Guess who’s coming to Denver? With housing inventory levels on the rise, homebuyers from the coasts continue to enter the market at a rapid pace, capitalizing on opportunities and heating up competition.
Although nearly 240,000 people packed their bags and bid farewell to Colorado in 2022, even a greater number - 264,500, to be exact – decided to call the state their new home, as revealed by the most recent U.S. Census Bureau data. The Denver-Boulder metro area is the place standing out in this migration shuffle, with technology emerging as a major factor fueling the region's appeal. The area's thriving IT scene is luring industry giants such as Google and Amazon, alongside many San Francisco startups, which are drawing in a crowd hungry for tech jobs.
This tech tide is transforming the area, making it hotter than ever. You can see the effects everywhere, especially in the real estate market, where new condos and apartment buildings are being constructed to keep up with the rising demand. In fact, Denver's housing market is so competitive that it was recently named the hottest housing market by U.S. News and World Report! And - you guessed it - its relatively low unemployment (thanks, Google and Amazon!), coupled with few mortgage delinquencies and a low rental vacancy rate, was named the number one reason for its ample growth.
Industry figures also prove Denver's appeal to homebuyers: the property experts at Redfin describe the city's real estate market as 'very competitive,' registering 758 home sales in February 2024 alone, against 678 properties that changed hands in the same period of the previous year. The typical home sells for just 1% less than the asking price and goes under contract in about 20 days.
In Denver, buying a residential property will cost you 45% more than the national average, Redfin data also shows. And if you're eyeing a single-family home here, be prepared to shell out an average of $661,000. This price tag, however, doesn't seem to be too high for homebuyers from San Francisco, who are flocking to Denver more than any other metro area: even if longtime Denverites continue to be dismayed by today's house prices, for people coming from the Bay, Denver housing is a steal. After all, single-family homes in San Francisco cost an average of $1.575 million, which is more than double the price in any other area of the Centennial State.
So if you want to live in a city offering numerous tech job opportunities, easy access to nature and recreation, gorgeous mountain landscapes, and pleasant temperatures, Denver is the place to be!
This content is provided in partnership with the National Buyers Agents Association and is intended for informational purposes only. The views, opinions, and advice expressed in this article are solely those of the National Buyers Agents Association and do not necessarily reflect the views or policies of any other individual, organization, or entity.
