Denver Housing Market: Trends & Prices
Denver Real Estate Market Overview
(Last Updated – 7/2023)
Situated at the foot of the Rocky Mountains, the mile high city of Denver has become one of the fastest growing cities in the United States—with the population recently topping over 700,000 people. The Denver climate offers mild winters and warm summers, giving the city bragging rights for having about 245 days of sunshine a year. Alongside plenty of sunny days, Denver has had one of the hottest real estate markets in the country over the past few years.
It’s no wonder people love Denver; with over 250 parks in the city and 14,000 acres of parks nearby, it is an outdoorsman’s paradise. As the 19th largest city in the country, Denver has a walkability score of 61/100, a transit score of 45/100, and a bike score of 72/100 (it’s the 5th most bike-friendly city in the U.S. and Canada).
Denver’s cost of living is 10.5% higher than the national average, with housing expenses in particular being 35.9% higher than the average. Denver is 153 square miles and the population has grown in the past 10 years, although that seems to be leveling off. Keep reading to gain insight into the Denver real estate market including average home price, market forecast, and more.
Recommended: Cost of Living in Colorado (2023)
Overall Denver Market Trends
While home values in Denver went down by 2% in May 2023 compared to last year, Denver continues to be a very competitive housing market.
Typical homes in the area usually receive multiple offers and go pending in around seven days. Highly sought after homes sell around 2% above the list price and normally go pending in only around four days.
$600,000
Avg. Home Price
$381
Avg. Price Per Sq. Ft
8 days
Avg. Time on Market
Denver Housing Market Forecast
The Denver housing market has seen high growth over the past six to seven years, but this has flattened out in more recent years. The Denver market has a history of being considered one of the best long-term real estate investments, which has created affordability problems for interested buyers.
Demographics of the Denver Market
Denver is a very unique city with a mix of different residents. It is a highly-educated city and considered the ninth healthiest city in the country—which should come as no surprise considering the amount of parks to explore. Here are some fast facts about the demographics of Denver.
Median Income: $78,177
Median Age: 35.3
College Educated: 52.5%
Homeowners: 49.6%
Married: 41.7%
Popular Denver Neighborhoods
Denver has 78 different neighborhoods that boast different unique offerings, meaning there is more likely to be an ideal neighborhood waiting for you. Here are a few of the most popular neighborhoods to purchase a home in Denver.
Capitol Hill
Capitol Hill is the most populated Denver neighborhood that happens to perfectly combine history with modernity. For foodies, there are a ton of hip new restaurants and bars to choose from. Parking is notoriously tough in this area, but luckily, “Cap Hill” is the most walkable neighborhood in all of Denver.
Quick Facts
Population:
11,540
Median Age:
34
Housing Units:
8,474
Bike Score
96/100
Walk Score:
94/100
Transit Score:
60/100
Median Household Income:
$92,704
Capitol Hill Housing Market
Capitol Hill home values increased by 1.5% in May 2023 compared to last year. The market here is considered very competitive.
Many homes in Capitol Hill receive multiple offers and go pending in only around five to 10 days.
Average Home Price
$383,000
Average Price Per Square Ft.
$441
Highland
This neighborhood is filled with bookstores, galleries, and great restaurants. Public transportation is easily accessible and Highland is very bikeable. 72% of Highland residents over age 25 have a college degree (22% higher than the Denver average).
Quick Facts
Population:
10,285
Median Age:
34
Housing Units:
5,949
Bike Score:
89/100
Walk Score:
85/100
Transit Score:
55/100
Median Household Income:
$129,887
Highland Housing Market
Highland home values dropped by 9.84% in May 2023 compared to last year, but they still remain much more expensive than the overall Denver average.
In this very competitive housing market, many homes receive multiple offers. Homes sell on average between four to 11 days.
Average Home Price
$721,000
Average Price Per Square Ft.
$540
Cherry Creek
If you like to avoid driving, then Cherry Creek may be the walkable neighborhood for you. This area is known for being both pedestrian- and bike-friendly, with plenty of opportunities to literally “run” errands if you so wish. It’s also a very family-friendly area, with over 200 licensed child care spots to choose from.
Quick Facts
Population:
8,061
Median Age:
38
Housing Units:
4,942
Bike Score:
82/100
Walk Score:
81/100
Transit Score:
45/100
Median Household Income:
$139,734
Cherry Creek Housing Market
Cherry Creek is one of the more high-ticketed neighborhoods in Denver. The value of homes in Cherry Creek rose significantly in May 2023, up 21.6% compared to last year.
A very competitive housing market, homes in the area typically go pending in only four to seven days. Hot homes also sell for about 2% above list price.
Average Home Price
$1.76 million
Average Price Per Square Ft.
$484
River North Art District (RiNo)
Art and food lovers alike will have luck in the RiNo neighborhood of Denver. Thanks to recent development efforts, there are tons of great music venues, art galleries, and cutting-edge restaurants to check out. Take a leisurely walk to scope out the street art and wall murals this neighborhood is known for. And don’t forget to stop by a local brewery if you get thirsty.
Quick Facts
Population:
5,183
Median Age:
31
Housing Units:
2,425
Bike Score:
80/100
Walk Score:
46/100
Transit Score:
56/100
Median Household Income:
$88,976
River North Arts District Housing Market
This neighborhood has been up and coming since 2007 when the RiNo Arts District was formed. Local artists began transforming the area from a sea of industrial spaces to an art-filled neighborhood. At that time, warehouses were converted into hip, loft-style condos.
Average Home Price
$494,000
Average Price Per Square Ft.
$404
Downtown / Lower Downtown (LoDo)
As the third most walkable neighborhood in Denver, you’ll surely get plenty of exercise in the Downtown neighborhood. This is a populous area of Denver, with nearly 17,000 residents calling this neighborhood home.
There is plenty to do and see in Downtown, as there are over 650 restaurants, bars, and coffee shops to choose from. On average, you can walk to nearly 40 of these establishments in just five minutes.
Quick Facts
Population:
16,952
Median Age:
33.7
Housing Units:
12,798
Bike Score:
93/100
Walk Score:
89/100
Transit Score:
83/100
Median Household Income:
$154,624
Downtown/Lower Downtown Housing Market
Downtown Denver is a somewhat competitive housing market. Homes typically go pending within 13 to 32 days, for between around list price or 2% below price.
Average Home price
$535,000
Average Price Per Square Ft.
$529
SoFi Home Loans
It’s easy to see why Denver has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after. If you think Denver could be your home sweet home, then you may need to consider your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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