Denver Housing Market: Trends & Prices
Denver Real Estate Market Overview
(Last Updated – 03/2020)
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 over 300 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 200 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 (16th most walkable large city in the U.S.), a transit score of 47, and a bike score of 63.
Denver’s cost of living is 12% higher than the national average with housing expenses in particular being 34% higher than the average. Denver is 155 square miles and the population has grown by 16.2% in the past eight years. 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 (2022)
Overall Denver Market Trends
Home values in Denver have gone up 1% over the past year and the average home price has almost increased by 50% over the past five years. Denver continues to be a competitive housing market and homes on the market usually receive one offer. Highly sought after homes sell around the list price and normally go pending in six days.
$418,000
Avg. Home Price
$281
Avg. Price Per Sq. Ft
24 days
Avg. Time on Market
Denver Housing Market Forecast
The Denver housing market has seen high growth over the past three years, but is predicted to flatten out going into 2020 (less than 1% growth rate). The Denver market is considered one of the best long-term real estate investments.
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 seventh 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: $65,224
Median Age: 34.5
College Educated: 46.5%
Homeowners: 52%
Married: 41%
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:
15,853
Median Age:
34
Housing Units:
$11,713
Bike Score
96
Walk Score:
92
Transit Score:
66
Median Household Income:
$58,353
Capitol Hill Housing Market
Capitol Hill home values increased by 1.5% in 2019. 100% of residential housing units are within a half-mile of a park. Average home prices are 33% lower than Denver’s overall average.
The Capitol Hill housing market is expected to drop by less than 1% in 2020. Home values over the past five years have increased by 53% in this neighborhood.
Average Home Price
$300,000
Average Price Per Sqare Ft.
$374
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:
9,001
Median Age:
35.7
Housing Units:
5,268
Bike Score:
80
Walk Score:
77
Transit Score:
60
Median Household Income:
105,980
Highland Housing Market
Highland home values have increased by 2.9% in 2019. This neighborhood housing market is expected to grow 3.3% in 2020. Home prices in Highland are 33% more expensive than the overall Denver average.
Average Home Price
$619,000
Average Price Per Square Ft.
$432
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:
7,140
Median Age:
39.7
Housing Units:
4,654
Bike Score:
79
Walk Score:
83
Transit Score:
49
Median Household Income:
$159,901
Cherry Creek Housing Market
The value of homes in Cherry Creek dropped by 2.2% in 2019. This negative trend is expected to continue in 2020 with an expected 3.2% drop. The average list price per square foot in Cherry Creek is more expensive than in Denver, as are the rent prices.
Average Home Price
$716,000
Average Price Per Square Ft.
$404
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:
4,733
Median Age:
31
Housing Units:
1,940
Bike Score:
92
Walk Score:
70
Transit Score:
63
Median Household Income:
65,966
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
$487,000
Average Price Per Square Ft.
$460.15
Downtown / Lower Downtown (LoDo)
As the second most walkable neighborhood in Denver, you’ll surely get plenty of exercise in the Downtown neighborhood. This is a populous area of Denver, with a little over 15,000 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:
10,320
Median Age:
32
Housing Units:
$5,976
Bike Score:
94
Walk Score:
91
Transit Score:
89
Median Household Income:
$73,839
Downtown/Lower Downtown Housing Market
Lower Downtown Denver has been found to be the 11th most expensive neighborhood to live in when analyzed against major U.S. cities.
Average Home price
$574,800
Average Price Per Square Ft.
$478
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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