Combining the best of city and open space, it’s no wonder that Denver Metro is consistently ranked as one of the best cities to live in the nation. The Mile High City, and the colorful communities that surround it, provide its residents with all of the amenities, dining, and shopping options that are expected of an urban setting with the added bonus of being centrally located to endless outdoor adventures. With more than 200 city parks, miles of biking and walking trails, and easy access to the Rocky Mountains, Denver is a social distancing sanctuary – making it a hot spot for homebuyers looking to invest in a new place to call home.
LIV Sotheby’s International Realty reports on the Denver Metro real estate market, which is sectioned into 50 unique neighborhoods. When comparing the Q3 performance of 2020 to that of 2019, sold listings have increased by 2.4%, which illustrates the consumers’ desire to purchase homes in Colorado’s capital city and surrounding communities. The average sold price for single family homes through Q3 showed an upward trend, growing by 6.6.%, bringing the average sold price to $562,917. The average sold price for attached residences rose by 3.3%, making the average sold price $372,918. As a result of these price increases paired with the rise in listings sold, the overall total dollar volume sold rose by 0.5% through Q3 when the total reached $19,752,971,957 compared to last year when the total sale volume reached $19,649,402,461.
Within the 50 neighborhoods that make up Denver Metro, many neighborhoods experienced noteworthy activity through Q3 of 2020. Properties in Greenwood Village under one acre saw an impressive increase in listings sold, growing by 81.1%. Through Q3 of this year, there were 67 homes sold in this community compared to the same time frame in 2019 when there were 37 homes sold. City Park, a neighborhood popular for its location near downtown Denver and the green space of City Park, also saw an increase in properties sold, growing by 35.4%.
Average home prices in the City of Denver grew by 1.3% through Q3 of this year in comparison to the same time period last year. The average price of homes in this area was $548,153 during January through September. Properties over one acre in Cherry Hills Village saw the most significant increase in average price, rising by 25.7%. The average price of homes set on over one acre in Cherry Hills Village through Q3 was $3,286,691.
Thanks to the demand for properties in Denver Metro, the days on market for all neighborhoods decreased by 10.3%, dropping from 29 days to 26 days. Out of the 57 neighborhoods that makeup Denver Metro, Sloan’s Lake saw the most dramatic decrease, falling from an average of 51 days on market to just 18 days – a 64.7% difference.
Denver Metro caters to a variety of lifestyles, from urbanites to outdoor enthusiasts, and everything in between. As more consumers decide to make the Mile High City their home, the real estate market will continue to thrive. Here, both buyers and sellers can reach their lifestyle and financial goals in the housing market.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Baker, Belmar, Berkeley, Bonnie Brae, Belcaro, Bow Mar, Capitol Hill, Cheesman Park, Cherry Creek, Cherry Hills Village, City Park, Columbine Valley, Congress Park, Cory-Merrill, Columbine Valley, Country Club, Crestmoor Park, Downtown (condos), Golden Triangle, Greenwood Village, Hale Mayfair, Heritage Greens, Highlands, Hilltop, Homestead, Jefferson Park, Ken-Caryl North Ranch, Ken-Caryl Valley, Lakewood, LoHi, Lowry, Montclair, Observatory Park, Park Hill, Platt Park, Polo Reserve, RiNo, Sloan’s Lake, Southglenn, Southern Hills, Southmoor Park, Stapleton, Sunnyside, Tallyn’s Reach, Uptown, Washington Park East, Washington Park West, and West Highlands.