Denver Real Estate Market Forecast 2020
The Denver residential real estate market forecast for 2020 is one that should bode well for buyers and sellers alike. This is largely due to the fact the local real estate market is almost completely balanced. However, a slight shift is likely to occur over the course of this year, leading to a more active and perhaps, even more strongly balanced market. Read on to learn more about the Denver residential real estate market forecast for 2020.
The Denver residential real estate market forecast for 2020 looks good going into the early part of the year. With a healthy overall micro-economy in the city and metro area of Denver-Aurora-Lakewood, this should provide stability to the housing sector.
Right now, the Denver market is leaning toward a buyers’ market, as it’s slightly favoring them over sellers. However, Denver’s real estate market is still near parity.
At this time, the median home value in Denver is $454,940. Over the course of the past twelve months, residential property values have risen by a small amount, 0.4 percent. Economists and real estate industry experts expect this to increase substantially to 3.6 percent within the next year.
Meanwhile, the median listing price per square foot is now at $374, which is more expensive than the Denver metro average of $265 per square foot.
Currently, the median list price for residential properties in Denver stands at $464,900, while the median selling price is now $435,200.
The mortgage delinquency rate in Denver is below the national number, being 0.4 percent compared to 1.1 percent, countrywide. At this time, 4.7 percent of all homeowners in Denver are underwater in their mortgage loans, higher than the local metro area, which stands at 3.9 percent.
Distressed properties in Denver make up only a small percentage of overall available properties at just 0.2 percent. However, this is above the greater Denver metro figure of 0.1 percent, but lower than the national figure of 1.2 percent.
Since distressed properties and delinquencies are not a statistically substantial part of the larger residential real estate market in Denver, these should not have any significant impact on home values. This helps to reduce investor fix and flip activity, which can put an artificial and sometimes negative influence on non-distressed properties.
As you can see, the Denver residential real estate market forecast for 2020 is shaping up to offer good things.