Limited housing supplies continue to dominate Colorado’s housing market.
A new study from Point2 shows that the median home sale price doubled nationally in the past decade primarily due to a housing shortage. In Colorado, it took less than a decade for median home prices to double in nine cities.
Research from Clever shows Denver ranks as the 11th-least affordable metro for homebuyers based on income-to-home-price ratios.
Meanwhile, a Zillow analysis shows that listing a home in late May can result in a $17,000 higher sale price compared to other times of the year.
How fast did home prices double?
Limited supply, surging demand, the pandemic, and inflation caused the median home price nationally to double from $200k to $400k in the past decade.
Point2 analysts studied the country’s 100 largest U.S. cities to determine how quickly prices doubled.
In Colorado, Point2 found it took less than a decade for median home prices to double in nine Colorado cities:
- Arvada: $325,500 to $656,000 in 8 years, 1 month
- Thornton: $273,100 to $557,000 in 8 years, 2 months
- Aurora: $235,000 to $475,000 in 8 years, 10 months
- Colorado Springs: $224,127 to $449,123 in 8 years, 11 months
- Westminster: $255,000 to $515,000 in 8 years, 11 months
- Lakewood: $265,450 to $537,250 in 9 years
- Fort Collins: $273,100 to $560,000 in 9 years, 1 month
- Denver: $280,000 to $535,000 in 9 years, 3 months
- Boulder: $460,750 to $930,000 in 9 years, 5 months
Denver named 11th-least affordable metro
Research from Clever, a real estate data company, reveals Denver as the 11th-least affordable metro for homebuyers based on income-to-home-price ratios.
Most of the least affordable metros are on the East or West Coast.
According to Clever’s research, Denver residents must earn $167,562 to afford the median home price of $560,934 but only make $98,975. That’s $68,587 less than needed.
First-time buyers nationwide need to earn $119,769 to comfortably afford the median-priced home in the U.S., $332,494, with a 10% down payment. That’s roughly $45,000 more than the average annual income of $74,755.
The 10 least affordable metros are:
- Los Angeles
- San Jose
- San Diego
- San Francisco
- New York City
- Miami
- Riverside
- Boston
- Seattle
- Sacramento
Ready to sell?
Homeowners considering selling might want to get busy and list their homes in May.
A Zillow analysis shows that homes listed in late May sell for $17,000 more than those listed at other times of the year. Before the pandemic, early May was the best time to list a home.
If you’re considering selling your home, you May want to do it next month.
By the numbers: Metro Denver homes listed in late May sold for nearly $17,000 more than during other times of the year, per a new Zillow analysis.
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
