Updated: Feb 9
Now that we’re a month into 2021, how did things play out at the end of 2020?
The pandemic notwithstanding, 2020 turned out to be a banner year for Denver real estate. The average home price went up from $486,000 in 2019 to over $525,000 in 2020. That means Denver Realtors sold a record amount—about $33.1 billion was transacted in 2020 compared to $28 billion the previous year. We sold 62,985 homes, where the previous record high was just over 59,000 homes.
Needless to say, there was a lot of motion in the 2020 market. At the end of the year, there were only 2,541 active listings on the market. The average in Denver since 1985 is about 12,900 homes.
Ultimately, 2020 was a very strong year for real estate.
That shows that, right now, there is an incredible opportunity for home sellers. We have 0.53 months of inventory on the market, which is just shy of 2.5 weeks’ worth of available inventory in the entire Denver metro area.
Ultimately, 2020 was a very strong year for real estate. Interest rates are currently at record lows, and even though prices are higher than they were in 2019, the average monthly mortgage payment is actually nearly the same. That means home affordability hasn’t really changed all that much for the people in the Denver metro area.
If you have any questions about what’s going to happen in the 2021 market or whether it makes sense for you to consider buying or selling a property, reach out to us. We’d be happy to let you know what’s going on in your neck of the woods.