Housing

Denver Housing Market Forecast 2020

Denver Colorado Housing Market

Denver’s residential real estate market outlook is very typical of any US housing market.  Yet migration trends in the last 14 months are making Colorado cities some of the hottest real estate markets this spring. It’s good news for buyers in the Denver region, as active listings are growing.

The latest sales statistics on the Denver real estate scene is rising prices, lower housing supply and fewer new listings. With oil prices surging toward $80 a barrel, stimulus spending, tourism returning, the 2022 outlook is excellent.  Colorado home prices should exceed national price forecasts of 6% to 10% growth.

A few Realtors are citing the pandemic as drawing people into Colorado from California, Los Angeles, and Bay Area, or Chicago, Boston or New York among other locations. Those fleeing the cities, they’re finding cheaper homes in Denver, and the work from home trend is encouraging more to move to Denver or at least search for Denver homes for sale.

And when homebuyers explore the Denver region, they begin learning about the lifestyle offerings of Colorado Springs, Breckenridge, Boulder, Aspen and other Colorado communities. There is a reason so many people have decided to mover here during the last 10 years (180,000 new homes appearing in the last decade).

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DMAR’s latest report for the month of April home sales fell almost 3% while active listings grew 35%. New residential real estate listings are up 16.8% from March and Active listings rose 35%.

Denver home prices rose by 6.19% over last month and days on market plummeted by 31.% despite more active listings being present.  Detached single house supply jumped 46% while prices only rose by 3.6%.

Denver Median Home Prices. Screenshot courtesy of DMAR.
Screenshot courtesy of DMAR.
New home Listing history for Denver Resale Market. Screenshot courtesy of DMAR.
New home Listing history for Denver Resale Market. Screenshot courtesy of DMAR

9News in Denver Covers the Latest Trends with a panel of Realtors.

Average Home Prices Denver CO

Year to day home stats comparison. Screenshot courtesy of DMAR.

For home sellers, the price trends could not be more promising. Is a forecast of an average of $580,000 too outlandish for end of 2021?

Screenshot courtesy of Denver Metro Association of Realtors.
Screenshot courtesy of Denver Metro Association of Realtors.

Luxury Housing Market in Denver

The luxury market, defined as above $1 million was the most active and fortunately enjoyed a 14.6% growth in listings vs 2019. Pending sales at present are up 36.5% year over year, and for detached houses, pending sales have risen almost 41%.

Denver Luxury Home Sales March 2021. Screenshot courtesy of DMAR.

South Metro Denver Report

Listings, sales, and median prices all up in the South Denver region.

Aurora CO Housing Market Snapshot

Given the pandemic outmigration from Denver, it’s not surprising to see Aurora’s single family listings dry up and prices rise 11.4% year over year. New listings were up but were not on the market long as DOM fell by almost 60%.

Screenshot courtesy of Denver Metro Association of Realtors.
Colorado Real Estate. Screenshot courtesy of the Colorado Association of Realtors.

Looking for stats on Los Angeles housing market, San Diego housing market, Houston housing market or on California’s housing market? Stay up on what’s happening in Miami, Tampa and the rest of the Florida housing market.

From July 2017 to July 2018, 80,000 people moved to Colorado revealing it as one of the most desirable places to work and live in the US.  With the new work at home trend, rising oil prices, fantastic lifestyle, and lots of room to grow, buyers are eager to buy a home in Denver and area.

Denver and Colorado’s oil market and tourism markets had been hit hard.  However, with the vaccinations underway, stimulus money coming, and the beginning of the full recovery just ahead, we’re seeing the end of the recession.

The city’s low unemployment rate, higher wages, and high job growth were factors drawing new people here. And it had become one of the nation’s hottest trending markets and perhaps one of the best places to buy a home.

 

What Drives Denver’s Housing Market?

Key drivers of supply in Denver include: developable land shortage, materials costs, local and state building regulations. Although some buyers are relieved at lower prices, the long term solutions for more afforable and available and desired types of housing remain suppressed. This situation may lead to prices beginning to climb along with the robust Colorado economy.

Colorado is second best for jobs and the fifth best state economy. Unemployment was at 3%, bolstered by the energy sector, however, President Trump has stated a preference for lower oil prices. That raises the correction risk for Denver housing if oil should fall to $40 a barrel. The Houston housing market would be similarly effected by a negative price forecast.

Best time for sellers to list their properties is April, May and June to access the highest periods of buyer demand. Quite a few sellers are beginning to exist desperate responses fearing a housing correction amidst US political and trade issues.

Now that interest rates have flattened and with lots of inventory, we could sales pick up in Denver. Millennial renters have more money saved and are still expressing interest in buying a home or condo. Many buyers are holding off on buying with the belief that prices may collapse further. Your realtor will need to deal with these objections.

Denver Rent Prices

Despite flagging sales, the rental market in Greater Denver is still strong. Average rent prices are holding at above $2100 a month.

What Are the Best Neighborhoods in Denver?

Spacewise Storage offered up its top 11 neighborhoods in Denver. They’re as follows:

  • Boulder
  • Centennial
  • Cherry Creek
  • Congress Park
  • Greenwood Village
  • Hampden South
  • Indian Creek
  • Littleton
  • South Park Hill
  • Stapleton
  • Superior

And Homesnack chimes in with their list of best neighborhoods:

Here are the best neighborhoods in Denver:

  1. Cherry Creek  $663,500
  2. Washington Park  $537,873
  3. Golden Triangle $418,600
  4. Lodo  $441,900
  5. Central East Denver $416,967
  6. University $546,855
  7. Stapleton $469,300
  8. Southeastern Denver $277,859
  9. Park Hill $366,040
  10. Highland $382,556

That’s a look at Denver’s housing market data, and forecast. Please do bookmark this page and share it.  People like to know more about Denver, and the influx of immigrants is what supports home prices in the region.

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