How COVID-19 affected Denver’s Real Estate Market

This year has been a wild ride for the Denver real estate market. Buying was at a fever pitch and houses were flying off the market. You cannot help but examine how COVID-19 impacted us.

Colorado has always been a desirable location for many but no one expected just how insane things would get. This past February, the median price of a single-family home in Denver County jumped almost 23 percent year over year. The inventory of available homes plunged by more than 70 percent.

We’re still sorting through all the ways the pandemic has changed what it means to live in Colorado. Whether these trends will stick remains an open question. No matter what the future holds, at Corken + Company, with over 20 years of experience in Colorado real estate, we can provide various solutions to your home search. For the time being, it’s clear that COVID-19 provided fuel for an already-blazing demand for real estate.

Living Online:

2020 became the year of zoom meetings, working from home, and technology ruling our lives. Agents adapted quickly and created an entirely new way of selling homes. Our team prides themselves on providing “Real Estate Solutions Without Limits”. With COVID making it hard for our clients to tour homes we implemented creative solutions.

Before COVID-19 it was not a common practice to buy a home without stepping foot in it, but with lockdowns these sorts of virtual buying practices were forced by the state’s restrictions, and changed the market. More people were able to tour homes virtually and make decisions based on our trusted agents.

We always encourage to see a home in person before making the final purchase. Our agents are happy to help you preview homes, but want to make sure that what you see online matches what you feel in person. Buyer beware- not everything you see behind the computer screen is true in person. That is why it is important to work with a licensed realtor, like our team at Corken + Company, to make educated and strategic decisions in a competitive market.

More Space:

With people being able to work remotely the desire to move out of tiny apartments and into larger homes increased exponentially. There was no reason to live in a space you didn’t enjoy when you could buy a home and have more space. Many people decided now was the time to expand and rethink their living situations.

Needing the room to work from home or for kids to do remote learning contributed to the shift, as did the fact that so many other places where we once spent “me time,” like gyms and restaurants, were off-limits. Your home had to become work, gym, recreation, and school, which led many to buying new homes that fit their needs.

With this trend we have also seen more people moving to the suburbs compared to the busy city. Fresh air and a yard have become desirable. The other trend we have noticed at Corken + Company is that convenience is key. Being close to shopping and dining, or living in condominiums with included amenities has been desirable.

COVID-19 has impacted all of us. The Denver market was greatly affected and we may not know all the ways it will change us moving forward. But what we do know is that our team at Corken + Company will always find a way to serve our clients, whether in a pandemic or not, we will make sure you find the perfect home. Contact us today!