Denver Real Estate Market Update - January 2024
Whether you’re a seasoned pro or just getting started in investing, Denver, CO, is certainly worth considering.
Located in the heart of Colorado, the city of Denver is famous not only for its elevation (known as The Mile High City), but also for its modern Western culture. Nestled at the base of the Rocky Mountains, the city has a rich history, as it was founded during the Gold Rush. In the centuries since, it has expanded into a bustling metro surrounded by abundant nature for residents to enjoy.
But what about the Denver real estate market? What do stats and trends look like, especially right now? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.
Denver General Statistics
Population (city proper): 693,279(down -3.3% since 2020)
Population (metro area): 2,985,871
Area (city proper): 153.1 sq. mi.
Area (metro area):8,344.6 sq. mi.
Median Age:35.1
GDP: $288.8 Billion
Unemployment rate:3.2%
Top employers:Denver International Airport, HealthONE Corporation, Lockheed Martin, Centura Health, SCL Health Systems, CenturyLink, Kaiser Permanente, Liberty Tax Service, Western Union Co., Comcast Corporation, University of Colorado health, Children’s Hospital Colorado, United Airlines, Wells Fargo.
Highest paying jobs:Oral Surgeon, Oral and Maxillofacial Surgeon, Trauma Surgeon, Cardiologist, Senior Vice President – Operations, Vice President/Managing Director, Psychiatrist, Urologist, President/Chief Executive Officer, Oncologist.
Median income (per capita): $59,271
Median income (household):$88,271
Denver Real Estate Market Statistics
Neighborhoods: 195
Homes for sale as of January 2024: 1,975
Median list price:$580K(down 9% Since September 2023)
Median sold price:$530K(down 2% since September 2023)
Sale-to-list price ratio:~99%
Median price per square foot:$386
Median days on market: 71(up 43 year-over-year)
Rental vacancy rate: 9.8%
Homeowner vacancy rate: 5.6%
One-year appreciation rate: -1.7%
Average rent:$1,979
Price-to-rent ratio: 26.2
Most expensive neighborhoods
Neighborhood: Median Monthly Rent / Median Listing Price
Country Club: $2,913 / $1,749,998
Hilltop West: $4,953 / $1,512,387
Four Square Mile South: $3,027 / $1,450,793
Wash Park: $4,609 / $1,236,924
Cherry Creek: $4,000 / $1,246,011
Least expensive neighborhoods
Neighborhood: Median Monthly Rent/ Median Listing Price
Montbello Southeast: $3,118 / $424,411
Western Hills: $2,373 / $417,461
Westwood South: $2,150 / $326,318
Northeast Denver: $2,315 / $428,501
Final Thoughts: The Denver Real Estate Market in January 2024
The Denver real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Denver real estate market could provide ample opportunity to build your portfolio.
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Whether you’re purchasing one Denver home or one hundred, you don’t have to go it alone. Reach out to My Haven and we'll work with you and our preferred network of Colorado's top realtor's to ensure you find the right investment or investments for you!
