Denver is Colorado’s biggest city, a major hub for commerce and entertainment, a short drive from the Rocky Mountains. Within an hour of Denver is Boulder, a rising tech hub that is one of America’s fastest-growing cities. Let’s look at the trends in these two pivotal Colorado cities.
2021 was a massive year for the Denver real estate market. According to Norada, Denver’s housing market broke a record for home sales in 2021, totaling 63,684. Buyer activity was frantic, and the influx of interest posed a problem. The housing supply in Denver is drastically down, leading to increased competition for the remaining homes. The same Norada report showed that in January 2022, the Denver Metro area only had 1,477 active properties on the market, which is 11,175 fewer than normal. This is driving prices up dramatically.
The median price of a single-family home sold in Denver was $595,000 in January 2022. While this was a slight decrease from December, it was a 16.79% increase from January last year. With inventory low, and winter prices significantly higher than last year, Denver is likely in for a year of price growth and heavy buyer action.
Boulder is a smaller city but has massive buyer interest and a similarly low inventory. This is one of the reasons it has become a highly expensive market. According to Realtor.com, the median listing home price was $905,900 in January 2022. This represented a 14% increase year-over-year. Boulder is known as one of the most scenic cities in America, with ample green space and great hiking. This is one of the primary reasons buyer interest is so high.
Denver and Boulder are two of Colorado’s most desirable markets, and prices are surging. But they aren’t the only areas in Colorado worth keeping an eye on.