The average single-family home price in Denver catapulted to over $600,000
REACTION: Just a few months into the COVID-19 pandemic, and the Denver real estate market is already recovering and breaking records. Prior to the pandemic hitting our world, the average single-family home price in Denver had just broken into the $500,000 threshold. Just a few months later, amid a worldwide pandemic, the average sale price of single-family homes in Denver has now exceeded $600,000. This is not only a very impressive number, but an all-time record for Denver!
The recovery became prevalent in June 2020 when the Denver market set a record for pending sales in the market. The plethora of pending sales in June transpired to a record-breaking month of closings in July 2020. Not only has our market recovered, but it is thriving. It is safe to expect a slight softening of the market with rates increasing slightly, but there is no doubt the Denver market will remain strong.
So, what does this mean for Colorado home buyers as a whole? With the average single-family homes price in Denver increasing to $600k, we will continue to see buyers pushed out of the Denver Metro area. Developments are expanding outside of the urban core as our population continues to grow monthly. Both northern and southern Colorado are growing drastically, and it is exciting to see our state expanding.
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