Denver Home Prices Increases Expected To Slow In 2020

Dated: 01/07/2020

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Image titleIn what will come as welcome news to potential Denver home buyers, it appears that after a solid decade of increasing home prices, things look to settle down in the new decade.

According to Seattle-based Redfin, since January 2010, the median home price in metro Denver has shot up from $202,896 to $424,051. However, those gains began to moderate significantly in 2019, with the median price of a home sold in metro Denver actually decreasing in February, before a big drop in mortgage rates and stronger demand from buyers this spring pumped life back into the market.

The Denver Metro Association of Realtors (DMAR) says that year-to-date through November, the median price of a home or condo sold in metro Denver is up 2.4%. Zillow, on the other hand, estimates that metro Denver home prices, as measured by its index, are up only 1.7% this year to $431,790, which is below the 3.8% rate of appreciation measured nationally by Zillow.

 A year ago, metro Denver’s annual appreciation rate was running at 7.2%, according to Zillow and 7.9% according to DMAR. That works out to a compounded annual average gain of 7.65% a year, compared to compounded wage gains of 2.3% a year over the same time frame.

Jeff Tucker, an economist with Zillow, said that Denver’s home price growth came crashing back to Earth after several years of stratospheric increases. They forecast that to continue, with a mere 1.4% price growth over the next year.

It’s not just Denver that’s experiencing a leveling out of home prices. In fact, many of the hottest housing markets across the country are also seeing slowdowns, including San Francisco, San Jose, Los Angeles, and Seattle.

If you’re ready to become a homeowner in Denver, 2020 could be the year for you. Contact Metrowest today – we’d love to show you what Denver has to offer!

Blog author image

Ann Potarf

Ann Gould Potarf is a native of Denver and a graduate of Colorado State University. Her most recent experience was carrying on her dad’s legacy and restoring the dignity in the less fortunate and h....

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