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Home prices in Denver may have increased at a moderate rate over the past few years. And even though they dipped a couple of years ago, the market has bounced back.
Only a month into the year, many Denver home buyers are looking at 2021 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 2021.
Home prices across the Denver metro area have risen steadily over the last couple of years, and they’re expected to continue rising throughout 2021. Those who are buying a home in Denver in 2021 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 $484,264 as of January 2021. That was an increase of 6.0% from the same month a year earlier. Looking ahead, the company expects prices to increase more rapidly and climb 10% over the next 12 months.
According to recent data, the number of homes under contract or pending sales spiked 43% from December 2019 and 24.2% from last January. This is having an effect on inventory, which is still rather tight in Denver and expected to be this way throughout the better part of 2021.
According to Redfin, the market is still a competitive one in Denver, and homes typically sell after receiving one offer. The average home sells near or at the list price and goes pending in approximately 11 days, while hot properties can go pending in as little as 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 2021.
Inventory is a driving factor within the Denver real estate market, and it’s a trend that will likely continue into 2021. 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 mere 0.71-month supply of inventory.
So what does this mean for those who are buying a home in Denver in 2021? 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 2021.
Those who are planning to buy a house in Denver in 2021 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.
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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