Denver Housing Market: Trends & Prices

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    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)

    $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.

    Housing market forecast chart

    *Graph taken from Zillow as of 7/2023

    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%

    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.

    Learn more


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