Denvers Home Prices Jump 22000 In 2017

Dated: 11/30/2017

Views: 395

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According to Zillow analysts, the average Denver home is worth $22,000 more today than it was a year ago, nearly twice the $12,500 the typical American home gained in value over the same period. While this may be great news for sellers looking to relocate, but due to the huge shortage of inventory, it’s not the best news for buyers.

Denver’s for-sale inventory fell 23.3 percent October to October, Zillow says. That’s roughly twice the national decrease of 11.7 percent.

Other report highlights include:

  • Denver’s rate of increase was 6.3 percent compared to the national figure of 6.5 percent, due to Denver’s high median home value

  • Denver’s median value reached $372,800 at the end of October, up from $350,8000 at the end of October 2016.

  • Median values across the U.S. rose $12,500 over the same 12-month period, hitting $203,400 at the end of October, up from $190,900 a year ago

The reason for our current situation? According to Zillow, it’s simple supply and demand. There is simply too little of the first to keep up with a ton of the latter in a country with unemployment rates under 5 percent.

To ease the lack of options and help combat high sales prices in the Mile High City, many buyers are incorporating distressed properties in the home searches. Metrowest specializes in these types of sales, so if you’re in the market for a new place give us a shout today. We’d love to show you around!

Blog author image

Ken Blevins

Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 25 years of experience in collections, foreclosure/bankruptcy, los....

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