The Denver business journal posted a great article about Denver’s home value increase – the ever steady climb of the average home price in metro Denver. The article states that Denver’s homes appreciated 9.3% to reach a new median price of $356,900. Other cities that beat Denver with even FASTER growing rates include:
- Nashville, Tennessee (12.4%)
- Portland, Oregon (12.1%)
- Tampa, Florida (10.8%)
- Dallas-Fort Worth, Texas (11.2%)
- Orlando, Florida (10.8%)
- Seattle, Washington (10.2%)
- Detroit, Michigan (10.0%)
- Las Vegas, Nevada (9.8%)
Denver’s home value increase falls in line with trends seen throughout the region, though the West appears to be slowing down in home appreciation growth, as markets like San Jose and San Francisco are becoming very expensive places to live. Slowdowns in the Bay Area, in particular, are driven by the fact that these markets are so expensive that many people can no longer realistically afford to buy there, limiting demand and reducing pressure on home values,” said Svenja Gudell, Zillow chief economist, in a statement, adding that he expects “a nationwide slowdown in 2017 as some headwinds begin blowing in, including increasing mortgage rates and worsening affordability.” Denver’s home value increase is expected to continue for at least several more years.
Across the nation, home values appreciated 7.2 percent to a median value of $195,300, according to Zillow.