Denver Real Estate Market: July 2024 Stats and Trends

Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Denver, CO, is certainly worth considering.

Most people probably know about Colorado towns’ close proximity to the great outdoors. But did you know about the stellar weather? Residents of Denver are living the dream, with roughly 300 days of sunshine each year. This makes the metro more temperate that other parts of Colorado while still maintaining the gorgeous Mountains, parks, and forest access that the state is famous for. 

Not only is Denver popular for its location near the Colorado Rockies, its arts and culture scene is also widely renowned. With an abundance of breweries, shops, dining, and a live music scene with something for every dedicated concert goer, residents of Denver know how to work hard and play even harder. 

But what about the Denver real estate market in July 2024? What do stats and trends look like contemporarily? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.

Here are some of the top trends for the Denver real estate market (July 2024):

Denver General Statistics

• Population (city proper): 713,252 

• Population (metro area): 2,985,871 

• Area (city proper): 153.1 sq. mi. 

• Area (metro area): 8,344.6 sq. mi.

• Median Age: 35.1 

• GDP (metro area): $288 Billion

• Unemployment rate (metro area): 3.9% (down .3% since February 2024)

• Top employers: Suncor Energy, Antero Resources, NICE Systems, Brownstein Hyatt Farber Schreck, DCP Midstream, Janus Henderson US, Whiting Petroleum, Leprino Foods, Gates, Western Union. 

• Highest paying jobs: Oral Surgeon, Oral and Maxillofacial Surgeon, Trauma Surgeon, Cardiologist, Senior Vice President Operations, Vice President/Managing Director, Psychiatrist, Urologist, President/Chief Executive Officer, Oncologist. 

• Median income (per capita): $59,271

• Median income (household): $88,213

Denver Real Estate Market (July 2024) Statistics

• Neighborhoods: 195

• Homes for sale as of July 2024: 3,997 

• Median list price: $600K (up 1.7% since January 2024)

• Median sold price: $693K (up 16.8% since January 2024)

• Sale-to-list price ratio: 96.81%

• Median price per square foot: $391 

• Median days on market: 39 (down 17% since January 2024)

• Rental vacancy rate: 4.4%

• Homeowner vacancy rate: 0.9%

• One-year appreciation rate: 0.6%

• Average rent: $1,974 

• Price-to-rent ratio: 26.02

• Most expensive neighborhoods:  

• Least expensive neighborhoods:
  
  

Final Thoughts: Denver Real Estate Market (July 2024) Trends

The Denver real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Denver real estate market could provide ample opportunity to build your portfolio.

Get Started Buying Homes With Evernest

Whether you’re purchasing one Denver home or one hundred, you don’t have to go it alone. 

If you’re ready to buy your first (or next) investment property, here are three steps to get started today:

• Subscribe to our podcast: The Evernest Real Estate Investor Podcast—for all things real estate investing, being a landlord, growing your portfolio, and more. 

• Find a property: Make sure you sign up for our Pocket Listings to get notified of all the deals that come across our desk daily.

• Get an investor-friendly agent: We can help with that—we would love to help you buy your next rental property investment.

This content was originally published on Evernest.co.