The ‘Mile High City’ sits at an elevation around 5,000 feet above sea level and is home to some of the most beautiful scenery in the world. Outdoor activities abound in the Denver area, from skiing in the Rocky Mountains to hiking and biking all-around the area. Most that live in Denver love nature, and love being active in an area that is not as densely populated as some other major cities. More than 600,000 people call Denver home, making it the 23rd largest city in the country. There are a large number of suburbs surrounding Denver, with over 4 million people living within the greater Denver area. Warm summers and cold, snowy winters are expected and enjoyed by the local residents.
Transportation and storage is a big portion of the economy in the city of Denver. Because it is the largest city for many miles in all directions, Denver makes sense as a hub of shipping and commerce. Many large businesses use Denver as a place to distribute from to many other Mountain West cities and even the remainder of the West Coast. Technology has also taken hold in Denver and has given many a reason to relocate to this largest Colorado city. Mining, brewing, aerospace, and government work are also major players in the economy of Denver and serve to provide the vast population with employment opportunities.
Despite being a large city, Denver has one of the more affordable real estate markets in the country when compared to other metro areas. There are neighborhoods across Denver that range from very affordable to highly affluent and exclusive. Depending on the budget of a shopper, there is something for just about everyone in Denver. Some of the most affordable real estate can be found in the neighborhoods of Barnum, Athmar Park, Cole, Vicca Park, Ruby Hill, College View, Windsor, and Westwood. The average listing in each of these areas is under $200,000. On the other end, there are four neighborhoods in Denver that have average listings of greater than $900,000. Those are Belcaro, Cherry Creek, Hilltop, and Country Club. The southern area of Denver tends to be the more expensive housing district, while communities to the west and northeast are home to more affordable choices.
Three different ethnicities account for most of the people that live in the Denver area. White, Latino, and African American make up over 90% of the population in the city, with Asian and Native Americans also included to a smaller degree. The median age in Denver is 33 years old, which is about average for larger cities in the United States. Adult males outnumber adult females by 2%, and the median household income is around $45,000. An average home listing in Denver is just higher than $430,000, and the median sale price is $265,000. Those prices make Denver one of the more affordable places to live and own a home all across the country.
Thanks to the affordable prices, more than half of the people that live in Denver own their own homes. While this is still lower than the national average, it is a high number for an urban area. The average home in Denver was built in 1954 and has just over 1,200 square feet. The majority of housing options in Denver are single family homes, with condos also occupying a large portion of the market. Between the two, they make up more than 90% of what is available for housing in the city. While there is a large number of affordable housing, much of it is small – over 30% of the properties have less than 1,000 square feet.
Unlike other markets in the country, Denver is seeing an increase in both housing prices and the number of sales. The median sale price has increased 16% over the last year, and the number of sales has gone up almost 30%. In other markets, the sales have decreased while prices have increased even sharper. These numbers indicate a healthy market that may be able to sustain this growth for some time. Because Denver is such a suburban city, buyers are more comfortable living in a variety of neighborhoods around the city and commuting to and from work each day.
There are many reasons that Denver remains a popular place to live for locals and transplants alike. The real estate tends to be more affordable than other places in the country, while the city still offers many of the benefits that living in a metro area affords. There is close access to the Rocky Mountains for recreation, and outdoor activity is popular all throughout the city. Despite the colder winters, the climate is generally enjoyable and the sun is out for many days of the year. For potential buyers in the Denver area, now is a good time to shop. The inventory levels are high enough to have a good selection of properties, yet the prices are on the rise so acting sooner than later is a good idea. With so many nice neighborhoods to choose from, finding a quality home within budget in the city of Denver is one of the easier real estate challenges.
Bell Real Estate - Broker
4475 Trinity Mills #703981
Dallas, TX 75370