Are you looking to buy a home or rent an apartment in Denver? You should come in knowing all you can about the housing market in this city so that you can make informed decisions about what you buy. If you already live in Denver and are considering moving and selling your current home, it is also useful to know this so that you can time your sale well.
1. Prices are Increasing
Prices for homes in the Denver area have been increasing every year for the past few years. The percentage of increase hovers a little below or above 10% every year. Additionally, the amount of homes listed at $1 million or more has increased over 10%. Most people think this pattern will be continuing, which means buying as soon as possible could be good. If you are selling, holding on to your home for a bit could potentially help you draw a bigger profit.
2. Denver Ranks Highly Among Metropolitan Areas
Among all the metropolitan areas in the United States, Denver ranks #12 on the list of most expensive places to buy a home. The average price for a single-family home in the city is pushing almost $400,000, making it comparable in price range to the New York City metropolitan area. Boston homes cost around the same amount, to give a little more perspective.
3. The Housing Market Might Be Tightening
Because home prices are on the rise, this means that homeowners might be less likely to sell their homes right now. When sellers do not think that they will have good options for purchasing if they sell their home, they are not very likely to sell. Some have suggested that they don’t expect very many more homes to be entering the market for at least the first part of 2018.
4. Which Neighborhoods to Buy-In
If you are looking to buy or sell in Denver, you will likely want to know which neighborhoods seem like they are getting more expensive and which are getting cheaper. The Ruby Hill, Harvey Park, and Mar Lee neighborhoods all showed decreases in prices through 2017. These are good spots for prospective homeowners on a budget to look. The Goldsmith, East Colfax, and Villa Park neighborhoods all showed increases in prices. This is a good sign for people who already live here and are looking to sell sometime shortly, as these trends will likely continue through 2018.
5. Loan Limits Going Up
Loan limits in Denver county will be going up in 2018. This means that if buyers have the appropriate credit scores and income, they will have more purchasing power in this coming year.
In general, 2017 was a good year for people buying and selling in the Denver area. The job market is strong and continues to grow, meaning the city will likely keep thriving and will keep getting more and more friendly to more significant population growth.