Do You Love the Snow and Mountains? Denver’s Housing Market Is Stronger Than Ever
If you’d choose snowflakes over palm trees then Denver, Colorado is the place for you. Not only does this scenic city have endless activities to keep you busy throughout all months of the year, but it’s also expected to have one of the most booming housing markets this year. Say farewell to cloudy days and wave hello to endless sunshine and your future home in the Mile High City.
Unlike many other unlucky U.S. cities, Denver’s housing market has been thriving throughout the pandemic, especially at the end of 2020. Throughout 2020, 62,985 homes were sold, hiking sales up 7% since 2019. Andrew Abrams of the DMAR Market Trends Committee shares, “This [last] year has shown us that forecasting the future is nearly impossible, but it is clear that we will be starting off the year  with historically low inventory, high buyer demand and low-interest rates.” NAR chief economist Lawrence Yun agrees, sharing that “On first glance, the current Denver metro real estate data can feel staggering for potential buyers,” but with the low mortgage rates, monthly housing payments are more affordable now than they were a year ago. These three elements are certainly a pattern cities across the U.S are seeing. The only changing factor is the buyer demand, and there are no signs of that slowing down in Denver.
While inventory is expected to remain low for the foreseeable future, experts are optimistic that prices will continue to rise, considering Denver saw a 16% sales price increase in October 2020 compared to the year prior. While this makes the buying process more challenging for interested clients, it will be worth the dedicated time and attention once you close on a home in a growing city with a record low-interest rate. By getting prequalified and staying prepared with the right agent, the house of your dreams is not far out of reach. As NAR says, “being pre-approved for a mortgage is one of the most critical steps potential homebuyers should complete.”
Denver has something for everyone. No matter where you’re located in Denver, you’ll be steps away from breathtaking views. With the Rocky Mountains at your fingertips and dozens of other National Parks just a road trip away, you’ll be breathing in fresh air first thing each day. Denver is the perfect balance of city and charm.
Denver exudes a quaint atmosphere while offering all of the benefits of a city. With over 80 neighborhoods, there is a perfect block for everyone. The pricier neighborhoods such as Cherry Hill, University, LoDo, and Washington Park reached their popularity and prices over time for reasons such as location and accessibility.
Between the vibrant active community, stunning scenery, a myriad of shops and eateries, and of course, the flourishing housing market, 2021 is the year for Denver. Whether you have investments on the mind or a new place to call home, the Mile High City should most definitely be on your radar.