Denver’s Population Is Rising, but Its Housing Market Is Cooling

From 1990 to 2021, the population of Denver increased by 52.1%. That substantial growth led to a sharp rise in housing demand and home prices during an already tumultuous time for the housing market nationwide. The 12-month average (March 2022 to February 2023) median sale price for a Denver home is $584,548, up 46.2% over the last five years, from a 12-month average (March 2017 to February 2018) median sale price of $399,804, Forbes reports.

But as mortgage rates surged in 2022, the Denver housing market cooled at a rapid pace, and housing experts now say the Colorado capital city may have already peaked.

In the city of Denver proper, home prices peaked in April 2022, when Denver’s median sale price reached an all-time high of $650,000. Since then, prices have declined steadily, so that by February 2023 (the latest data available at the time of publication), Denver’s median sale price was down to $556,125.

Home prices for the entire Denver metro area housing market mirror the pattern set by the city of Denver proper. Home prices in the Denver metro area also peaked in April 2022, reaching a median sale price of $615,000. From there, prices have gradually declined, reaching a median sale price of $560,000 in February 2023.

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