Fondly known as the mile-high city, Denver sits at an altitude of 5,280 feet as the state capitol of Colorado. Its 300 days of sunshine each year, and proximity to the Rocky Mountains, make it a true paradise for outdoor enthusiasts.
Many residents spend summer weekends camping or hiking and winter weekends hitting the slopes. Denver has the country’s most extensive city park system, with more than 200 parks, 650 miles of paved trails, 90 golf courses, and 30 recreational centers. Denver is also well-known as a bicycle-friendly city because of its extensive bike trail system and famed B-Cycle bike-sharing program.
Culturally, the city has much to offer, including award-winning restaurants and bars and highly regarded museums and galleries. Denver is also home to 3 professional sports teams.
Denver, CO Housing Market
- In May 2023, the median listing home price in Denver, CO, was $635K, trending up 1.6% year-over-year. The median listing home price per square foot was $403. The median home sold price was $550K.
- Sale-to-List Price Ratio: 100%
- Homes in Denver, CO, sold for approximately the asking price on average in May 2023.
- Denver, CO, is a balanced market in May 2023, which means that the supply and demand of homes are about the same.
- On average, homes in Denver, CO, sell after 28 days on the market. The trend for median days on the market in Denver, CO, has increased since last month and slightly up since last year.
- Denver, CO, hosts 253 public schools rated good and higher by GreatSchools. You can also find 83 private and charter schools.
Home values in Denver, CO
Denver is a city in Colorado and consists of 79 neighborhoods. Denver has affordable condos/townhomes.
- Median Listing Home Price: $635K
- Median Listing Home Price/Sq Ft: $403
- Median Sold Home Price: $550K
There are 79 neighborhoods in Denver. Cherry Creek has a median listing home price of $1.8M, making it the most expensive neighborhood. Windsor is the most affordable neighborhood, with a median listing home price of $297.3K.
Homes For Sale in Denver, CO
There are 3,038 homes for sale in Denver, CO, with 399 newly listed within the last week. There are 4,210 rentals, ranging from $25 to $35K per month.
The Mortgage Market
After surpassing twice the 7 percent threshold at the end of 2022, mortgage rates fell at the beginning of 2023. According to the mortgage finance provider Freddie Mac, the 30-year fixed mortgage rate dropped to 6.36% in the first quarter of 2023 from 6.69% the previous quarter. Nevertheless, rates remain 1.7 times higher than the previous year (3.79%).
Although rates will continue to fluctuate in the following months, with inflation easing further and the Federal Reserve expected to pause its rate hikes soon, mortgage rates will stabilize near 6% in the year’s second half. NAR forecasts the 30-year fixed mortgage rate to average 6.3% and 6.1% in the second and third quarters of the year, respectively.
Are you looking to make your next big move?
Get connected with a trusted real estate agent who will guide you every step of the way! At Home Of Rockies, we specialize in real estate negotiations, brokerage, property investment, property management, and leases. Whether you’re buying, selling, or renting, our expertise and personalized service will ensure a seamless experience. Don’t settle for less regarding your real estate needs.
Sources:
https://www.realtor.com/realestateandhomes-search/Denver_CO/overview
