Covid 19 has changed the way we live our daily lives. However, one thing that has not changed is the high demand for housing in the Denver market. The Mile High City remains a popular place for new movers. Check out how COVID 19 and the Denver Housing Market are beating the odds.
If you are looking to buy a house in Colorado
The rental market in Colorado is competitive. With an average monthly cost of $1449 for a one bedroom and $1834 for at two bedroom. If you are look to purchase a home upon moving to Colorado, here are a things to consider:
- GET PRE=APPROVED! Working with a Real Estate Professional and getting pre approved for a home loan will help you secure a home in the Mile High City.
- If you find a house you like, place an offer. Homes in Denver are spending an average of 9 days on the market, if they hit the market. Many homes under $500,000 are receiving several offers even before they hit the market. Be prepared to come in at least at asking price. Low balling in the Denver market is definitely a way to lose out on a house.
- Be ready to move fast. COVID 19 has not stopped people from listing and buying homes in Denver. The market remains one of the top housing markets in the US.
Just how HOT is the Denver housing market?
Over the last several months, COVID 19 has paused house buying in several markets. That is not the case in Denver. For example, to date there are 6,383 listings in the Denver market. In June 2020, during the pandemic – the Denver Housing Market had 5,581 closings. In addition, 7,676 deals are pending going into July. Furthermore, listings in June were up 24.4% over June 2019 and 16.3% from May 2020. Impressively, even during a pandemic, the average home price in Denver increased to $509,736.