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Denver Takes Top Spot For Rising Home Prices Since Great Recession
According to a recent report from ATTOM Data Solutions, median home prices in the Denver area have risen by a greater percentage than other U.S. city since the Great Recession, which officially began on December 2007.
Of the 149 metro areas analyzed by the service, Greeley finished first, with prices 87 percent above pre-recession peaks — even higher than Denver's 80 percent. Fort Collins wasn't too far behind, with a bump of 76 percent.
ATTOM sets the median tag in the Denver metropolitan statistical area (MSA) for the second quarter of 2019 at $408,000, which is different metric than the Metro Denver Association of Realtors (DMAR), who lists the average sold price at $499,807. However, ATTOM's figures indicate how much prices have skyrocketed over the past decade-plus. In the first quarter of 2005, for instance, the median Denver home price was $213,000, and it bottomed out in the first quarter of 2009 at $167,500.
After releasing the numbers, ATTOM acknowledged there are signs indicating that Denver may be shifting to a buyer's market, the transition hasn’t taken place just yet.
In the Denver-Aurora-Lakewood MSA, the seller's gain (the difference between the median purchase and median sales prices, which reflects how much the typical seller earns on a transaction) currently stands at $133,000, nearly double the national average of $67,500. And that's modest compared with Boulder, where sellers are typically reaping $194,741. While those numbers may seem impressive, they are actually down about five percent year-over-year.
Multiple factors, including regional employment, wages, cost of living, property taxes, politics, reputation, demographics, and lifestyle all play a role in Denver’s home prices.
With a possible shift looming on the horizon, now may be a great time to get your ducks in a row and start checking out what Denver has to offer. If you’re ready to become a homeowner, contact Metrowest today – we’d love to show you around!
I was raised and spent most of my life in Denver, Colorado, but a quick fun fact … I was actually born in Vicenza, Italy! My professional career path has continuously centered around serving people ....
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