Spring is a popular home selling time, and though the Denver market is cooling slightly, buyers should still prepare themselves for the possibility of a bidding war. While the action here is slowing
Denver Real Estate Forecast For 2019
According to a recent analysis from realtor.com, metro Denver home sales could slow significantly next year, but the decline in activity won’t necessarily derail home price gains as existing homeowners buy up higher-value properties.
Danielle Hale, chief economist with realtor.com said that despite the anticipated slowdown in sales, the Denver housing market will remain on solid footing, with repeat buyers are likely to drive up the median price of homes in Denver as the mix shifts away from entry-level purchases.
Coming in on the heels of a 3 percent gain this year, realtor.com is calling for a 6.7-percent decline in home sales in metro Denver next year. Despite fewer homes being sold, they predict the median price of a home sold in Denver next year will actually rise 6.8 percent.
Data from the analysis reveals that households under the age of 34 - the prime market for entry-level properties - is on the decline in metro Denver, while households comprised of move-up buyers aged 35 to 44 and 45 to 54 is expected to grow 5.2 percent and 7.2 percent respectively.
Bottom line: On the supply side, slow but steady growth in inventory is providing some relief to homebuyers. On the demand side, years of price growth outpacing income growth, along with rising mortgage rates, is making the cost of buying homes increasingly expensive.
If you’re on the hunt for a house in Denver, it may seem like your affordable options are limited. But if you know where to look there are still some great deals to be found. Contact Metrowest today – we’d love to show you around!
DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....
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