Denver has reached another milestone in its sizzling housing market – the average single family home now costs over $500,000.
According to a report from the Denver Metro Association of Realtors, this is the highest price ever recorded, and it’s up nearly 12% from this time last year. The “Market Insights” section in the report shows homebuyers must earn almost $80,000 per year to afford a median-priced home.
Some real estate watchers have suggested inventory would start to catch up with demand. But continuously low inventory, coupled with rising housing prices make those predictions seem a little premature.
– Leah Steinberg, The 100 Companies