By: Kurt Sevits, Jace Larson, Andy Miller, Peter Lipomi
DENVER – In the 10 years since the recession and housing crisis, home prices have steadily risen in Denver and the surrounding areas, making it increasingly difficult to find an affordable home.
Citywide, the average sale price of a detached single-family home has climbed nearly 60 percent since 2007, standing now at slightly more than $426,000. Some parts of the metro area, however, have seen much steeper increases approaching 200 percent.
At the neighborhood level, numbers from the Denver Metro Association of Realtors show the biggest changes occurring in areas where you used to be able to get a home for $100,000 or less. In Elyria-Swansea, for example, the average price of a single-family home in 2007 was just more than $80,000. Now, you’re looking at an average of $235,000, which represents an increase of about 193 percent.
It’s a similar story in Athmar Park, where the average home price has jumped 181 percent in the past decade to $386,000. In the Barnum neighborhood, where you could once get a home for just over $99,000 10 years ago, you’ll now have to pay more than $260,000.
Though neighborhoods within Denver city limits have seen some of the most dramatic increases in home prices, other cities within the metro area are seeing the same trend. In the portion of Aurora that falls in Adams County, prices have increased 113 percent since 2007. Commerce City is up 82 percent in the past decade and Northglenn is seeing average prices up almost 64 percent.
Where can I find a home in the $250,000 range?
For the most part, if you’re looking for a home that costs about $250,000, you’ll have to look outside of the Denver city limits. The good news is that you don’t have to go that far, according to Steve Danyliw with the Denver Metro Association of Realtors. “The most affordable neighborhoods are the north area of Aurora, Westminster, even south Aurora as far as Adams County or Arapahoe County,” Danyliw said. Realtors say buyers in those areas can expect to find two or three bedrooms but it will most likely be an older property and it might not be your ideal choice of neighborhood.
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