Founded in the 1800s during the gold rush, Denver, Colorado, is known for its beautiful views of the Rocky Mountains and abundance of natural beauty. Home to a myriad of sports teams, a vibrant arts and culture scene, and plenty of hiking and biking opportunities, you’ll be hard-pressed to run out of exciting things to do in the city!
If you’re a seller, buyer, or real estate agent in Denver, knowing the market forecast for 2023 is vital. Keep reading to learn more about Denver’s real estate market and the future for sellers and buyers alike.
Denver housing market forecast
Denver is the capital of Colorado, with over 700,000 residents and counting. Its housing market is considered very competitive. The average sale price of a home is up 15.2% in December 2022 from the previous year. That said, 58% of homes in Denver sold below the asking price in December. So, you still have a chance of securing a deal if you’re looking to buy in the area.
As the average price trends upward, Denver is a seller’s market, with many homes receiving multiple offers. Redfin states homes often go pending in about a week. It would be wise to prepare for competition if you’re looking for a home in Denver.
Average home price in Denver
The median sale price of a home in Denver was around $630,000, with 2,666 homes for sale in December of 2022. According to Rocket Homes, the average home sold in around 44 days, which is an 84% increase from 2021.
Despite this increase in time on the market, the price increases and multiple offers urge buyers to expect competition. However, as mentioned before, you still have a chance of finding a good deal, depending on where you’re looking to buy.
Average rent in Denver
You can expect to pay anywhere between $1,400 and $2,900 a month for rent in Denver. Two-bedroom apartments have seen the largest rent increase, going up about 5% in year-over-year price changes.
According to Zillow, there are around 2,700 available rental units in the Denver, Colorado area, and rent is about 5% higher than the national average.
Denver neighborhoods
You’ll find an abundance of attractive features throughout various Denver neighborhoods. A family-friendly atmosphere, walkability, and plenty of locally-owned restaurants await you!
Congress Park
Congress Park offers a walkable and bikeable neighborhood, with a walk score of 83 and a bike score of 89. Residents praise its family-friendly feel and safety, noting that it’s easy to stay active with an abundance of parks in the area.
North Park Hill
Located 10-15 minutes east of downtown Denver, North Park Hill offers residents a fun, laid-back feel to the area. Locals mention feeling safe and appreciate the abundance of street parking and walking distance to both parks and coffee shops.
Washington Park
With great restaurants and shopping close by, residents love being slightly south of downtown Denver and the chance to get a break from the hustle and bustle of the city. You’ll get an outstanding balance of nature and city if you live in this area.
Wellshire
Zoned for one of the highest-rated elementary and middle schools in Colorado, Wellshire offers a tight-knit community filled with families and young children. Residents appreciate the easy access to supermarkets, movie theaters, and local businesses.
Cheesman Park
Cheesman Park residents love that you can get everything you need shopping-wise just by walking a few blocks. Shop owners take pride in getting to know the local community, so you’ll appreciate the family feel throughout this neighborhood.
Denver economy
If you’re considering moving to Denver, Colorado, there are many good things to think about Colorado as a whole! U.S. News ranks Colorado in the top 20 U.S. states for their infrastructure, education, health care, and economy—with its economy ranking second out of all 50 states!
Denver’s unemployment rate was down from 3.5% in July of 2022 to 3.3% in November of that same year. As of September 2022, Colorado has seen more than 50,000 jobs added to the market in 2022, with twice as many openings as unemployed people. This means there are plenty of choices for those searching for jobs, making a move to Denver and finding a job easier than in other cities and states.
Businesses headquartered in Denver include Chipotle, Frontier Airlines, Coors Brewing Company, Smashburger, and Quizno’s.
Need real estate pictures in Denver?
If you want to make your listing more appealing and desirable on the Denver market, you’ll love what Virtuance offers with professional real estate photography! We provide virtual tours, aerial photos, and marketing enhancements that can help you sell your listing quickly and for more money. Sounds appealing? Virtuance is ready to help!
