Let’s discuss the Denver real estate market and highlight the top three current trends that potential buyers and sellers need to know. There is great news for buyers as the market becomes more accommodating.
First, let’s talk about the current state of the Denver housing market. While home values have increased by 14.7% over the past year, there has also been an increase in the inventory of available homes for sale. The number of active listings in January 2022 was up by 22.9% from the same time last year, according to the Denver Metro Association of Realtors. This means that buyers now have a wider selection of options to choose from and less competition for each property.
Secondly, the influx of millennials into the Denver area is worth discussing. As they enter their prime home-buying years, this generation is looking for a place to settle down. Denver, with its booming job market, outdoor activities, and bustling city scene, is a top destination. A recent study from Meyers Research ranked Denver as the #1 city where millennials are buying homes. This trend is likely to continue, which means that there will be plenty of buyers in the market.
Lastly, let’s talk about the impact of the pandemic on the Denver real estate market. While COVID-19 did have an impact, it also created some opportunities for buyers. For instance, many people who were previously tied to a physical office location have now realized they can work remotely, making it easier to move to a new city. As the pandemic subsides, more homeowners may be willing to put their homes on the market, further increasing inventory for buyers.
All of these trends indicate a more buyer-friendly Denver real estate market. If you’re in the market for a new home, this is an excellent time to start your search. If you’re interested in learning more about the Denver market, let’s connect!