Denver CO Real Estate - Denver CO Homes For Sale | Zillow (2024)

FAQs

Are Denver home prices dropping? ›

Zillow is predicting Denver metro home values will drop 1.3% this year, while Colorado Springs home values will be down 0.6%. Nationally, Zillow is calling for home values to remain flat. Realtor.com predicts Denver is in store for a larger 5.1% decline in prices and a 15.3% drop in sales from a weak 2023.

Based on Redfin calculations of home data from MLS and/or public records. To compare other locations to the Denver and U.S. housing market, enter a city, neighborhood, state, or zip code into the search bar. Denver's median sale price is 41% higher than the national average.

Metro Denver remains a strong seller's market despite an increase in the number of listings this year, Zillow said. PUBLISHED: May 16, 2024 at 6:00 a.m. | UPDATED: May 16, 2024 at 7:41 a.m.

Many homes in Denver are selling fast, if you're buying plan to act quickly. Summary: During May 2024, 1044 homes were sold in Denver; 73% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

While Denver home prices have been at all-time highs throughout 2022, the S&P/Case-Shiller Home Price Index indicates that prices are starting to become more affordable for buyers. The area's home price index peaked at 328.51 in May 2022 and the most recent available score dipped to 324.40 in July 2022.

The Denver metro area ranks as the hottest housing market in the country for a second year in a row, according to a recent analysis from U.S. News & World Report.

Limited Supply: The housing supply in Denver is constrained by factors like geographic limitations and zoning restrictions. This scarcity contributes to elevated home values and rental rates, making it an advantageous market for real estate investors.

From 2010 to 2020, the population of Denver grew by almost 20%. Now, the city is facing both housing and labor shortages. Denver needs more workers to come in and fill job openings, yet it's already short 70,000 homes.

The study says people in the city need an hourly wage of $66.62 and a salary of almost $140,000 to live comfortably. While the comfortable wage across large Colorado cities is over $45 an hour, the Colorado minimum wage is currently $14.42 and in Denver, it's $18.29.

Best Time to Sell Your House for a Higher Price

August, September, and October are the best months to sell your house in Denver. The median sale price of houses in October 2023 was $622,100, which is expected to rise in 2024.

What is the average cost of a house in Denver? ›

The median listing home price in Denver, CO was $615K in May 2024, trending down -3.2% year-over-year. The median listing home price per square foot was $396. The median home sold price was $620.5K.

Denver, Colorado, is often considered a desirable place to live for many reasons. It boasts a thriving economy, a diverse cultural scene, access to outdoor recreation in the nearby Rocky Mountains, and a generally high quality of life.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March.

The fine print: Despite cooling from 2022 highs — peaking around $615,000 — Denver median home prices are still higher than they were pre-pandemic. The Denver-area median sales price was up roughly 32% from December 2019 to December 2023.

The COVID-19 pandemic hot spot of Miami experienced the largest price declines. The median home list price fell 8.2% year over year, to a median price of $550,000 in February. Meanwhile, the number of homes for sale in the metro shot up 37.4% in February compared with the same month a year earlier.

The study says people in the city need an hourly wage of $66.62 and a salary of almost $140,000 to live comfortably. While the comfortable wage across large Colorado cities is over $45 an hour, the Colorado minimum wage is currently $14.42 and in Denver, it's $18.29.

Housing Unit Deficit and Future Housing Demand: The estimated housing unit deficit in the Denver metro area for 2023 ranged between 45,025 and 115,012 housing units.

In the case of Colorado, another 82.2% gain would push the average home price to $763,309, double the U.S. average of $382,000 and the fourth most expensive after California, Hawaii and Washington. For metro Denver, the average home price by September 2030 would reach $928,267.

Rent prices trending down in Denver

“Prices may go up but should be nothing like the double-digit rent increase people were experiencing in 2021.” According to research by Apartment List, rents in Denver fell 0.5% in January compared to a 0.3% decrease nationwide. Rent is also down 1% from where it was a year ago.