If you need proof that investing in local housing pays dividends, check out this Denver real estate news from industry authority Zillow. Home values in the city have risen in the city by 15 percent in the past year and are forecast to increase by at least 6 percent in the next 12 months.
- The median home value in Denver is $297,300. This is how much all residences in the city are worth whether they’re for sale or not on the market. Properties with five or more bedrooms are valued at a median $655,000 while studios run about $352,000. At a median $216,000, condos are a bargain compared to single family house, which are at a median $325,000.
- The median listing price is $415,000, or $288 a square foot, while the median sale price is at $281,425, or $247 a square foot. This indicates a buyer’s market, although only 6.7 percent of homes are sold below their listing price.
- The market is considered very healthy since only 8.5 percent of homes have negative equity, compared to the 16.9 percent US average. Only 1.9 percent of homeowners are delinquent on their mortgages, compared to 6.4 percent in the country.
- Pushing the purchasing market even higher are rents, which have increased by over 10 percent in the past 12 months. The monthly median is now $1,800, compared to $1,350 throughout the country.
Mortgage rates are low enough that monthly payments are affordable. But don’t wait because interest rates are predicted to hit 5 percent by the end of the year. If you want to take advantage of this buoyant market by either selling your current property or looking for a home, please contact us.