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Conditions and Facts about the Denver Real Estate Market
The general market downslide has been avoided by the Denver Real Estate market. Denver real estate has been doing well when compared to the rest of the market for several reasons. One of the reasons is because the average home value has been able to stay about $292,000. Due to this the Denver real estate market is desirable by many investors and home buyers. Even though the city is at 5,280 feet above sea level it houses more than 550,000 people and contains some of the best outdoor activities and mountain views.
There are many activities that residents enjoy participating in such as the Denver Center for the Performing Arts. Surprisingly the arts center is the second largest in the United States. Another well known attraction is the Red Rocks Amphitheatre which has been carved from red boulders.
Renters and home owners are split amongst the population almost 50/50. About half of the homes in Denver are single family detached homes. Apartment complexes and high rise buildings account for an additional 40% of the Denver market. This shows that the Denver real estate market is geared towards single family homes.
There is a wide range of home sizes in Denver from as little as no bedrooms to houses that have more than 5 bedrooms. 2 bedroom homes are the majority of the homes in the area with 32% of the market however 1 bedroom homes do have 25% of the market and 3 bedroom homes have 23% of the market.
The Denver real estate market is also geared towards its historic past. In fact, only 5% of the homes in the area are homes that post date 1995. 42%, almost half of the Denver homes were built between 1940 and 1969. Homes built before 1939 are considered historic homes on the Denver real estate market.
Over half of the Denver real estate market falls between a home value range of $155,000 and $311,000. In addition you will find that 19% of homes fall between $311,000 and $467,000 for home values. These two ranges alone account for more than 2/3 of the homes in Denver.
Condominiums are another large part of Denver living that have a huge part in the real estate market. The condos are often preferred over homes as they have several advantages over home owners. Luxurious condos exist near downtown Denver which give residents a luxurious place to live while still being close to downtown.
Most of the houses in Denver fall between $155,000 and $467,000 which allows for consumers with almost any budget to find a house. Another important fact is that the median size of homes is 1,254 square feet. This averages out to about $180-$200 per square foot for a home. The Denver Real Estate market is currently a buyer's market and thus why it has become so popular and has been able to be healthier than other real estate markets.
About the Author Rodolfo Canon is a Denver realtor with the Canon Colorado Team who are frequently quoted by the Denver Media as Denver real estate experts. Rodolfo can help you get the Denver real estate that you're looking for. Get in touch today by visiting Denver Real Estate or Denver Homes for Sale!
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