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Metro Denver Luxury Home Search: What’s Going On with Home Prices and Rental Rates

Metro Denver Luxury Home Search

Things are looking up in the Denver housing market, according to Zillow. After bottoming out and plateauing in 2011 and 2012, the median value of homes has increased by 11.7 percent to $248,600 for the year ending July 2013. The median in the top tier grew by 13.4 percent to $436,500. This represents an estimate of what houses are worth in the city.

  • The median list price of all homes is $319,000. The median sale price is $295,900. Zillow did not show specifics for top-tier homes.
  • The area with the highest value increase in top-tier homes is Harvey Park South, which shows a 14.8 percent jump to $390,100.
  • The highest value is in Denver Country Club at $857,900 representing a 15.8 percent increase.

About 63 percent of Denver residences consist of single-family homes with 27 percent owning condos.

  • Over 31 percent of all Denver homes are 1,000 square feet or less. Almost 30 percent range from 1,000 to 1,400 square feet. About 10 percent of homes are above 2,400 square feet.
  • Over 27 percent of all homes were built from 1940 to 1959. Almost 21 percent were from 1960 to 1979. Only 12 percent of the houses were constructed from 2000 to the present.
  • The average property tax bill for all residences is $1,871, compared to $3,025 nationally.
  • Median household income is $39,500 per year, lower than the national $44,512 median.

Almost 48 percent of Denver residents are renters compared to 33 percent nationally.

  • Denver median rental rates have increased by 4 percent to a median $1,300 per month.
  • In Montclair, rents have increased by 26.8 percent to $1,300. The biggest drop of 19 percent is in Virginia Village to $850.
  • The highest rents are in Union Station at $2,500. The lowest are in Kennedy at $730.

If you want more information about how current market conditions affect your ability to buy or sell a home, please call 303.550.8563. We want to be your metro Denver luxury home search specialist.

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