According to U.S. News, Denver is the second-best city to live in within the United States. The Denver Metro area has attracted people from all over the country to move to the Mile High City by providing a place to have urban adventures and thriving businesses.
The LIV Sotheby’s International Reality (LIV SIR) 2019 report on the Denver Metro area further highlights a favorable environment for home buying and selling. The comparison of 2018 to 2019 brought in an increase of 3.8% in new home listings. The total number of homes that came onto the market in 2019 was 64,542 in comparison to the 62,303 in 2018. This is beneficial for not only those looking to move to the Denver Metro area, but also those currently living here because this growth contributed to the 7.8% rise in total dollar volume sold throughout 2019. If you are looking to move to the Denver Metro area, your home is probably here, and if you are looking to sell your home and relocate, this is definitely a possibility that is in your favor. These statistics highlight the positive health of the market in 2019 and remain positive as we continue into 2020.
There are 57 neighborhoods that make up Denver Metro and the Colorado Micro Market Report includes real estate data statistics for single family homes. Some interesting market changes that occurred were in Cherry Creek North, Golden Triangle, and Lone Tree. Cherry Creek North is noted for being a premier outdoor retail and dining destination with a variety of impressive art galleries and independently owned boutiques. The Cherry Creek North community is noted for its proximity to the amenities of downtown Denver while still being able to provide a quiet residential reputation. This community saw a 47.8% increase in properties sold in 2019. This is a huge jump in comparison to 2018 and people are definitely noticing the benefits of moving into the Cherry Creek North neighborhood.
Triangulate yourself along the east-west line of the mountains, the open sky of the north and red earth of the south, and you will find the Golden Triangle neighborhood. Known as the Triangle and the masthead of Denver, this neighborhood saw a dramatic 85.8% decrease of average days homes were on the market– from 430 days in 2018 to just 61 days in 2019. If you were one of the lucky new residents in the Golden Triangle neighborhood—congrats because it was a desired location.
Lastly, if the city isn’t for you, head south to Lone Tree. While in 2019 it was named one of the best suburbs for renters, Loan Tree is also an area where people are looking to move, and sellers have the market. The average home prices in Lone Tree have grown 28.2% since last year with the average price of a home being $873,140 in 2019.
With the consumer activity remaining healthy and as 2020 continues, the statistics will start being compiled on the real estate market. The Denver Metro region is home to over 3.2 million people and currently these changes should be welcomed for Denver Metro’s current and future residents.