Denver home prices will increase by nearly 10% in the next year, according to a real-estate valuation and analytics firm.
In a report released last month, Veros Real Estate Solutions ranked Denver as the second strongest market in the country over the coming year. (Seattle snagged the top spot.) Veros said Denver's historically low home inventory, low 2.8% unemployment rate and rapid population growth are all fueling the continued growth.
What does this mean for you? For those thinking about buying, it means a little less conversation, a little more action. Rising prices and rising interest rates are eroding your buying power with each new moth. You could also wait and see. Maybe prices are about to drop. But no one has a crystal ball on these things, so timing the market is nearly impossible. Waiting for prices to drop could price you out of the market.
I continue to be bullish about this market as Denver's draw on rich millennials grows. If you're in Seattle or San Francisco or Boston or New York, you're looking at Denver and thinking we're a pretty cool city for a total bargain. Does this make you feel, Denver resident, feel better about the high prices? No. But it means that there will continue to be a steady supply of people moving here, and until new homes and condos can catch up, prices will continue to rise.