US News and World Report recently published a comprehensive article discussing current trends in the Denver real estate market, as well as what experts think may unfold in 2021.

Is it a buyer’s market or a seller’s market?
If we look back to  2016 and 2017, Denver had one of the hottest seller's markets in the country; however, in 2018, the seller's market began to slow down and continued to do so up until the first few months of 2020. In the second quarter of 2020, the number of available homes began to drop again.

Denver is still in a seller's market, but not the extreme seller's market the area experienced in 2016.

How Has COVID-19 Affected Denver's Housing Market?
On March 26, 2020, Governor Jared Polis issued a stay-at-home order, valid through April 11. This mandate shut down all real estate showing activity for the first few weeks, and then later allowed showings with certain restrictions.

Eventually, the restrictions were lifted, and realtors started selling homes again. During this time, the Denver real estate market took a hit, but home sales rebounded after the stay-at-home order expired.

What Will Denver's Housing Market Be Like in 2021?
The real estate market in Denver started 2020 incredibly strong. As we venture into the third quarter, the market appears to be on track to finish even more robust than it started.

The median sale price in Denver peaked in 2018, but it is positioned to be higher in 2020 than it was in 2019, based on the current year-to-date statistics. The median home price in the city of Denver is $447,500 as of July 2020. It was $428,000 at the same time last year.

Though it’s not a buyer’s market in the Mile High City, there are some great deals to be found if you know where to look. Contact Metrowest today – we’d love to help you start the process!