Denver Luxury Real Estate Market
Table of Contents
- Denver Luxury Real Estate Market
- First-time home buyers are experiencing a great deal of pent-up demand.
- The Denver luxury real estate market is booming and is starting to dominate the Denver market.
- The Denver luxury real estate market has been trending upward for the last few years and in 2016, was the most active market in the country.
- High demand continues among the luxury real estate buyers of Denver.
- It is not just the luxury market that is experiencing demand in Denver.
- Denver is becoming a true global city.
The Denver luxury real estate market is thriving. There seems to be no slowing for home values. Homes have appreciated at a record pace. If you talk to any luxury real estate in Denver they will tell you that they have never seen a market like this in their career. All home price points in Denver are rising in some areas by double digits month over month.
First-time home buyers are experiencing a great deal of pent-up demand.
First-time home buyers are experiencing a great deal of pent-up demand. They may not be able to afford a home without an incredibly high down payment or be approved for a mortgage. Fortunately there are lots of unique and attractive options for buyers under $1 million. They may even be able to stretch their budget with a loan that requires less than 20% down. Second Home Buyers There has been an increase in the demand for second home buyers. The demand for second home buyers has resulted in record profits for builders and increased inventory. While this may put pressure on some home values, it has also stimulated the luxury housing market. This is great news for people looking for a second home in Denver.
The Denver luxury real estate market is booming and is starting to dominate the Denver market.
Apartment Rents in Denver Denver is currently the most expensive city to rent an apartment in, right behind San Francisco. The average one bedroom apartment in Denver goes for $2,240 per month. The average two bedroom apartment goes for $2,750 per month. The Denver luxury real estate market is on fire. It is no surprise to find the average home price surpassing $700,000. The apartment market in Denver has also been doing quite well. Rents are on the rise. Rent for an average one bedroom apartment is $1,220 per month and for a two bedroom apartment is $1,940 per month. The median home price in Denver right now is $568,000. Colorado Luxury Real Estate Market News In the last few months there has been a lot of news about Denver Luxury Real Estate.
The Denver luxury real estate market has been trending upward for the last few years and in 2016, was the most active market in the country.
Even with the current affordability, consumers continue to pay record high prices for homes. The market is in such high demand that there are few homes available for sale. It is becoming increasingly difficult for even the wealthiest investors to find homes to invest in. There are not enough luxury homes for the people who have the funds to acquire the homes. Because of the high demand for luxury homes, home values continue to rise. High levels of luxury housing in Denver have created a housing shortage, causing home prices to continue to rise. A lot of homes are being listed as “sold short”, meaning there is less than 30 days of inventory on the market. This means that home prices are soaring while the supply of homes on the market continues to drop.
High demand continues among the luxury real estate buyers of Denver.
As demand continues, prices are rising at an unprecedented pace in Denver. It is because of the expensive homes in Denver that many of the sales prices are increasing so fast. These are some of the most expensive homes in the Denver area. Denver Real Estate Stats Between 2007 and 2017, the median home price in Denver is up 105%. In the last decade, the median home price in Denver has increased approximately in inflation-adjusted dollars, which adds up to a 10.8% annual increase. Today the average home price in Denver is more than $720,000. This price range is the most popular real estate for Denver buyers. People are buying the best homes for them because of the high demand and reasonable prices.
It is not just the luxury market that is experiencing demand in Denver.
The middle market or the real estate market has seen an even bigger demand. These homes that are in the $1 to $2 million range are selling fast. The list price is not a problem. That does not mean that these homes that have been on the market for weeks are selling at the price. In fact, the homes that have been on the market for weeks are selling for more than they were originally listed for. In fact, these homes that are sitting on the market are selling for $10,000 to $15,000 above the list price. Do you think that Denver Luxury Real Estate Will Continue to Boom? Denver Luxury Real Estate is on the rise. It is no surprise that the vast majority of the properties that are listed for sale are selling quickly and for prices that are significantly above the asking price.
Denver is becoming a true global city.
House sales are way up and sales prices are rising too. This is the main reason why local developers are moving forward with luxury high end projects. Properties in The Upper Southport development in north Denver are selling at prices above $4M. In fact, luxury homes sales in that area are up over 30% from this time last year. The other trend that is exploding in Denver is the housing market. Last year, there were 60+ days on market for homes. In 2017, that number has decreased to just 23 days on market. With an already tight housing market and lots of home buyers competing for inventory, the reduced time on market is lowering home prices across the city. In fact, the median price for a single family home in Denver is up 18% from this time last year.
I have no doubt that Denver real estate market will continue to skyrocket. I have faith that the Denver market will continue to perform at a high level for the next few years. I’ll be out there buying my home in a heartbeat if you guys think you should be investing. Most people will not get the chance to get the Denver luxury real estate that they are looking for. You will have to find a home that is selling for millions of dollars. The average home in Denver is selling for $920,000. That means there are not a lot of $1 million dollar homes in Denver. When you find a million dollar property, you must know what to look for. You must know that these homes usually do not have any added value. They are simply in great locations. You want to be ready to make an offer on this property.