Denver Metro | Quarter 2, 2022
As the market continues to readjust following the burst of real estate activity seen during the pandemic, Denver Metro is experiencing relatively steady levels of homebuying and selling. This slight slowing of the market is providing buyers with more opportunities to find their Denver Metro dream home.
According to LIV Sotheby’s International Realty’s (LIV SIR) Q2 Micro Market Report, which compares real estate data through March of this year compared to the same frame in 2021, the number of homes sold across the six-county Denver Metro area decreased slightly in comparison to the exponential growth that the market was experiencing last year. Through June of this year, there have been 27,102 single-family homes sold – down 8.9% from 2021. Looking at condominium and townhome sales, there was a 8% decrease in properties sold compared to last year.
This slight decrease in property sales is a sign that the housing boom is coming to an end and that the market is restabilizing after nearly two years of intense homebuying activity. Through the first half of the year, home values remained strong, and the property sale prices increased by 15%, reaching an average price of $780,808 for single-family homes and $482,890 for condominiums and townhomes. Overall, the total dollar volume sold in Denver Metro through June of this year compared to the same period in 2021 rose by 4.9% to reach a total sale volume of $18,616,880,926.
Thanks to demand for the lifestyle that Denver Metro homes can provide, several neighborhoods also saw property prices appreciate. For example, homes in Cherry Creek East & South appreciated in average sale price by 63.7% to reach an average price of $1,267,779. While homes in Denver’s Capitol Hill neighborhood increased in average price by 21.2% through June of this year compared to the same time frame last year, homes here were still among the most affordable in the Denver Metro area, selling for an average of $466,058. On the other hand, the neighborhood with the highest average sale price was Cherry Hills Village. Properties on more than an acre of land here sold for an average price of $4,555,000 – a 13.4% increase from last year.
One of the most significant increases in homebuying activity across Denver Metro was seen in Bow Mar where there was an 83.3% increase in real estate sales totaling 11 homes sold through June of this year. One of the neighborhoods with the most properties sold was Lakewood, where there were 692 homes sold – a 9.5% decrease from the same time frame last year.
The Denver Metro home market is making its way back to its regularly observed seasonal buying and selling trends. Denver Metro is home to a real estate market that provides opportunities for both homebuyers and sellers to reach their lifestyle goals.