Denver Metro | Quarter 3, 2022
This year, the real estate market is showing strong signs of normalizations that will bring back some balance to the previously vastly uneven playing field. As typical seasonal trends begin to reemerge, buyers will have increased opportunity to find the Denver Metro home of their dreams. Even with the sales volume decreasing slightly, Denver Metro’s market remains strong with exciting real estate activity. Denver Metro boasts some of the best entertainment options, business opportunities, and outdoor access in the country and for those reasons and many more, this city and its surrounding communities will continue to be a popular choice for homebuyers and sellers.
LIV Sotheby’s International Realty produced a Q3 Micro Market Report comparing real estate data through September 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 over the past two years. Through September of this year, there have been 40,125 homes sold – down 15% from the same time frame in 2021.
Despite the small decrease in property sales, home values in the area are still appreciating, incentivizing sellers to list their homes on the market and in turn creating additional inventory for buyers to choose from. Through the third quarter of the year, the average price for a single-family home in Denver Metro rose by 13.2% - bringing the average home price to $771,713. Looking at attached homes, the average price through Q3 was $478,643 – an 11.7% increase.
Several specific neighborhoods within Denver Metro also saw similar upward trends in the number of listings sold, appreciating home prices, and other key market metrics. For example, Bow Mar/Bow Mar South saw a 111.1% increase in the number of listings sold and appreciated by 7.1% to reach an average price of $2,313,553. The downtown condominium market saw the highest number of homes sold out of Denver’s diverse selection of neighborhoods. There were 453 units sold through September of this year.
Average prices have been on the rise in many neighborhoods across Denver Metro. In Wash Park East, home prices increased
by 21%, reaching an average sale price of $2,069,946. Other areas neighborhoods such as Lakewood and Baker also saw
home prices appreciate, growing by 15.1% and 12.1% respectively. Denver’s historic Capitol Hill neighborhood offered the most
affordability during Q3, with properties selling for an average price of $454,764.
Sustained demand for Denver Metro homes paired with the challenges of limited inventory continues to accelerate the speed
of the market. The city of Denver saw homes spending 54.1% less time on the market through September of this year compared to the same time frame in 2021 – averaging just 17 days on the market for local homes. Homebuyers looking to take their time finding the perfect home may prefer to shop in the Greenwood Village West neighborhood where homes on more than an acre of land are selling within an average of 53 days.
The Denver Metro home market is making its way back to its regularly observed seasonal buying and selling trends. As this
year progresses and this high-demand market will continue to create opportunities for both buyers and sellers to create the life
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single-family, unless otherwise indicated): Backcountry, Bell Mountain Ranch, Broadmoor, Castle Pines, Castle Pines Village, Castle Rock, Colorado Springs, Diamond Ridge, Firelight, Highlands Ranch, Inverness, Keene Ranch, Larkspur, Lone Tree, Parker, Pradera & Timbers, Sedalia, and The Meadows.