Houses in the Denver metro area average out at about $253,300, and that number will continue to rise, according to Zillow’s May 2014 real estate market report, which was recently released. The median home value of $253,300 rose 8.3 percent in May of this year from a year earlier, with no change from April 2014 to May 2014. Nationally, median value was at $172,300 and increased 5.4 percent in May compared to May 2013, with a modest 0.1 percent increased from April.
Inventory of all for-sale homes in the Denver metro area fell 8.7 percent compared to last year, but rose 5.7 percent month-over-month in May, with middle-tier homes facing the largest decrease in inventory, down 4.5 percent over the past year. While the inventory is rising, it isn’t causing much budge in pricing because the demand is very high throughout Colorado and extremely so in Denver and the surrounding suburbs.
Moving to Denver is becoming increasingly expensive. Top-tier home prices in Denver increased 5.5 percent, and rental rates are also climbing. Rents in Denver also continue to climb, up by 6.9 percent year-over-year to an average of $1,676. Nationally, rents were up 2.3 percent year-over-year to an average of $1,310.