Denver Housing Market Among the Most Competitive in the U.S. Right Now
In September 2020, Denver experienced a record-low number of homes for sale with 3,041 single-family houses listed. The previous low was three years ago, in September 2017, with 5,693 houses for sale, reports the Denver Metro Association of Realtors. Not only are there fewer houses on the market, but the average price for a house in Denver surpassed $600,000 last month. Properties are being snatched up quickly, with the median days on the market hitting a record low of six.
Even in the midst of a global pandemic and economic crisis across the country, the luxury home segment in Denver is thriving. Sales of properties costing over $1 million rose by 80% annually. The demand for luxury homes isn’t isolated to Denver; Aspen home sales doubled last month compared to September 2019, and sales in Snowmass Village rose 650%. Stocks typically begin rising three to six months before economic recovery, but financial experts are saying that we may not be out of the woods yet.
Real estate experts believe that this high demand for property in Denver is the result of low rates and the city’s particularly strong job market, low unemployment rates, and steady economy compared to other parts of the country. Tech companies are migrating to Denver, providing great job opportunities. And the housing inventory is extremely low due to the slowing construction of new homes and current Denver residents choosing not to move during the pandemic. Naturally, lower inventory leads to higher demand.
Finally, proximity to a specific workplace simply isn’t as important as it once was. Technology has allowed more people to work remotely than ever before; with a reliable internet connection and a decent computer, we can work from virtually anywhere. In fact, 87% of remote workers say that they feel more connected to their team when using video conferencing. With this level of connectivity, people have the freedom to live wherever they want. And Denver — with its easy access to the mountains, metropolitan city life, and gorgeous scenery — is in high demand. With so much uncertainty looming over the country in 2020, one thing is for sure: if you were thinking about selling your house in Denver, now is the time to do it.
