The Denver real estate market is finally beginning to balance out after nearly four years as a seller’s market. Denver metro realtors are seeing this balance take place in just about every suburb in Denver, making the mile high city moving towards a buyer’s market.
As we feel the temperature cool, the housing market is also following suit and cooling down. This seasonal dip in the market may not only be seasonal this time around. We could see this cooling trend span well into 2019, flipping the script on the long-standing seller’s market we’ve had.
Real estate agents in Denver are preparing for this cool down and getting ready for what 2019 holds. And at Corken + Co, we are a real estate company in Denver that has our finger on the pulse of trends, neighborhoods, forecasts, and the current state of the market.
Graph via Zillow
2019 Denver Real Estate Forecast
According to Zillow, “The median home value in Denver is $414,500. Denver home values have gone up 6.9% over the past year and Zillow’s forecast for Denver real estate market is that they will rise 6.0% within the next year.” The median list price has also risen quite consistently since 2011 and is sitting at $429,000 now.
Any Denver metro realtor can tell you that this steady increase has contributed to the huge boom seen in the Denver real estate market. Over the past ten years, Denver has seen a huge amount of new residents flock in and some of the highest appreciation rates of any community in the nation. With this current shift and upcoming year of the market slowing down, Denver will see a buyer’s market start to take hold.
According to Neighborhoodscout.com, “Denver real estate appreciated 85.51% over the last ten years, which is an average annual home appreciation rate of 6.37%, putting Denver in the top 10% nationally for real estate appreciation.”
These are the 10 highest appreciating neighborhoods in the Denver real estate market since 2000.
- Smith Rd / Havana St
- Larimer St / Broadway
- E 26th Ave / York St
- W 38th Ave / Pecos St
- Federal Blvd / W 23rd Ave
- W 39th Ave / Alcott St
- Park Ave W / Welton St
- W 44th Ave / Federal Blvd
- Metropolitan State College of Denver / Wazee St
Top 5 Reasons to Invest in Denver Real Estate in 2019
- Quality of Life
Nature, skiing, culture, history, walkability, and sports culture all factor into the high quality of life in Denver.
Denver has a 3% unemployment rate and many are moving to the mile high city to relocate for a new job or to pursue their passions in a new job, and there are plenty to go around. Working with Denver relocation specialists to handle the details of your move will make all the difference.
- College Market
The large and diverse college market absolutely factors into Denver’s attraction to both buyers and sellers. This consistent flow of students who not only move to the city to study but also stay here after graduation is a reliable source of homeowners.
- Quality of Life
- Growing Rental Market
In the same vein as the college market, the rental market in Denver is booming as many people move to the city and rent before buying, or commit to renting for the entire length of their stay.
- Renovations and Redevelopment
There are many neighborhoods in Denver that are seeing new life breathed into them with renovations and redevelopment. While the landscape may be drastically changing from the historical, it is an attractive factor.
When investing in Denver real estate, we would love to be your trusted real estate group. Get in touch with us to learn more about the real estate market and what to expect in 2019.