It’s true—the market is recovering, and the Colorado area is no exception. In fact, this section of the real estate market is showing strong growth in the Denver area alone.

Median home prices are rising

Median home prices are a good way of measuring the value of a particular area. While in some cases it may mean that one area is more upscale than the other, when you see an increase in median home price, this means that home values are going up overall. In Colorado, the median home price has gone up by about $33,000. This is 15% more than last year. In just recent months, this figure has seen growth in the Denver area—the median sales price in April was at $280,000 while this number in March was at $268,200. And, not only are median home prices rising, but more sellers are seeing offers at their asking price. The Colorado Association of Realtors has reported that many homes are bought for 100% of their listing price.

Steady increases

While these numbers are something to celebrate, another important factor is steadiness. Sure, the market is recovering, but those looking to buy a house are in it for the long term—the question is, will these trends continue? A good indicator of this is to look at the market’s pattern. Prices have been increasing for the last 14 months according to the Standard & Poor’s/Case-Shiller Home Price index. Considering that median home prices have been increasing at the national level as well, this is good news.

Luxury Developments

The Denver area has seen some new luxury developments recently. This is a good indicator that those with a lot of investment to lose have confidence in Denver’s market. These developments also bring value and business to an area. This trend may also have something to do with Denver’s commercial market being on the upwards swing as well—another good indicator of growth, where rents are up and vacancy rates are down. Some of the luxury developments that the Denver area will see includes a new luxury Hyatt hotel in Cherry Creek that will have over $10 million invested in the project, and a 332-unit upscale apartment project in the Highlands/Jefferson Park area.

Even in a growing market, navigating the real estate game on your own can be tricky. If you are looking for Aurora real estate or real estate in the Denver area, considering hiring a PorchLight real estate agent to help you wade through these numbers.

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