fbpx

Real Estate Market Trends: Everything You Need to Know in Beautiful Denver

Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Denver, CO, is certainly worth considering.

Located in the heart of Colorado, the city of Denver is famous not only for its elevation (known as The Mile High City), but also for its modern Western culture. Nestled at the base of the Rocky Mountains, the city has a rich history, as it was founded during the Gold Rush. In the centuries since, it has expanded into a bustling metro surrounded by abundant nature for residents to enjoy.

Denver real estate market

But what about the Denver real estate market? What do stats and trends look like, especially right now? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.

Here are some of the top trends for January, 2024 in the Denver real estate market:

Denver General Statistics

  • Population (city proper): 693,279 (down -3.3% since 2020)
  • Population (metro area): 2,985,871
  • Area (city proper): 153.1 sq. mi.
  • Area (metro area): 8,344.6 sq. mi.
  • Median Age: 35.1
  • GDP: $288.8 Billion
  • Unemployment rate: 3.2%
  • Top employers: Denver International Airport, HealthONE Corporation, Lockheed Martin, Centura Health, SCL Health Systems, CenturyLink, Kaiser Permanente, Liberty Tax Service, Western Union Co., Comcast Corporation, University of Colorado health, Children’s Hospital Colorado, United Airlines, Wells Fargo.
  • Highest paying jobs: Oral Surgeon, Oral and Maxillofacial Surgeon, Trauma Surgeon, Cardiologist, Senior Vice President – Operations, Vice President/Managing Director, Psychiatrist, Urologist, President/Chief Executive Officer, Oncologist.
  • Median income (per capita): $59,271
  • Median income (household): $88,271

Denver Real Estate Market Statistics

Denver real estate market

  • Neighborhoods: 195
  • Homes for sale as of January 2024: 1,975
  • Median list price: $580K (down 9% Since September 2023)
  • Median sold price: $530K (down 2% since September 2023)
  • Sale-to-list price ratio: ~99%
  • Median price per square foot: $386
  • Median days on market: 71 (up 43 year-over-year)
  • Rental vacancy rate: 9.8%
  • Homeowner vacancy rate: 5.6%
  • One-year appreciation rate: -1.7%
  • Average rent: $1,979
  • Price-to-rent ratio: 26.2
  • Most expensive neighborhoods:

 

Neighborhood Average Monthly Rent Median Listing Price
Country Club $2,913 $1,749,998
Hilltop West $4,953 $1,512,387
Four Square Mile South $3,027 $1,450,793
Washington Park $4,609 $1,236,924
Cherry Creek $4,000 $1,246,011
  • Least expensive neighborhoods:

 

Neighborhood Median Monthly Rent Median Listing Price
Crossland $2,136 $391,625
Monbello Southeast $3,118 $424,411
Western Hills $2,373 $417,461
Westwood South $2,150 $326,318
Northeast Denver $2,315 $428,501

Final Thoughts: The Denver Real Estate Market in January 2024

The Denver real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Denver real estate market could provide ample opportunity to build your portfolio.

Get Started Buying Homes With Evernest

Whether you’re purchasing one Denver home or one hundred, you don’t have to go it alone.

If you’re ready to buy your first (or next) investment property, here are three steps to get started today:


Ready to speak with our sales team?

Start the conversation!

How did you hear about us?(Required)