Hot housing market: Denver edition
It's not just the Colorado Rocky Mountains that are towering over the rest of the country - Denver's housing market is also rising to the top in performance. In fact, the Mile-High City landed the No. 3 spot on Realtor.com's list of hottest housing markets in August, falling behind only Vallejo, California and Dallas, Texas. Here's why Denver continues to soar a mile high in the current housing market:
According to Zillow, the current median home price in Denver is $353,300, and over the past year, home values have gone up over 10 percent. However, it's not just the current picture of this locale's real estate that spells good news for homeowners and prospective buyers. The housing market's future is also bright.
According to the Denver Business Journal, families continue to settle in the city, which means more housing communities need built. This gives families the opportunity to start from scratch with their home design. If you're a current Denver homeowner looking to sell, don't worry. Sellers will continue to see plenty of folks ready to purchase previously owned real estate as well.
Simply put, Denver city is rich in culture with tons of opportunities, which is attracting people from across the nation. According to data from the Internal Revenue Service (IRS), 10 percent of Colorado households were new to the state in 2014, and Colorado as a state was the most moved-to location in the country with Denver as the main destination for families that moved.
This is also partly due to growing job opportunities in this metro area. According to the Colorado Department of Labor and Employment, 5,000 non-farm jobs were added to the state between May and June 2016. Most popular were occupations involving trade, construction, professional and business services, utilities and transportation.
And it's not just the employment opportunities drawing people to The Centennial State. U.S. News and World Report ranked Denver, Colorado, as the No. 1 best place to live for a combination of reasons. Scores were made based on factors that contribute to an overall higher quality of life, such as lower crime rates, affordable cost of living, good schools - and Denver fit the bill.
Plus, the sheer beauty of this locale is enough to attract anyone. The breath-taking mountain views, seasonal climate and abundant wildlife make outdoor living a great asset for Colorado homeowners. Features like a custom patio or outdoor kitchen give families even more use out of their backyards, so they can appreciate nature and spend quality time together.