Denver’s housing market is off to a hot start in 2022February 18, 2022
Denver’s housing market is off to a hot start in 2022, according to the latest data from Realtor.com.
The city’s median listing price continues to outpace the national average and has grown by 21% over the last 12 months, according to the real estate website’s data. Meanwhile, competition for each home on the multiple listing service is increasing as each home’s median number of days on market continues to decline.
Denver’s median home price currently sits at $640,000 while the median number of days a property spends on the market is 35, representing a two-week decrease on a year-over-year basis.
Nationwide, the median home price is $375,000 as of January 31, Realtor.com said. This represents a climb of 10% over the last year as the median days on market decreased by 10 days to 61.
“We’re forecasting a whirlwind year ahead for buyers and, if January housing trends are any indication, 2022 competition is already heating up,” Realtor.com economist Danielle Hale said. “Homes sold at a record-fast January pace, suggesting that buyers are more active than usual for this time of year.”
Many potential homebuyers were hoping to see the housing market taper off in 2022 as demand for homes continues to push prices higher.
Hale said there are two reasons why the housing market could see significant gains again this year. First, existing homeowners still seem tepid to sell their homes, as illustrated by the continued decline in local inventory counts.
Second, there could be a “chicken-and-the-egg” dilemma that Hale says may keep many potential sellers out of the buyers’ market. Even though home price appreciations are reaching all-time highs, that doesn’t guarantee that a home seller will be able to compete for a home already on the market, she said.
This article was originally posted on Denver’s housing market is off to a hot start in 2022