Denver Housing Prices
The Denver Metro Association of REALTORS® puts together a monthly report of the latest housing numbers. Today, we’ll dive into March’s numbers and explain what Denver housing prices indicate about the market.
Single Family Homes
Detached homes, better known as Single Family Homes, have seen dramatic price increases year over year. In the metro area, Denver housing prices of a single family home has increased 23% since last year. This price increase has been caused by the growing demand for more home space and outdoor space as buyers spent the bulk of their year at home.
The price increase has also been caused by low inventory. The amount of single family homes on the market has decreased by almost 2% since last year.
Condos or attached homes, have also seen price increases. Denver housing prices for condos has increased almost 15% year over year. This can be attributed to a flood of first time home buyers entering the market due to low inventory rates. However, unlike single family homes, condos have seen an increase in inventory of 16% year over year.
Overall, Denver housing prices are trending like the rest of the country. Increased demand and low inventory combined together create a seller’s market as there are more buyers than sellers. This is great if you’re looking to sell your home.
If you’re looking to buy, there’s also good news as low interest rates can increase how much home you can afford.
Everyone’s situation is different though, if you’re looking to buy or sell in today’s market, contact us today to talk through your options.