Everyone know's that Denver is a hot market, but it's hard to understand just how hot until you look at the Median Sales Price over time. Less than 10 years ago the average home price in Denver was under $250k, today it's over $400k. The two sides of that coin are 1. if you bought your home more than 10 years ago the value of your home has likely doubled, but 2. if you're in the market to buy you should be prepared to spend more that the people who bought a few years ago.

Still, there's opportunity for every price point if you're flexible on location. For instance, Stapleton is young and trendy, has a decent amount of inventory, but is priced higher than the average home in Denver. Cherry Creek has less inventory but is also less competitive because it's above the $350 - $600k price range that most buyers focus on. Hampden is highly competitive because most of the homes sit in the $350 - $600k price range and the ratio of buyers to inventory is larger. The result is a competitive market where homes often sell for more than asking price. The chart below shows how the Denver area neighborhoods compare on price versus homes sold. Red indicates that more homes were sold in the prior month than are currently in inventory, suggesting that those areas are 'sellers' markets rather than 'buyers' markets.

You can hover of the data to get more details.

This chart zooms our a bit to show the neighboring suburbs. As you can see, the further you get away from Denver the less competitive the market becomes.

One of the unfortunate aspects of our market is that demand for affordable homes is becoming incredibly competitive. Homes priced at or below the Denver median price often get multiple offers above asking price and buyers concessions not seen in other markets. 

If you're unsure which areas would be best for you just send us a message, we'd love to chat with you.