August 24, 2022
As published in DMAR Market Trends, August 2022
5280 magazine’s ranking of the best neighborhoods evaluated all 78 Denver communities taking into account home values, school quality, safety and distinctive aspects that set a place apart (cultural offerings, nearby shops, bike-ability, open spaces, etc.). The top five neighborhoods were Wellshire, Belcaro, Washington Park, Platt Park, and City Park.
Denver is still undoubtedly a strong seller’s market, but it’s feeling more hopeful for buyers than just one or two quarters ago. With the market shift, buyers have the opportunity to be more thoughtful about their home search and their choices in writing offers.
69% of millennials prefer owning over renting. To afford homeownership, millennials sacrifice weddings, vacations and even television.
Denver’s housing vacancy rate is among the nation’s lowest. Of the 51 cities analyzed by real estate data company Anytime Estimate, Denver had the third lowest homeowner vacancy rate, coming in at 0.70%, well below the 1.40% national average. Denver’s rental vacancy rate was also below the national average of 5.9%, coming in at 4.50%, the twelfth lowest of all cities surveyed.
Denver ranked fifteen out of the top 20 metro areas with the most single-family building permits issued at 13.2 per 10,000 people in the first quarter of 2022.
Nearly half of U.S. homeowners plan to upgrade or remodel their homes this year. The trend is most prominent among homeowners between the ages of 25 to 44, who are undertaking the most renovations and looking to bring new trends and renovations to the aging homes they purchase.
Chief Economist and Senior Vice President of Research at the National Association of Realtors® Lawrence Yun said he does not foresee a nationwide decline in home prices despite indications that price growth is set to slow. Yun also remarked that the potential for weaker sales should increase available inventory in some markets, but not enough to diminish persistent affordability constraints which, for many Americans, have kept homeownership out of reach over recent years.
Starting July 1, 2022, all radon testing companies must have a radon measurement professional license in Colorado.