Now that 2020 is here, let’s take a moment to look back on the 2019 market for today’s market review. Looking to buy a Denver home? Click here to search all homes. Looking to sell a Denver home? Click here to check out our seller's guide.
By the end of 2019, 58,377 homes were sold on the market. Remember that with every property sold, there are two transactions taking place: one buyer and one seller. That means that there are 58,000 buyers and sellers; this is the highest volume recorded in the Denver metro in the last 30 years. For much of the Denver metro area, we peaked in 2017, but we’re still seeing all-time highs in certain neighborhoods, depending on the condition and location.
The average closed price for 2019 was the highest we’ve ever seen—$486,893. For buyers, affordability can be a bit of a challenge at the moment, but there is some great news: In many cases, interest rates are close to 1% lower than they were just a year ago at this same time.
All in all, we had a great year in 2019.
We also just saw an increase in the loan limits for FHA and VA loans. That’s right—the FHA loan limit for much of the Denver metro area is now $575,000, and with an average price point in the upper fours, that means anyone in the area with 3.5% down can potentially qualify for the average home. This also translates into good news for home sellers, who now have more buyers potentially looking to purchase their properties.
The closed dollar volume in 2019 was $28.4 billion for Denver metro real estate. It was a banner year for the area!
All in all, we had a great year in 2019. Congratulations to those who purchased or sold homes! We’re looking forward to an even better year in 2020.
If you have any questions about the market to come or real estate in general, don’t hesitate to reach out to us. We’d love to hear from you. In the meantime, make 2020 your best year ever!