If you’re planning on making the Mile High City your home, 2020 is the year to do it. Housing prices are on the downswing. In 2019, 18.8 percent of zip codes in the Denver metro area had a year-over-year median price decrease, which is significant compared to the meager 1.1 percent dip in 2018, according to the Denver Metro Association of Realtors (DMAR).
The takeaway? Start planning your move. U.S. News & World Report‘s annual 25 Best Places to Live in the U.S. in 2019 report ranks Denver number two, up from the third place in 2018, thanks to the city’s growing job market, affordable cost of living, low crime rates and quality of education compared to other U.S.communities.
Current Denver Housing Market Information
The real estate and rental marketplace professionals at Zillow report the median home value in Denver is $424,300, with a median square footage cost of $377. This is significantly higher than the outlying Aurora and Lakewood areas, which average a more affordable $268 per square foot of real estate.
At Copperleaf Community in Aurora, floor plans from KB Home, Richmond American Homes, and DR Horton Homes start in the $300,000s, an incredibly economical price point for a Denver-area community featuring unique parks, trails and recreation spaces located in the exceptional Cherry Creek School District.
The DMAR Real Estate Market Trends Report for October 2019 states that homes priced in the $300,000 to $499,999 range are in top demand by buyers. It’s currently a seller’s market, with the busiest time period for transactions occurring from March through September. This means buyers need to be ready to take action in the upcoming spring months to get the best selection. In the first three-quarters of 2019, single-family home sales were up 32.48 percent from 2018.
Looking Ahead to the 2020 Housing Market Forecast
The Zillow New Construction Consumer Housing Trends Report 2019 dives into the data surrounding homebuyers in America. In this year’s report, the property listing service is focusing on habits surrounding millennials (ages 25-39) and baby boomers (ages 55-75) looking for new construction homes.
Millennials with life-changing events, like marriage, kids, and graduation, make up a whopping 44 percent of buyers, which signals that new home construction is becoming more attainable and desirable for younger generations. Of these buyers, 44 percent have children under age 18 in the home and are seeking a specific school district, a desire for closeness to transportation, nearby shopping, and an economically diverse neighborhood. They also want to live in a community setting with a pool, clubhouse, playground, and other shared amenities.
Centered in the award-winning Cherry Creek School District, with Centennial‘s business district at their fingertips, the family-focused neighborhoods at Copperleaf Community hit the mark for all of these trending home buyer must-haves going into 2020.
When it comes to home values and prices, properties in Denver will enjoy an upswing in 2020, according to the Zillow Home Value Index. In 2019, home values increased 1.5 percent over the previous year. Zillow’s forecast predicts values will increase by 0.4 percent in 2020, which is good news for sellers looking to earn top dollar on their investment. As of September 2019, the median home value in Denver was $424,300. The forecast value for April 2020 is $426,000.
Zillow also predicts foreclosures will increase, meaning more homes will come on the market in the coming year, giving buyers more properties to browse.
From single-family homes and luxury apartments to cozy senior living, Copperleaf Community is the perfect place to put down your roots in the coming year. Ready to begin your search? Learn more about home builders, homes for resale, price ranges, floor plans, and exterior options at Copperleaf Community .