlight
If you are looking for the best areas to look for any homes for sale in Denver, CO, here are some of the best neighborhoods to live in the Mile-High City:
Capitol Hill
Capitol Hill has a dense urban feel but without a closed-off atmosphere. The neighborhood is walkable with several restaurants, coffee shops, parks, and above-average public schools in it. It offers a short commute to most workplaces with the Central Business District right next to its northwest.
- Median home price (Dec 2023): $423,464
- Median rent (Dec 2023): $1,425
Highland
Highland has an urban atmosphere and combines the old and the new with its detached and attached homes styled in traditional architecture and ultramodern apartment complexes, condos, and townhomes. Highland is located to the immediate northwest of Lower Downtown and Central Business District, offering a short commute time to residents working there.
- Median home price (Dec 2023): $666,769
- Median rent (Dec 2023): $2,255
Cherry Creek
Cherry Creek offers an urban atmosphere to its residents. Various amenities are within walking distance, including retail stores, restaurants, fitness studios, and boutique hotels. It offers access to the Cherry Creek Trail, which provides direct bike access to Denver’s downtown area.
- Median home price (Dec 2023): $992,450
- Median rent (Dec 2023): $2,470
Country Club
The neighborhood of Country Club has a sparse suburban atmosphere. It has the highest median home price in the city. Several of the homes in this neighborhood are renowned for their design and century-old trees. Thanks to its proximity to downtown, commute times are relatively short compared to other neighborhoods in the city.
- Median home price (Dec 2023): $1,476,019
- Median Rent (Dec 2023): $1,604
North Park Hill
North Park Hill offers a sparse urban atmosphere to its residents. It’s defined by pre-1960 ranch-style houses and tree-shaded residential lots. The bike lanes on three of the neighborhood’s major thoroughfares make it easy to ride your bicycle to City Park, downtown, or Central Park.
- Median home price (Dec 2023): $656,528
- Median Rent (Dec 2023): $2,372
Washington Park
Known for its namesake park spanning 160 acres, Washington Park is a great neighborhood to live in Denver. It has a sparse urban feel that families will enjoy. And, thanks to the police station in the neighborhood, the neighborhood has one of the lowest crime rates in the city.
- Median home price (Dec 2023): $988,417
- Median Rent (Dec 2023): $2,508
Indian Creek
Indian Creek is a quiet neighborhood with an urban suburban mix feel. It boasts a low crime rate that is way below the average crime incidence in the city and country. You can find affordable housing even after a significant increase in housing prices in the area.
- Median home price (Dec 2023): $375,749
- Median Rent (Dec 2023): $1,797
Montclair
Montclair is a neighborhood in Denver offering a dense suburban feel. It gives off a family-friendly vibe thanks to the neighborhood’s above-average schools, community garden, decent bike lanes, and pocket parks.
- Median home price (Dec 2023): $661,914
- Median Rent (Dec 2023): $1,738
Sloan Lake
Sloan Lake is a neighborhood with an urban suburban atmosphere. It is close enough to Denver’s Lower Downtown and Central Business District, but far enough that you can enjoy some peace from their hustle and bustle. Residents can walk to nearby amenities and shop for what they need at home and dine out without having to drive.
- Median home price (Dec 2023): $740,456
- Median Rent (Dec 2023): $1,890
Looking for condos in Denver? Check out our condo buying guide.
Tips for Real Estate Sellers in Denver
Looking to sell your property in Denver? Consider the following tips to attract more buyers and get the best offer for your house:
Clean and declutter your home to make it more attractive to buyers
I
Depersonalize your space by hiding photos, keepsakes, and anything else personal
II
Stage your home by rearranging your furniture to make it look larger
III
Set the price of your home without it being too high or too low
IV
Work with a local real estate agent to get expert help for pricing, staging, selling, and negotiating the sale of your property
V
Negotiate with your agent regarding the real estate commission for the sale upfront
VI
Have professional photos taken for your property
VII
Get a Free Personalized Consultation with The Gonzales Home Team
Are you looking for a new home in the Mile High City or intend to list your property among the homes for sale in Denver, CO? The Gonzales Home Team can help you get the best deal for your new home or for selling your existing one. We can help you take advantage of the real estate market trends in Denver, Colorado! Contact us today for a personalized consultation!
