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
Exploring Montbello The Hottest Housing Market In Denver
While the Montbello neighborhood was hit particularly hard during the recession, it seems the area is bouncing back. According to the Denver Post, based off recent data from realtor.com, Montbello now ranks as the “hottest” suburban housing market not just in Colorado, but in the entire country!
How did realtor.com come up with the data? First they separated urban and suburban neighborhoods based on the population density of the zip codes in the 50 largest metro areas. Then, the suburban areas were ranked based on how much home prices have appreciated the past three years, how quickly listings are selling, and the increase in new households since 2000.
Montbello did well in all three areas. Over the past three years, that area has averaged a 20.6 percent annual rate of home price appreciation. Listing in Montbello came in at a nation-leading 19 days, which was 40 days faster than the average for the country.
According to the data, Montbello didn’t rank near the top for household growth; however, it is one of the few areas in Denver where new single-family construction is available. And it is one of the few pockets of affordability left in metro Denver, with the median price of a home in the area being $275,000, which nearly half of the $519,000 average home price measured for Denver.
If you’re interested in checking out the Montbello area, now is a great time. Give Metrowest a shout today – we’d love to show you around this growing neighborhood!
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