According to a recent Denver Post article:
“Metro Denver homeowners gained $39.4 billion in additional equity this year, lifting total home values in the area to $347 billion, according to estimates from Zillow, an online real estate marketplace and research firm.”
This kind of information is pretty incredible, and anecdotal evidence from my own clients supports impressive equity gains across the Metro marketplace. But let’s add further context to this data.
According to the article (backed by data from Zillow):
- Denver is the nationwide home price leader at 12.8% increase in total home values.
- Zillow reported a median home price of $318,000 across Metro Denver in November (a 15.5% increase year over year).
- The 20 city S&P/Case-Shiller index showed a 10.9% year over year increase in Denver area home prices in October; national home price increases for the same period of time were less than half that number at a still impressive 5.2%.
- Denver is putting up incredible numbers, despite being smaller than many major US cities: Denver area total home value = $347 billion; in comparison, the city of Houston (twice the size of Denver) has a total home value = $381 billion – just a 10% increase over Denver’s value.
It’s hard to quantify what billions of dollars look like laid out on a table (and who has a table that big???), but what all of this translates to for Denver area home owners is strong home values, a bright future for the equity of your home, positive prospects if you are looking to sell, and for Buyers – you’ll need a savvy, experienced negotiator by your side to help you score the best deal possible in our blazing marketplace, because Sellers have the advantage in this scenario.
This is a great time to be a home owner in the Denver area! As a Colorado native and 21 + year veteran of the local real estate market, it would be my pleasure to be your guide in the sale or purchase of a home.
The Meyers Group