Denver, Colorado Homes for Sale and Real Estate
Frequently Asked Questions:
How much does it cost to buy a home in Denver?
The median listing price of a home in Denver, Colorado is currently $535,000. Of course, that can vary widely depending on what part of Denver you want to live in! Just like any major metropolitan area there are expensive and we'll call it "not so expensive" neighborhoods. It's important that you consider the long-term potential of an area.
Will the Denver housing market crash?
Given the strong demand even deep into 2020, we do not predict a housing crash in Denver. There has been a recent trend in the recent months of a shift from a seller's market to a buyer's market. We may see homes sit on the market a bit longer than we are used to, as well as price reductions and seller incentives. Of course, there are areas in Denver that remain a strong seller's market and the lower end of the home price spectrum is still very much a seller's market.
Who pays closing costs in Denver?
The answer is always "Everything is negotiable". We are seeing that sellers typically pay things like Realtor commissions, some escrow fees, and what's called an "Owner's Policy" which is a title insurance policy that protects the buyer and insures a clean title gets transferred. The buyers are generally paying for things like mortgage origination fees, appraisals, inspections, and some title fees.
Denver, Colorado Real Estate
Many people talk about “living the high life” and making everyday a grand adventure of success and style. When you live in Denver, you live an elevated lifestyle both literally and figuratively. Known as the “mile high city”, Denver is bursting with diversity from its suburbs to its urban areas, from its condos to its single family homes, and from its restaurants to its museums.
More than its amenities and culture, Denver is a place where individuals elevate their lifestyles through environmentally friendly living and eco-consciousness, an abundance of healthy activities such as hiking and skiing, and access to high paying jobs. Residents of Denver - and Colorado as a whole - choose this state for its abundant employment and wealth building opportunities with an incomparable work-life balance.
Downtown Denver events and venues include the Pepsi Center that hosts the Denver Nuggets NBA games and Colorado Avalanche NHL games. Museums include the Molly Brown House, Museum of Contemporary Art - Denver, and the Denver Botanic Gardens. Family friendly venues include restaurants like Steuben’s, the Downtown Aquarium, and the Denver Zoo. Whether you’re a single, part of a tight-knit family, or a retiree, you will always find something to keep you entertained and enriched in Denver.
If you are a Denverite with children, you will be glad to know that the Denver Public Schools, charter schools, and private schools create top-notch educational experiences for its students. Post-secondary institutions include the University of Colorado at Denver, Denver State University, the Art Institute of Colorado, and the Rocky Mountain College of Art and Design, just to name a few. It’s no wonder so many Denver residents have obtained at least a Bachelor’s degree!
Limitless options abound in the Denver housing market. This article will explore three neighborhoods to provide you with a broad range of possibilities: downtown Cherry Creek, northeast Sandown, and northwest Berkeley. Buyers may choose from hip condos in Cherry Creek to single family homes in Berkeley to urban lofts in Sandown.The price range for homes is as diverse as the type of home available. Cherry Creek has a median home price of more than $1,000,000. The rest of the state tends to run just above or below the $500,000 mark, although some less expensive properties may be available.
Our pie chart shows a rough average of prices amongst Cherry Creek, Sanborn, and Berkeley:
Where you live also dictates the type of Denver lifestyle you will enjoy. The characteristics of our select neighborhoods are as follows:
*Cherry Creek: Retirees, Single Professionals, and Luxury Lifestyle Enthusiasts
*Sandown: Urban Sophisticates, Executives, and LGBT friendly
*Berkeley: Urban Sophisticates and Trendsetters
These are broad generalizations and you may find the type of lifestyle you desire in these or any other Denver neighborhood. Denverites appreciate the uniqueness of the neighborhoods in which they choose to reside.
Where you choose to reside may slightly change the home styles and sizes that are available to you. When you work with the tenacious agents at Kenneth James Realty, we build you a portfolio of homes that match your impeccable tastes, needs, and location preferences. Let’s take a look at the types of homes that are available in our example neighborhoods.
Cherry Creek is primarily comprised of townhomes (almost 27%) and apartment complexes (51%). Note that many of those apartment complexes were remodeled and converted into luxury condos, such as Cherry Creek Towers Condos and Polo Club Condos. Single-family homes account for slightly over 14% of the homes available.
Sandown homes reflect a good mix of housing and lifestyle opportunities. Single-family homes make up 45% of the available properties, followed closely by large apartment complexes (29%), townhomes (17%), and small apartment buildings (8%).
Homes in Berkeley support a family-friendly community. A substantial portion of homes (79%) are designed for single-family dwelling. Townhomes, large apartment complexes, and small apartment buildings have nearly identical availability in the market: 5%, 8%, and 7%, respectively.
In all three communities, mobile homes were listed between zero and less than 1% of available properties.
Denver has a hot rental market. When we combine the average rents listed for our example cities ($2,492; $1,731; $2,377), we obtain an average price of $2,200. For the quality of life offered by Denver and access to high paying jobs, the rent is a small price to pay for the amenities received.
As you can see, the choice is yours. It’s not “if” you will live in Denver, but “where”!
Transportation in the Mile High city
Although most Denverites choose to drive their own cars to work, there is a large population (5-10%) that choose to carpool. However, Denver has an incredible public transportation system that rivals many other large cities. Rail lines E, W, and C run through the Union Station downtown transit center. Many local bus routes transport residents to every corner of the city. The Free MallRide and Free MetroRide are complementary shuttles that have designated routes in high traffic areas.
Don't forget skiing! Although your skiis may not take you to work, they can transport you down your favorite black diamond trail any day.
Employment and Average Income
The first thing you should know about Denverites is that some might consider them overachievers. They're not! They are simply driven individuals with high goals and expectations for themselves. The average Denver resident holds at least a Bachelor’s degree and has an income greater than $80,000. Residents are able to afford the prices of homes and rentals that are greater than the national average, while still having a decent expendable income.
Employment in Denver includes a broad range of industries but most employees boast a white collar position. Popular industries in the majority of communities include technical services, healthcare, finance, and education. Other communities have the added industries of manufacturing, retail, and public service.
If you make Denver your home, you will not be disappointed. When you live the high life, you will enjoy a friendly community of like-minded professionals, education and employment opportunities, and amenities galore. Please consider our professional and personable agents your Denver experts. Whether you are buying or selling your Denver home, we have access to tools that will help your transaction progress smoothly and efficiently. Contact us and let us know how we may be of assistance. We look forward to working with you soon!