An Update for Those Buying a Home in Denver in 2022

Published:
October 28, 2017
Last updated:
July 22, 2022
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Home prices in Denver may have increased at a rapid pace over the past year. Even though they dipped a couple of years ago, the market has bounced back. 

Many Denver home buyers are looking at 2022 as the year to make a home purchase. To help, we have rounded up some market statistics and other trends useful to anyone planning on buying a home in Denver in 2022.

Home Prices Expected to Continue Rising in 2022

Home prices across the Denver metro area have risen steadily over the last couple of years, and they’re expected to continue rising throughout 2022. In fact, the year 2021 alone saw very heavy price gains, which is a good thing for homeowners. But those who are buying a home in Denver in 2022 will still encounter high housing costs as a result.

According to the real estate market analysts at Zillow, the median home value for Denver rose to $653,910 as of July 2022. That was an increase of 20.6% from the same month a year earlier. Looking ahead, the company expects prices to increase at a healthy pace over the next 12 months as well, though perhaps not as much as the past year.

Denver Real Estate Market Considered Hot

According to the Denver Post, Buyers, who have struggled with a record-low number of listings since pandemic lockdown orders ended more than two years ago, had four times the selection available to them at the end of June as they did at the start of the year — 6,057 vs. 1,477.

According to Redfin, the market is still a competitive one in Denver, and homes typically sell after receiving one offer. The average home sells for around 1% over the listing price and goes pending in approximately 10 days, while hot properties can go pending in as little as 3-4 days.

The bottom line here is that there is still a high level of demand within the local real estate market, and prices are expected to continue rising in 2022.

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Housing Inventory Remains Tight 

Inventory is a driving factor within the Denver real estate market, and it’s a trend that will likely continue into 2023. Lately, Denver’s housing inventory has been incredibly tight. The current inventory is not nearly enough to meet the demands of buyers.

The high demand among buyers is eating up whatever is available. Housing inventory in January just can’t keep up with demand. Right now, there is a 1.1 months supply, compared to the mere 0.46-month supply of inventory in February.

Message to Those Buying a Home in 2022

So what does this mean for those who are buying a home in Denver in 2022? Among other things, it means buyers will still face some competition. Supply and demand indicators reported by industry groups and analysts suggest that the Denver market will remain competitive in 2022.

Those who are planning to buy a house in Denver in 2022 should also be prepared to move quickly when the right property comes along. Buyers can benefit greatly from doing a little research ahead of time, paying particular attention to recent sales prices in their target areas.

It’s also wise to have your financing arranged ahead of time, before entering the market. And that’s an area where we can help you.

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Need a Mortgage in Denver?

If you are ready to apply for a mortgage in Denver or simply have some questions about home loans, Sammamish Mortgage can help. We are a local mortgage company serving the broader Pacific Northwest region, including Washington State, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria and have been doing so since 1992. Please contact us if you have any questions or are ready to apply for a home loan.

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