The median or mid-point price of a single-family sold in metro Denver in February was a record $635,000, up by 6% from January and 19.8% from a year earlier.
Buyers in metro Denver scrambled to grab a property last month before rising mortgage rates put a purchase out of reach, setting the stage for what could become another year of double-digit home price gains.
“With the continued demand and lack of inventory, prices will increase and lead to another year of double-digit appreciation,” predicted Andrew Abrams, chairman of the DMAR Market Trends Committee in comments included in the “Market Trends Report.” Sellers listed 4,193 homes and condos on the market last month, an improvement from the 3,478 listed in January. Buyers closed on 3,202 homes and condos, while another 4,101 were pending or headed toward a sale.
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