Typically in Denver we see home prices decreasing in the colder months, but like so many months before, we continue defying odds and setting records. According to the January 2022 market trends report from the Denver Metro Association of Realtors, the increasingly hot real estate scene in Denver has bucked expectations, with the average price for a detached home in greater Denver rising above $700,000. In other words, winter 2022 is starting to feel like spring and summer 2021.

The average price of a detached home in Denver surpassed $700,000 for the first time in May 2021 and continued breaking records at $728,385 in June. That was followed by a dip to a slightly lower plateau over the next four months: $687,176 in July, $685,832 in August, $688,629 in September, and $684,700 in October.

Supply can’t seem to keep up with demand, which has been the case for more than a year in Denver. The number of new single-family, detached-home listings in December, the most recent month for which data is available, landed at just 1,781, down a staggering 30.43 percent from the 2,560 available in November and 12.78 percent fewer than the 2,042 listed in December 2020.

By the end of December 2021, only 968 of the 1,781 listings remained — a month-over-month decrease of 32.96 percent from November, when 1,444 listings were still active, and a 26.44 percent slide from the 1,316 available at the end of November 2020.

While home prices continue to inch up, there are still some more affordable options to be found in the metro area. But as we’ve said before, you’ll need to be patient, persistent, and prepared to go in with your best offer. Ready to discuss your options? Give Metrowest a shout today!