Denver is one of the Most Competitive Housing Markets in the US
The coronavirus pandemic's unprecedented shifts have resulted in an increased demand for housing in Denver, according to CNBC.
Tech workers leaving the Bay Area and metropolitan individuals from the east coast looking for more outdoor space have flooded the region. In September, Denver experienced a record-low number of homes for sale. There were 3,041 single-family homes listed for sale, a massive drop from the previous record low of 5,693, according to the Denver Metro Association of Realtors.
The low supply and high demand resulted in the median price of homes surging in Denver. The median prices for single-family and condo homes hit record highs of $510,000 and $334,752, respectively. A record number of listing hit the market in September but could not keep up with the demand.
“Home sellers are hesitant to sell as the thought of moving and logistics of that process may feel daunting during a pandemic,” said Andrew Abrams, chair of the DMAR market trends committee. “Homebuyers, on the other hand, may be spending a great deal more time at home and realizing they want more space, while also looking to take advantage of the low interest rates.”
Luxury properties have even seen a massive spike. Sales of homes priced above $1 million were up 80 percent on an annualized basis. “While the excess demand partly caused by the spring market shutdown has been largely satiated, the market remains considerably more active than the year-ago period,” said Jonathan Miller of Miller Samuels, a real estate appraisal firm.
Other cities around the US have seen massive surges in home-buying as consumers rediscover the US amid the pandemic.