With crisper air and falling leaves, the housing market typically cools and drops with the weather. However, this is not the case in Denver. Denver’s real estate remains sizzling hot, according to the August Denver Metro Real Estate Market Trends Report. Although there have been signs of easing with the new home growth in July, year to date, a record $11.45 billion in sales hold the market steady. On August 3rd, Realtor.com published a report ranking the hottest real estate markets in America. The housing markets are ranked by speed of home sales and level of buyer demand. Denver ranked #2 in the nation for the market with the most demand and fastest selling homes. So, where in Denver are the fastest selling homes located?
Union Station
This popular neighborhood has a median home price of $2,400,000. Located in the metro area’s hip lower downtown, known as LoDo, Union Station is surrounded by the best restaurants, cultural attractions, shops and nightlife in town. The historic Union Station is the epicenter for transportation in and around Denver. Not to mention, it is also home to Denver’s seasonal market for farmers, artisans and craftsmen. This neighborhood ranked 1st place in percentage increase in home sales.
Cherry Creek
The Cherry Creek neighborhood comes in a close second. Average home prices fall at $1,234,000. This neighborhood has the advantage of a large number of newly constructed luxury homes and apartments with a few established estates. Residents of the luxe local enjoy close proximity to a range of cute boutiques, good schools and top-rated restaurants. This premier area happens to be the largest and most diverse shopping destination located between Chicago and San Francisco. This is the place to come to see and be seen.
Capitol Hill
Capitol Hill ranks third and is one of the most densely populated and active areas of Denver. The pedestrian rich, cosmopolitan streets boast historic homes as well as grocery stores, restaurants and coffee shops to make both artisans and bohemians proud. The bohemian history instigated with Jack Kerouac and Allen Ginsberg residing in the Colburn Hotel on Grant Street. Average listing price is $686,830, with lowest listing price at $120,500.
Belcaro
The Belcaro neighborhood is ranked as one of the safest to live in Denver. The average home price is $909,000 and home prices hold steady compared to other markets in Denver. This enclave is situated east of Wash Park and south of Cherry Creek. The neighborhood features historic tudor style homes as well as beautifully maintained mid-century ranch style homes, also home to the Phipps Mansion, the residence of former U.S. Senator Lawrence C. Phipps.
If you are in the market for financing a house, contact Dave Kevelighan, an experienced wholesale and correspondent mortgage lender based in Denver, CO. Call today for a free quote.
