Will Denver's Housing Market Be Better in 2022?

Denver housing market has gone through a lot of traction since 2020. The question is, will it be any better in 2022? Let's see what recent reports have to say.

Latest Denver Housing Forecast

In the next 12 months of 2022, experts claim that the supply shortage and the rise in demand for housing will push prices even higher for the Denver housing market. If mortgage rates stay on the low-end, it could keep bolstering the property-buying activity, and keep the skyrocketing prices.

If you're looking to sell, it is best time to put your property on the list. Based on recent data, the home value of property in the Denver, Aurora, Lakewood Metro has increased by 22.1%. And experts estimate that these values can go up by 17.5% in the following months. All because of the demand-supply imbalance.

It's not just Denver, housing prices are reaching an all-time high in Colorado Springs as well. And it is estimated that it could take some time before this slows down. Some believe that the supply chain issues from the pandemic have resulted in short-term bottlenecks in the construction industry. And this can be felt across the country.

How Do Current Trends Affect Denver's Market?

The prices depend on the geography of the metropolitan area. And suburban places have gained a lot of momentum. Since education and work have shifted to an at-home setting, many young families have decided to move to the suburbs. This has also spiked demand for suburban versus urban properties.

People are less interested in downtown Denver apartments, townhouses, lofts, and condos. Since families are more eager to own a yard paired with other practical amenities, shared rental properties in busy spots haven't been that popular lately.

Although rental rates in Denver may not drop too much, there have been some reductions in rent of 5% to 10% in the downtown area. Overall, the need for suburban homes is on the rise, and thus the drop in downtown Denver housing interest can be seen. Only time will tell how that will affect the housing price range in the area.

Will the Denver Housing Market Get Better?

It depends on which side you are on- are you the one who sells or buys a property. These constantly increasing prices will work well for those eager to sell a property at this time. Because of the constant demand and inventory shortages, it is relatively easier to find a client base that's willing to spend.