With the unprecedented growth in the Denver metro area over the past couple years, it was only a matter of time before home prices in the Mile High City jumped over the $500,000 mark. According to
Attached Homes Gaining Popularity In Denver
For many, the idea of buying a new home in metro Denver is slipping further and further away, which has many buyers turning to the idea of townhomes. For both buyers and builders alike, these types of residences can help keep costs more attainable.
The housing demand in Denver doesn’t show any signs of slowing and home prices continue to rise, which makes attached housing a more economical choice. Unlike detached homes, which stand alone, attached homes share walls. The category of “attached homes” includes condominiums, townhomes, duplexes and paired homes. Because more units can be put on the same amount of land, attached homes usually are more cost-effective to build.
Currently, nearly 30 percent (three in 10) of the new homes hitting the market are attached. That’s up from just 15.8 percent in 2012. Attached homes now hold the highest share of new-home activity since 2008, and townhomes are what’s primarily driving the surge.
According to analysts at Metrostudy, over the past year, about six in 10 of every new home that was started in metro Denver carried a price tag between $400,000 and $600,000. A record low 28 percent were priced under $400,000, the new definition of “attainable”.
Still, while townhomes are more affordable to build than single-family homes, they aren’t necessarily in the reach of families making the median income in Denver. For example, in northwest Denver’s Highland and Sloan’s Lake neighborhoods, where a quarter of new townhomes landed in the past year, the average price was $505,729 for 1,578 feet, according to Metrostudy.
Whether you’re looking for a detached property or attached residence, there are still deals to be found – you just have to know where to look. Contact Metrowest today and let one of our experienced pros help you start the process!
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 23 years of experience in collections, foreclosure/bankruptcy, los....
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