If you’re thinking about purchasing a new home in Denver, you’ll have to make your decision fast.
Currently, half of Denver’s new homes sell in less than six days — the fastest in the country, a new report reveals.
According to the Denver Business Journal, the report, gathered by Redfin Corp., shows that Denver’s astonishing six-day sales rate surpasses those of all other housing markets in the nation. This includes Seattle, WA (nine days or less), Portland, OR (10 days or less) and Omaha, NE (11 days or less).
At the same time, home prices continue to soar throughout the Denver metropolitan area, Redfin’s report reveals. Denver’s new home prices “continued to soar 14.8% year over year to $325,000. July was the eighth consecutive month of year-over-year price growth above 10%.”
Currently, the median asking price for a new single-family home in Denver hovers around $419,000; more than half of homes will sell for more than their asking price. Condos sold at an average of $217,999 throughout the month of June.
One way many new homeowners are working to offset the high costs of housing in Denver? Installing energy-efficient appliances and fixtures within their homes to help reduce their utility bills and save money in the long term. Investing in Energy Star-certified windows and doors, for example, can reduce one’s household energy consumption by 7-15%.
Anthony Rael, Metro Denver regional spokesman of the Colorado Association of Realtors, told the Denver Post that Denver home buyers are willing to buy higher-priced homes because many are hoping to escape high rents. With Denver rents ranging between $1,500 to $2,000, a growing number of people are hoping to put this money toward homeownership instead.
“Buyers, especially first-timers and boomerang buyers, are tired of renting,” Rael said.
Given Denver’s impressive housing growth, it’s clear the city stands among high-demand cities like San Francisco, New York and Washington, DC as one of the most thriving markets in the nation.