2017 residential real estate market trends for central Denver (see map) continued to mirror the past six years’ trends.
It’s all about supply, or lack thereof. December 2017 set the all time record low of only 227 homes available for sale. By contrast, in December 2010 the market had 2,302 available homes!
The lack of supply is dragging down the number of homes selling each year, as is the ever increasing median price.
Low supply and steady demand continue pushing prices ever higher. The median price of central Denver homes rose 9.3% in 2017. If the market appreciates another 9% this year, we will see our median price jump to $642,000!
Barring any significant national or global economic slowdown, we don’t expect these trends to change much in the near future.