HomeHere’s the Denver Metro real estate market update you need to know

Here’s the Denver Metro real estate market update you need to know

As the seasons change, so does the temperature of the Denver Metro real estate market. While the Colorado State Capitol and its surrounding areas continue to be a hot destination for homebuyers, the market has seen a slight cooling as it returns to more typical real estate patterns.

LIV Sotheby’s International Realty (LIV SIR) has just released its Q3 Micro Market reports and luxury quarterly report, which analyzes the performance of the local housing market through September of this year compared to the same time frame last year. According to the reported data, this change of pace could be beneficial for both buyers and sellers looking to make moves in the Denver metro area this year.

Opportunities at all price points
Given all of the Denver metro’s price points, the community saw several positive growth indicators during the third quarter. Although the area’s inventory of available homes has declined, the number of listings sold is up 4%, with 46,516 properties sold so far in 2021. The median listing price for both single-family homes and outbuildings has increased. During September, the median price of single-family homes in metro Denver was $682,256 — a 20.8% increase from a year ago. The median price of an attached home increased 14.6% to $426,083 during the month of September.

Several specific neighborhoods within metro Denver have also seen similar upward trends in the number of listings sold, home price appreciation, and other key market metrics. Urban communities with enhanced walkability and exciting nightlife, such as Capitol Hill, Uptown, and Golden Triangle, saw the number of listings sold rise 58.7%, 77.5%, and 134.8%, respectively.

Suburban communities that offer more space and privacy have also seen continued interest from homebuyers. An example of this can be seen in the Country Club neighborhood where the number of menus sold increased by 83.3% during September of this year. Buyers looking for homes in neighborhoods like this have seen higher levels of competition throughout the year due to the demand for the lifestyle they offer.

Average prices have been on the rise in many neighborhoods across the Denver metro. Sloan Lake, a popular area west of downtown Denver, saw a 26.5% increase in home values, raising the median sales price to $958,663 through September of this year. Other areas saw more significant increases, such as Cherry Hills Village properties of less than an acre, with median sales prices of $2,714.967 — an increase of 43.9%.

Luxury homes still lead the way
During 2020 and into 2021, the luxury real estate market experienced significant growth. As trends such as multi-generational living, working from home, and the desire for more private spaces continue to gain popularity among consumers, high-end homes have remained a hot commodity.

Within the luxury segment of the market, which is defined as all listings with a price tag of $1,000,000 or more, Denver Metro saw a staggering 92.4% increase in the number of homes sold through September compared to the same period in 2020.​ ​The sales price of those homes increased by 4%, bringing the median price of luxury properties in metro Denver to $1,584,240.

The strength of the luxury market has been seen throughout individual neighborhoods within metro Denver as well. In the Mayfair/Montclair neighborhood, properties under 1 acre have seen a staggering 106.9% increase in the number of luxury homes sold, with the number of homes sold increasing from 29 homes during the third quarter of 2020 to 60 homes sold so far this year. Denver also saw a significant uptick in luxury home sales, increasing by 88.1% during the month of September.