Metro Denver just broke another record: The average price for a single-family, detached home in the area is now just over $700,000, according to the June 2021 market trends report from the Denver Metro Association of Realtors.
Even so, demand continues to overwhelm supply...and overwhelm would-be homeowners.
"Buyer fatigue is the most prevalent conversation within realtor circles right now," says Andrew Abrams, chair of the DMAR's market trends committee. "Like a marathon, buyer fatigue has slowed people down but has not stopped anyone from crossing the finish line. Interest rates continue to be relatively low and consistent. Listings continue to slowly hit the market, while buyers continue to gobble up properties as soon as they do. Just this weekend, I wrote one offer in the $400,000 price range that had forty offers, and one in the $1 million price point that had double-digit offers."
On the Westword Facebook page post of our latest Denver housing market story, readers offer plenty of opinions on the current state of real estate in the area — and that $700,000 average price. Says Erin:
That is insane. It's a house, and half the time they're not worth $120K.
A person could make a nice life for themselves in a small town somewhere in the Midwest. What are you people waiting for?
I’m waiting for mountains to pop up so I can ski there! In all seriousness, the outdoor recreation option/climate combination is really attractive. It’s hard to find, and up until about eight years ago. Denver was pretty reasonable housing-wise.
Denver is now aspiring to what other big cities in this country have...their problems. Increased cost of living, emerging homeless population, property developer/municipality cooperation of enlarging apartment stock to have more people renting versus owning. And the top three most popular license plates other than Colorado's.. newbie temporary tags, California and Texas, in that order. Denver is also one of ten megaregions titled the "Front Range" megaregion, so we have that compounding factor, too.
Stop fucking moving here and stop buying up all the houses to rent out at ridiculous prices.
Reality bites. Young people will need to move to less expensive areas, or forever be renters....Everything costs more than a year ago, and will not slow down. Welcome to the future.
This is one of the reasons why we left Denver. A place I call home should be a place I can afford.
What do you think about Denver's real estate market? Do you own a home? Are you trying to buy? Post a comment or share your thoughts at firstname.lastname@example.org.
Keep Westword Free... Since we started Westword, it has been defined as the free, independent voice of Denver, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Denver with no paywalls.