Denver Housing Prices Drop for First Time Since 2012
Mar 21, 2023, 9:53 PM | Updated: Mar 23, 2024, 8:27 am
The bad news? Denver continues to have one of the most expensive housing markets in the country. The good news, for the first time since 2012, Denver housing prices are going down. 2012 is also the last time the whole country has had an annual price decline in homes (although its just 1%)
According to KDVR, Denver’s median sales price was $560,000 in February which is 2.6% lower than last year.
What were the big contributors to the high prices in the Mile High City? On top of historic low interest rates during the pandemic, the National Bureau of Economic Research attributes one-half of the 23.8% national price increase to the remote work environment which grew during the pandemic.
Definitely encouraging news but many Colorado resident continue to find themselves priced out of a new home. And the looming economic uncertainty will surely leave many hesitant, but crossing their fingers for continuing decrease in prices.
One thing that is for sure, as seen by cranes in the photo below, there is no slowing down in Denver on construction on new homes in the Mile High and hopefully will continue to help Denver housing prices to stabilize!
