Luxury Real Estate Trends for 2018 in Denver & the Nation

 

Luxury Real Estate Agent Denver

Nationally, the Luxury real estate market is booming.

Denver is one of the fastest growing metro areas in the nation and as we advance through this record-setting year, we are also seeing new trends emerge for both agents and the real estate industry as whole. Nationally, we are seeing technology, millennial home buyers, increased inventory, online presence and branding, and high construction costs impacting the real estate market as a whole.

Denver however, is on a slightly different track.

This year started with a bang and surpassed 2017’s real estate stats almost immediately. 5280 Magazine stated, “The average sold price of a single-family home in the Denver metro area passed the half-million-dollar mark in February 2018, settling at $502,986. This time last year, that number was 11.78 percent lower.”

The #1 Luxury Real Estate Trend of 2018 is Choice

Although many people are relocating to the Denver metro area, the rate of new residents has slowed for the second year in a row. Construction has been booming in downtown Denver, Aurora, Five Points, and surrounding suburbs, with high-end condos more common than affordable housing.

What does this mean? More homes and condos for high-end buyers to choose from. This luxury of choice is giving power to buyers who are looking above the median price of a single-family home in Denver: $435,000. It isn’t specific to Denver either. Luxury real estate agencies in Lone Tree, Castle Rock and even Littleton are booming as people search for more space across the Southern Denver suburbs.

Cranes dot the skyline while old buildings are torn down for their modern counterparts.

But is all this growth and building a good thing? For customers looking for a luxury real estate agency in Denver, it is.

Joe Rubio of the Denver Post stated, “Denver is on track to see the biggest percentage gain in apartments added this year of any major metro. Thousands of new units are under construction in central Denver.”

Although fewer people are moving here in comparison to years past, the rate of new residents is still steady, and that demands homes.

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Denver is in a microclimate.

Luxury Homes Real Estate is Being Redefined

Typically luxury homes real estate in Denver is defined as high-high prices on gorgeous and opulent estates. This is being redefined and the word “luxury” can be used to describe an array of homebuyer desires. As more people are able to work remotely, there is more emphasis being placed on proximity to friends and family, school districts, and public transportation. This can also mean a bigger space for a home office or spending more time with family.

This shift of perspective is allowing homebuyers to truly design their ideal situation. And with inventory high in Denver, this is seen as an advantage in the evolution of luxury real estate and luxury real estate agencies in surrounding areas.

Cherry Hills Village

While there are many gems in the Denver area, Cherry Hills Village has to be one of the most luxurious. The median home value in Cherry Hills Village is currently around $1.65 million, a figure that has been steadily on the rise for years. The average monthly rent for a one bedroom apartment in Cherry Hills is about $2,658, although there are few rental units available as the majority of homes here are owner-occupied. In Cherry Hills you will find Colorado’s casual lifestyle fused with cosmopolitan style and swagger at a polished price.

Downtown Denver

In March of 2018, the average sold price of a luxury condo in downtown Denver saw an increase of $600,000, coming in at $1,907,818. While there is plenty of inventory, new buildings under construction are not directly factored into that.

In March of 2014, 121 luxury homes (single family and condos) sold. This past March, 381 sold.

“We ended March with five months of luxury inventory in the 11-county metro area,” stated Jill Schafer, Denver Metro Association of Realtors market trends committee member.

Littleton

For those looking to buy a luxury home in Littleton or sell a home in Littleton, Littleton’s median home value is around $284,000. Along with population and development, this number has also increased steadily over the past few years (up from $270,000 in 2010). Despite this increase Littleton real estate remains one of the more affordable in the region. Though affordable overall, there are some stunning luxury properties in this area for those looking for more choice. There are luxury real estate agents in Littleton looking to help buyers settle into their dream homes.

The city of Littleton boasts several outstanding art, culture and history offering that add a lot of value to the community. The 39-acre Littleton Museum features two living history farms to depict pioneer lifestyle with hands-on activities. An affiliate of the Smithsonian, this cultural gem has a national reputation as one of the best local history museums in the country.

To learn more about the luxury real estate market in Denver and the surrounding areas and how it impacts your situation, get in touch with us and we’ll be happy to help. Corken + Co is a top luxury real estate agency specializing in high-end real estate in Lone Tree, Castle Rock, Littleton and Denver.