Click Here for the Full Report
High-Level Observations: Downtown Denver faced challenges in 2023, marked by higher crime rates leading buyers to explore alternative areas. Affluent neighborhoods experienced substantial gains, showcasing their resilience during economic uncertainties.
Closed Price, Median:
Zip code 80230 (Lowry) took the lead with a notable 20.3% increase, although the small transaction volume (123) played a role. The average change for 80230 was 8.8%.
Among 90 metro zip codes, only 27 witnessed a rise in median closed prices, one remained unchanged, and 62 recorded a drop.
80203 (Speer, Capitol Hill, N. Capitol Hill) reported the largest decline at 12.4%, particularly noticeable in downtown areas.
Closed Price, Average:
80113 (Cherry Hills, Logan Park, Broadway Heights) saw a remarkable 43.3% increase in average price. Notably, the median price increased by a smaller 7.1%, reflecting the impact of high-priced "Trophy Properties" in this area.
Closed Transactions, Number of:
80125 experienced a substantial 33.4% increase in closed transactions, driven by development, especially Sterling Ranch.
Only 5 zip codes saw more transactions in 2023, primarily due to new developments, while 85 witnessed declines.
80210 (Sheridan & River Point) faced the largest drop (34.2%) in closed transactions.
Days on MLS, Average:
An overwhelming 89 out of 90 metro zip codes witnessed a significant increase in days on MLS.
80002 (Appleridge Estates, Arvada Plaza, Olde Town) saw the most substantial increase at 200% (13 to 39 days).
80202 (Downtown & Lodo) reported the lengthiest selling time, averaging 58 days.
In summary, while downtown areas faced challenges, affluent neighborhoods, and specific zip codes showcased notable resilience and positive trends in various aspects of the real estate market. Keep an eye on these trends for a deeper understanding of the evolving Denver housing landscape.