Denver home prices have for years been too high for many middle- and working-class families to consider buying. The trend is continuing in 2024 as house prices sit at $633,000, up 5.5% from last year, according to the February Market Trends Report from the Denver Metro Association of Realtors.

Listing prices for condos may be a better deal for those looking to own. Condos have traditionally been viewed as a great entry point for first-time homebuyers.

Here we’ll cover some of the benefits of condo living, and why it may be a better option for those looking to break into homeownership.

1.         Lower Maintenance: Condos often come with maintenance services, which means you won't have to worry about tasks like lawn care, exterior maintenance, or repairs to common areas. This can save you time and money compared to maintaining a house.

2.         Amenities: Many condo complexes offer amenities such as swimming pools, gyms, clubhouses, and sometimes even security services. These amenities can enhance your lifestyle and provide added convenience.

3.         Location: Condos are often located in urban or desirable locations closer to city centers, business districts, or public transportation hubs. This can provide easier access to amenities, entertainment, and work opportunities.

4.         Security: Condos often have security measures in place such as gated entries, surveillance systems, or security personnel, providing residents with a sense of safety and peace of mind.

5.         Community Living: Condo living fosters a sense of community among residents. Common areas and shared amenities provide opportunities for social interaction and networking with neighbors.

6.         Affordability: In some markets, condos may be more affordable than single-family homes, making them an attractive option for first-time homebuyers or those looking to downsize.

7.         Investment Potential: Condos can be easier to rent out or sell compared to houses, especially in high-demand urban areas. This can make them a potentially lucrative investment opportunity.

8.         Flexibility: Condo ownership often includes fewer responsibilities than homeownership, allowing for more flexibility in lifestyle and financial planning. This can be particularly advantageous for individuals with busy schedules or those who travel frequently.

As with any location, there are pros and cons to condo living, so keep in mind the potential drawbacks as well, such as homeowners’ association (HOA) fees, restrictions on renovations or modifications, and less privacy compared to standalone houses. If you’re interested in checking out the condo climate in Denver, give Metrowest a shout today – we’d be happy to show you what’s out there!