Denver Takes Top Spot For Rising Home Prices Since Great Recession

Dated: 08/12/2019

Views: 202

Image title

According to a recent report from ATTOM Data Solutions, median home prices in the Denver area have risen by a greater percentage than other U.S. city since the Great Recession, which officially began on December 2007.

Of the 149 metro areas analyzed by the service, Greeley finished first, with prices 87 percent above pre-recession peaks — even higher than Denver's 80 percent. Fort Collins wasn't too far behind, with a bump of 76 percent.

ATTOM sets the median tag in the Denver metropolitan statistical area (MSA) for the second quarter of 2019 at $408,000, which is different metric than the Metro Denver Association of Realtors (DMAR), who lists the average sold price at $499,807. However, ATTOM's figures indicate how much prices have skyrocketed over the past decade-plus. In the first quarter of 2005, for instance, the median Denver home price was $213,000, and it bottomed out in the first quarter of 2009 at $167,500.

After releasing the numbers, ATTOM acknowledged there are signs indicating that Denver may be shifting to a buyer's market, the transition hasn’t taken place just yet.

In the Denver-Aurora-Lakewood MSA, the seller's gain (the difference between the median purchase and median sales prices, which reflects how much the typical seller earns on a transaction) currently stands at $133,000, nearly double the national average of $67,500. And that's modest compared with Boulder, where sellers are typically reaping $194,741. While those numbers may seem impressive, they are actually down about five percent year-over-year.

Multiple factors, including regional employment, wages, cost of living, property taxes, politics, reputation, demographics, and lifestyle all play a role in Denver’s home prices.

With a possible shift looming on the horizon, now may be a great time to get your ducks in a row and start checking out what Denver has to offer. If you’re ready to become a homeowner, contact Metrowest today – we’d love to show you around!

Blog author image

Bill Farrell

I was raised and spent most of my life in Denver, Colorado, but a quick fun fact … I was actually born in Vicenza, Italy! My professional career path has continuously centered around serving people ....

Latest Blog Posts

CREATE AN EVACUATION PLAN FOR YOUR PETS

An evacuation plan is a necessity for every home, especially if you live in an area where fires, earthquakes, hurricanes, flooding, and other disasters are a possibility. Many homeowners create

Read More

Why A Mortgage PreApproval Should Be The First Step In Your House Hunting Journey

If you’re ready to become a homeowner in the Mile High City, you may think the first thing you need to do is start checking out available properties. While it’s tempting to start scoping

Read More

CO Association Of Realtors Sees Nearly A 20 Percent Drop In Inventory Heading Into The Holiday

According to recent data from the Colorado Association of Realtors (CAR), the usual seasonal slowdown in the housing market’s new listings has been met with strong “pending” and “under

Read More

Exploring Denvers New River Mile Neighborhood

Denver’s hottest new downtown neighborhood hasn’t even been built yet, but it’s already generating a lot of buzz. River Mile is the heart and soul of a 25-year real-estate development project

Read More