Business

Average Denver Single-Family Home Price Up $171,000 in Four Years

This four-bedroom, two-bath, 2,018-square-foot home at 1405 Dahlia Street was priced in June at $540,000, just under the average price for a detached single-family home in metro Denver last month. Click to see the complete listing.
This four-bedroom, two-bath, 2,018-square-foot home at 1405 Dahlia Street was priced in June at $540,000, just under the average price for a detached single-family home in metro Denver last month. Click to see the complete listing. Homesnap
In March, the average price of a detached single-family home in metro Denver surpassed $500,000 for the first time. But that's already seeming like the good old days.

Why? The new average price for such a property is up nearly $40,000 in just three months. And over the past four years, that average has leaped skyward by more than $171,000 — an amount that would have bought a young family quite a nice house not all that long ago.

These revelations are contained within the June market trends report from the Denver Metro Association of Realtors. It's accessible below in its entirety.

According to DMAR, the average price for a detached single-family home in metro Denver last month was $540,624. That's an increase of $37,638 since February, or around 7 percent.

Condos have grown more expensive during this period, too, though not as dramatically. The average condo sold last month in metro Denver cost $356,337 as compared to $345,632 three months earlier. That's a difference of $10,705, or slightly more than 3 percent.

click to enlarge Inside 1405 Dahlia Street. - HOMESNAP
Inside 1405 Dahlia Street.
Homesnap
Over four years, however, the prices of condos have actually risen at a speedier rate than have detached, single-family homes. And the latter now cost nearly a third more than during that period.

Specifically, the average detached single-family home in metro Denver sold for $525,255; that's a bit lower than the May figure because it's drawn from all five months of 2018 to date. In comparison, the average for the same kind of joint at this point in 2014 was $353,355. The difference is $171,900, representing a price climb of 32.73 percent.

As for condos, the year-to-date average price in metro Denver is $356,337, versus $220,516 in 2014. We did the math and found a $130,780 difference — and a 37.23 percent increase.

That's staggering. And there's no end in sight.

Continue to get facts and figures about detached single-family homes and condo sales in metro Denver from 2014 to the present, illustrated with photos of properties listed on the Homesnap website that are in the new average range, as well as a link to the complete DMAR report.
KEEP WESTWORD FREE... Since we started Westword, it has been defined as the free, independent voice of Denver, and we'd like to keep it that way. With local media under siege, it's more important than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" program, allowing us to keep offering readers access to our incisive coverage of local news, food and culture with no paywalls.
Michael Roberts has written for Westword since October 1990, serving stints as music editor and media columnist. He currently covers everything from breaking news and politics to sports and stories that defy categorization.
Contact: Michael Roberts