Denver Real Estate: Where to Buy
Denver Home Values increased by 96% over the last decade. That’s right – they’ve nearly doubled!
Real estate values have gone up by so much that the average home value now sits at almost $500k across the Denver metro area. That’s the 9th most expensive in the US.
The neighborhoods that have experienced the most growth, along with their associated ZIP codes, are: Aurora (80011) Sheridan (80219) Lakewood (80214) Westminster (80030) Thornwood (80260) Why did these areas grow so much? Well, they all happen to be well-located suburbs within striking distance of Downtown Denver.
But the other trait they share is that they’re relatively affordable compared to the rest of metro. As Denver becomes less affordable overall, it will become more difficult to sustain the same appreciation rates into the future.
But one trend to keep an eye out for is the rate of new housing permitting. It has gone down for four straight years just as the metro is adding a record amount of households and jobs. The lack of new permitting could create a further housing shortage that would push values up further.