Denver is a city experiencing an increase in population, and with that comes housing demand. Denver’s housing trends are expected to change significantly over the next ten years as more people move into the area. This blog post will take a look at some of these predictions and what they mean for potential buyers and renters in 2022.
Decrease in the Number of Available Homes for Sale
The current housing market in Denver has seen an increase in demand but a decrease in the number of homes being offered for sale. This trend is predicted to continue into 2022, likely leading to even more competition among buyers. If you are looking to purchase a home in Denver, preparing yourself for this dynamic is crucial.
The Average Sale Price is Expected to Continue Rising
Since the beginning of 2017, the average sale price for a home in Denver has increased by more than $100,000, meaning that the average home prices will be even higher by then.
In addition, renters should expect to see an increase in rent prices as well. The average rent price in Denver has been increasing by about $100 per month. It is vital to start your search early so that you can find a rental that fits within your budget.
More Luxury Homes will be Hitting the Market in 2022
The average home price in Denver is around $400,000 right now, which means that many renters and buyers are priced out of this housing market, especially when there are so few available homes for sale. However, it is predicted that more luxury houses with high-end finishes will be hitting the market in 2022, which will bring down the average home price.
While this is good news for some buyers and renters who were previously priced out of the current housing market, it does not mean that all homes will suddenly become more affordable. Homes with higher-end features tend to carry a premium on top of their asking prices.
These are just a few of the housing market trends that are expected to occur in Denver over the next ten years. By knowing what to expect, you will be able to better prepare yourself for buying or renting and plan accordingly.