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
Denver 3 For Home Price Gains Among Big Cities
According to the latest S&P/Case-Shiller Home Prices Indices report, Denver has made its way to the number 3 spot among 20 big U.S. cities for year-over year home-resale price gains.
The report also indicated the Denver area saw an increase in sales prices of 7.9 percent in May from a year earlier. That’s actually down from year-over-year gains of 8.2 percent in April, 8.4 percent in March and 8.5 percent in February, but it's still a big-enough annual increase to move Denver up a notch from fourth place in March and April to third among the 20 cities closely tracked by the Case-Shiller monthly report series.
The only places growing faster than the Mile High City are Seattle (up 13.3 percent) and Portland, Oregon (up 8.9 percent) for year-over-year price growth.
Other report highlights include:
Denver saw a 0.9 percent gain in May over the previous month, not seasonally adjusted, down from 1.2 percent in April. The 20-city average monthly price increase was 0.8 percent and the national average was 1 percent.
Denver's Case-Shiller home price index in May rose to a new record of 198.32, which means local home resale prices averaged 98.32 percent higher than they were in the benchmark month of January 2000.
Denver is indeed a hot market, but if you know where to look, there are some great deals to be found. If you’re in the market for a new home or first home, contact Metrowest today. We’d love to show you around!
DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....
Latest Blog Posts
While they didn’t make the national list, three Denver ‘hoods in Metro Denver made Redfin’s recent hot list. In fact, two are in one popular suburb! So what determines a neighborhood's ?