Denver, CO Condos for Sale | realtor.com® (2024)

FAQs

Why is Denver real estate so expensive? ›

The state's heightened cost of living, strong demand for homes driven by its natural beauty and economic stability, limited housing supply, high real estate taxes, and above-average mortgage rates all contribute to the pricey market.

The Denver real estate market continues to be in high demand with low housing supply, so it's a seller's market. On average, homes in the Denver housing market are selling after just 12 days on the market as of April 2024! (While this is quick, it's actually down from 10 days in 2023.)

The months from March to June are the best time to buy a house in Colorado. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

Denver's most expensive for-sale home: $12.9 million condo in Cherry Creek.

Denver ranked as the 12th most expensive city. All of the cities that were more expensive than Denver were near the east and west coasts, and eight of them were in California. According to the study, Denverites who make $100,000 end up bringing home about $74,298 in net income after taxes.

Auraria. With a median home price of $1,788,708 and a median rent of $729, Auraria is the most expensive neighborhood on our list. Based on the growth in home prices in Auraria over the last 3 years, it ranks No. 1 among all the neighborhoods in Denver.

The median income currently for Denver households stands at a little over $98,000/year, falling short of the $160,000+ needed to afford the average home price.

Nationally, a mortgage payment costs $1,027 more than a monthly rent payment. In Denver, the median rent is $1,911 and the monthly buying cost is $3,223, according to Realtor.com's February rental report. That means buyers would pay 68.7% more than renters.

The demand for apartments in Denver is at its lowest in winter, during December and January. So, if you find an apartment that fits your needs, the winter months will give you a chance to negotiate for a better price than in summer when demand is high.

As of June 2023, the sale price for an average condo was $361,600, according to the National Association of REALTORS^® (NAR).

What is the most expensive city in Colorado? ›

A research group found Denver had the highest Cost of Living Index score among five Colorado cities.

Median Sales Price of Homes

This places Colorado's prices on the higher side, as one of the more expensive states to live in the U.S. Rising prices, interest rates, and buyer demand in the state have led to a continued unaffordability crisis in Colorado.

Notably, Denver saw values jump more in the five years between 2013 and 2018 — with a 57% increase — than it did in the five years between 2018 and now. The biggest single-year increase that the metro has seen since 2018 came between 2020 and 2021 when values increased by 17%.

It should also be noted that of the top 25 priciest cities, Denver and Boulder are the only cities in a non-coastal state that made the list. Denver was ranked 16th, while Boulder was ranked 23rd.