In our ever-changing real estate market in Denver, you never know how quickly trends can change and when it will happen. As you already know, Denver has been one of the hottest markets in the country in recent years and with that comes a lot of change. The one thing remaining consistent with previous years is growth and the outlook for the market continues to be a positive one!
In 2018, Denver home values went up 6.9% and this year the value of homes is projected to increase by another 6%. Certain real estate websites such as Zillow contend that Denver is very much a buyer’s market, which may be true currently. However, home prices will need to continue to keep steady with fluctuations in the industry creating a more balanced market. Near the end of last year, we saw an influx of housing inventory in Denver and that has started to fizzle out giving more power back to the sellers.
Denver housing prices have become some of the highest in the nation, however, prices of homes vary neighborhood to neighborhood. Not all neighborhoods require you to make an astronomical salary, although there are certain ones which handily raise the median price substantially. Here are the projected top 10 most expensive neighborhoods for 2019:
- Cherry Creek
- Washington Park
- Central East Denver
- Park Hill
- Gateway-Green Valley Ranch
- Golden Triangle
There are so many benefits to living in a city with a red hot real estate market. One of those benefits is an abundance of investment opportunities. Renting has been on the rise in our city and while you may already be a homeowner, now may be the best time to look into an investment property before prices begin to rise even more. Colorado is one of the top states in the country for vacation rentals and Denver is one of the top cities with young renters consistently moving in. The strong tourism market in Denver and the nearby mountains provide the perfect location to delve into the vacation rental market, while the bountiful number of jobs in Denver continues to attract young professionals looking to rent.
Denver Real Estate looks to continue its record-setting pace into the new year. The market has steadily grown over the past decade and there’s no stopping now as more and more properties are built, millennials are starting to move into a second home, and as the market begins to become balanced for both sellers and buyers. If you’re looking to buy or sell, 2019 is your year and we will be there to help every step of the way. Happy New Year!