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Thursday, December 22, 2016

The Latest Trends in Denver Home Prices

How have home prices changed over the course of 2016? We’ll go over the numbers for single-family homes, townhomes, and condos today.  

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How have Denver home prices changed in 2016? 

If you look at traditional homes with yards that don’t share a wall with a neighbor, the average price is $443,000. That is a 9% increase in value for 2016, which falls into the same trends we have seen over the past couple of years, where homes appreciated by 8% to 12%. 

What does this mean to you as a homeowner? If you bought a house back in January for $400,000 and put the home on the market today, that home would now be worth $436,000. That is $36,000 of appreciation in one year! As you can see, owning a home in Denver is still a great investment. 

The townhome and condo market is very similar to the traditional home market, but they are not identical. The first difference is the price point. Townhomes and condos typically cost less than a single-family home.

Now is a great time to invest in Denver real estate.

The average price in the townhome/condo market is $293,000, which is a 7% increase for 2016. In the past, this market only saw an appreciation rate of about 5%, so 7% is a bit of a jump. Part of the cause for this jump in appreciation is the fact that townhomes and condos are at such an attractive price point. 

If you purchased a townhome or condo in January for $250,000 and put it on the market now, it would currently be worth $267,000, which is a $17,000 increase in value. 

Ultimately, owning property in Denver is still a good investment. These numbers are averages, so if you have questions about your specific house, condo, or townhome, just give us a call. We would be happy to help you!